Note – this is not a technical or system focussed blog. This blogs talk about the high level challenges, benefits and used cases for Central Finance which may help in working on the project strategy.
We will not talk about what central finance is. We all understand what CFIN is, how it works and all technical stuff.
Lets see what benefits Central Finance can give to an organization.
Central Finance is not just suitable for each and every customer. It needs to be part of the business strategy as where business is heading and what fits in rightly.
Some key use cases of Central Finance are:
As each product comes with some features it also comes with some major challenges and as S/4HANA is evolving and getting updated so frequently some noted challenges may be:
Challenge also comes to the people. Questions arises can all FICO consultants turn into Central Finance consulting. The answer is may be yes or may be no.
Central Finance is not just one module or software which can be implemented rather its a bundle of product together and of course the decision to use those options in bundle or not depends on the customer. Major changes expected are in following areas:
Some of the keys to be successful in Central Finance projects may be:
- Getting right resource pool
- Central Finance Architect
- Project Manager
- Technical specialist
- Technical consultants
- Understand the system limitations (based on the release planned to be implemented)
- Test the system several times including initial load and connect it in below ways:
- Take notes of type of errors in testing phase and how those were resolved
- Mappings should be given extra importance
- Limit Initial Load
- Right Sizing
- Toolkit available for fixing replication errors
All this is based on my experience in Central Finance projects i have done. It may or may not apply to every project but may help people planning or working in Central Finance projects.