When we think of finance experts, we think about some math lovers who spend their whole life with numbers, far away from artistic spirit, joy, and fun. But it’s not true. Even financial experts deal with emotions. Math Lovers make decisions as all human beings do, based on a series of data that results from senses, emotions and also the rational brain. Finance is an important part of the organization’s body that deals with the rational processes, as well as the emotional attributes of the organization as a living creature.
The brain receives data from different parts of the body, decodes them, processes, stores and also communicates different sections of encoded information with others. The finance department has the same role in different ways. To help it work as a brain, or at least a significant part of the organization’s brain, we need to empower it with access to real-time data and information. In this case, the finance department has the ability to be an active and strong part of the business and especially decision-making procedures. With the right technology that can create a real-time communication amongst finance department and other parts of the organization’s body as sales, marketing, procurement and legal; should add value. This way it can orchestrate the complicated organic structure of modern organizations.
In our brains, we first decode the perceived sensations in the multiple sensory areas of the cortex. In the next step, hippocampus combines the decoded data into a single experience and then analyzes these inputs. It acts as a rather sorting hub where the new bundles of data are compared, associated with previously recorded ones and stored in various different parts of the brain. An in-memory finance solution is able to help a finance manager to accept the role of the hippocampus for his department. Finance teams will then have access to the storage, hot data, and cold data in real time and can process, compare, analyze and interpret every single batch of information. It will result in accurate reporting for the best possible decision-making. As a result, the whole organization can be agile, react fast and effectively to the environmental changes. This organization will have insights tothe best opportunities and identify the highest threats to react to them. This will only take effect when the finance department can play a significant role in the decision-making.
One of the most important finance solutions in the market that can leverage the position of a modern and smart finance department as well as add significant business value is SAP’s Simple Finance. SAP Simple finance is an end-to-end solution based on HANA, the in-memory database, which empowers the simple finance to have transactional processes and analytical processes at the same time. The real-time access to the data, real-time interpretation, predictive analytics and real-time reporting for different business users are just some of the benefits; this solution has to offer.
Find more information about how Simple Finance can help the organization’s brain to perform better and more effective here.