We will not be discussing what is Central Finance, architecture and other technical aspects in this blog. Focus is how to place central finance transformation key deliverable in the strategic plan and make it successful based on organizational principles and learning from experience of others.
Key Benefits of CFIN:
- Real time data integration
- Faster integration of Mergers & acquisitions
- Process and Data harmonization
- User friendly interface (Fiori)
- Reporting flexibility
- Accommodating different accounting models and reporting
- Faster throughput & analytics
Key Design Guiding Principles:
- Usage of New Technology
- Keep long term vision/future in consideration
- Try to stay on standard
- Follow best practices
- Good people governance in the program
- Try to be some agile
- Keep landscape simple
Several areas can be planned in CFIN at the same time but it is important to understand the complexity involved in connecting systems and cost of infrastructure along with the technical challenges including planning.
The best way to approach CFIN is to enable replication from source systems first which should be done after initial load completion, master data governance set up, set up of support model, AIF monitoring consideration. Once the phase of replication is stable then think of adding processes to the CFIN system link Central Payments, Credit management etc including connecting interfaces to the CFIN system. This will give understanding to the business teams on future vision and any risk can be mitigated by effective planning.
- Source and CFIN system alignment like master data, functionalities and configurations
- Landscape Management
- Processes and Integrations
- User change management