How To Achieve Smooth Financial Transformation Through Intelligent Automation
Any company that decides to invest in SAP in their business is getting a lot more than they initially consider. SAP was designed to be a system that could fit into any company and be molded to perform the tasks that the business requires in terms of its stock management, financials, and data collection and consolidation. However, as time went by, there was a distinct need for add-ons that specific businesses could employ to make SAP do what they want it to do. It’s infeasible to think that a small baker or a craft brewer would have the time or the resources to hire an SAP pro to set their business up and keep it running, and it’s because of this that SAP Solution Extensions exist – to give power back to the small businessperson to work on their business while SAP takes care of itself. However, even as companies grow to the level of corporations, these Solution Extensions find a home to streamline data collection and processing.
Automation as a Time Saver
We have gotten to a point in business information systems development where automation should be part of a system to help with that system’s efficiency. We’ve long known that machines are far better than humans at repetitive tasks and no department is more inundated with these tasks than finance and accounting. Most of the time insights from these departments are generated long after they can be useful and far longer than they can bring change to the business. With SAP, it’s much easier to implement automation in everything from the keeping of accounts to the closing of books, with the heavy-lifting of the accounting division being done automatically. By constructing and maintaining intelligent workflows, a company can pretty much have the SAP system automate its books with the accountant only needing to check on it every so often.
Automated Third Party Enhancements
SAP recommends solutions by BlackLine named “SAP Account Reconciliation and Automation” and “SAP Intercompany Financial Hub” to deal with the closing of books and consolidation of financials. The benefits of using such an integrated system with S/$ HANA means a quicker closing window, more efficient use of resources as well as a higher ROI for the company in general and increased happiness and productivity from staff. Since the automatic closing ensures that the financials are taken care of, the team can then concentrate on the analysis of the statement and determining any insights that may be evident from it. Because of the way, it’s designed, the BlackLine suite doesn’t require a large amount of training to implement and can deliver a capable and functional methodology for automating financial processes.
Using Data Intelligence to Learn
Ideally, the aim of any company that collects large volumes of data is to combine that data into a format where the team can draw conclusions from the collection of data that can then be used to improve the company’s systems and business model. By reducing the processing time for financial data, it can be used alongside other automated processes to develop a complete view which can then be used to see the strengths and weaknesses of the company by the numbers. This can lead to a much faster development pipeline for business improvements with a free VPN and a better way to innovate when it comes to business model design and maintenance.
Automation Speeds Up Everything
All SAP users are well aware of how slow some manual processes can be, and many of the offerings in the SAP Solution Extensions list exist to speed up routine, manual labor by using the system to automate what can be automated. By reducing the amount of time for books to be closed, the company lessens the need for a rush to get things done before closure. Automated processing also means that the time that was previously spent doing routine tasks can be redirected to more useful endeavors for the company. To fully utilize the power of SAP, a company must have an idea of what it wants to achieve and explore the extensions to see how SAP can help them accomplish that goal in the most efficient way possible.