Fasten your Seatbelts! Next Generation of Finance Transformation is on the Way
The Aerospace and Defense (A&D) industry experienced the fifth consecutive year of record revenue and profit in 2014. Not only the results for 2015 will be raised to the next level but also the near-term and long-term forecasts for aerospace and defense are incredible. The potential of massive growth also creates significant challenges. The A&D sector is therefore facing rigid compliance requirements, greatly complex and long supply chains and extremely cost-intensive projects with very long durations. To cope with these issues, A&D companies have to include the core business processes of finance as one of the key elements to their ongoing digital strategy. Digital transformation will definitely ensure keeping up with the accelerating pace of the business. In the following I would like to explain how digitalization will help to make the future vision of accounting and financial transformations alive.
Now it is time to speed things up
Being one of the most complex industries, A&D has to find answers to more complicated questions faster than ever before. As a consequence, financial core aspects like acceleration of growth, profitability of programs, business development and acquisition should be discussed in real-time. Finance organizations have been fighting complexity for many years instead of focusing on strategic initiatives, like predicting future outcomes and simulating new business models. Now finally, Big Data Analysis got the foot into the door of CFO’s office, being an enormous opportunity to provide the insights, which are necessary to stay one step ahead of the business’ needs.
Transforming finance with instant insights
In order to optimize financial processes and run on-the-fly analysis, smart finance solutions are the appropriate choice. The overwhelming simplification provided by intuitive user interface guarantees instantaneous decision making.
New intuitive user experience of SAP S/4 HANA Finance for all devices
While, especially in the A&D sector, finance must continue to meet regulatory requirements and process financial transactions efficiently and transparently the real opportunity for finance organization is to become a more strategic partner to the business.
Instant insights, as single source of truth for CFOs, power better planning and forecasting through data-driven budgeting, help to minimize risk, and support better financial modeling and variance analysis.
Airbus speeds up financial closing using SAP S/4 HANA Finance
The Airbus Group stands for innovations, since they manage to manufacture the Eurofighter Typhoon, the most powerful and reliable swing-role fighter, succeeded to develop the 21st century state-of-the-art A400M and play a leading role in autonomous access to space for Europe. And being a leader in innovations, Airbus Defence & Space Optronics went live with S/4 HANA Finance, powered by SAP, aiming for modernization, acceleration and simplicity. Or in other words, Airbus strived for future finance, which should be simple, fast, integrated and agile, and made a find with SAP. Replacing Oracle, SAP provides Airbus Defence & Space Optronics the ability to increase their financial and controlling process efficiency, towards a financial digitalization initiative.
In fact, you can never have too much information. The key is being able to get the right information quickly and analyze it to support smart, agile decision making. This is why digital analytics capabilities are so vital.
With the resulting simplicity of cutting-edge accounting software of SAP, finance and also IT equally can now operate more strategically, freed from technology constraints of the past.
Lean back, fasten your seatbelts and experience a digital, smart future!
Other examples of digital transformation in Aerospace:
Everything in manufacturing needs to be digital
Predictability in manufacturing leads to profitability
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Nicely written & informative