It can be particularly challenging for treasurers of large corporations with many subsidiaries to keep track of important financial information. They have to account for the various cash flows, payment flows, and cash positions of each subsidiary, as well as the total number of company bank accounts. In order to have an edge over competition in a rapidly changing market, however, companies must have full and central control over their finance processes.
So how do companies keep up with a volatile business environment and the new age of big data and fast access to information? Based on our experience and analysis of future trends, we have found five key areas that will be essential to CFOs when future-proofing corporate finance.
1. Business Intelligence Reporting
The more complex and international companies are, the harder it is to consolidate key data on company-wide cash flows. Heterogeneous system landscapes can also add to that challenge. To get the required data quickly, CFOs will want a system that is embedded and integrates data from all local entities easily and reliably, and that allows for a central, configurable, and easy-to-access view of the entire group.
2. Leveraging Existing Technology
When selecting new financial software, CFOs should consider implementing a system — on premise, cloud, or hybrid — that integrates with existing SAP landscapes to reap the benefits of previous investments. By integrating specialized technology with SAP Business Suite 4 SAP HANA (SAP S/4HANA), SAP HANA, or SAP S/4HANA Finance, CFOs can see greater levels of security and reduced data administration efforts as well as harmonized and accelerated processes across the group.
Gaining control over processes requires a new approach to finance, with technology playing an increasingly important role.
3. A Modern User Experience with SAP Fiori
Employees use touchscreens and smartphones in their personal lives; they expect the same straight-forward user experience in their financial software. With innovative SAP Fiori applications, financial professionals will find their way through their IT systems faster, without the need for time-consuming training and clicking through different tools. The applications can be configured in the employee’s individual dashboard and he or she can start processes and reports with a click of a mouse while keeping track of them with graphic visualizations.
4. Intelligent and Self-Learning Software
With the time pressures of today, users cannot afford to waste any time on re-entering data that should already be stored in the system. Modern technology needs to be capable of not only recognizing data, but also learning data patterns. By utilizing smart algorithms, self-learning software can provide the artificial intelligence necessary to automate and enhance processes as well as to cope with big data.
5. Mobility and Adaptability
Financial professionals travel more than ever before, but the workflow can’t be put on hold while they are out of the office. Employees and CFOs alike need to be able to access key data and act on that information from wherever they are to ensure smooth processes. Financial systems, therefore, have to be fully mobile and able to travel with the professionals on the go.
Control Over Finance Processes
Gaining control over processes requires a new approach to finance that takes into account all of these areas, and technology is playing an increasingly important role. This is why Hanse Orga has taken its existing FinanceSuite software family to the next level with FS2. FS2 addresses these challenges optimally with advanced features and provides reliable reporting with business intelligence and mobile capabilities. FS2 also integrates with SAP systems, including SAP S/4HANA and SAP S/4HANA Finance. For more information, contact Hanse Orga for a free demo and visit www.hanseorga-group.com/en/hanseorga/solutions/fs2.