About business transformation and an increasing need to manage high data volume
The aim to keep pace with current market trends and the desire to act as an innovative player in the market drives business transformation. It is crucial to invest into new business models and start to add additional services around pure physical products. The traditional product portfolio is enriched with new digital products, services or bundled solutions. Subscription based business models are on the rise. Enterprises are moving from offline to online business and from B2B to B2C concepts.
In this blog post, I would like to explain my view on the impact, these changes will have on financial processes, how they have to be organized and how organizations can prepare for high volume businesses.
A higher complexity and increasing document volume require a higher demand of process automation and excellence. Manual processes prevent a company's ability to grow and to quickly adapt to changing conditions.
But how to improve the way we work and how to adapt operational processes in a way that enables enterprises to manage high data volume? And how to make sure that financial backbone processes keep pace with innovations and adapt quickly to changing market conditions?
See in this video how Hewlett Packard Enterprise (HPE) has innovated its business model to find new revenue streams and how they managed the changes:
Key factors for successful finance processes in high volume businesses
I would like to focus on the following four dimensions that should be considered to successfully prepare your system landscape for high volume processes:
Process automation comes to our minds first when thinking about how to manage high data volumes. Invoicing and receivables management require an automated approach, realizing the main processes based on fully automated background jobs and without manual intervention. Intelligent and flexible rules can help to handle complex logic and structures. New technologies, such as artificial intelligence offer new opportunities to further streamline processes. One good example here is cash application based on machine learning which has the potential to increase the automation rate drastically and to reduce manual effort, costs and repetitive tasks.
Scalability is key for growing business models. Infrastructure needs to be able to adapt to increasing volume. This affects hardware as well as process design. Again, automated processes which can easily be rolled out to additional regions or additional scope, are the competitive edge and assure a quick reaction to growing demand and to scale with the market environment. Cloud solutions are a good option to explore new scenarios and to scale at reliable cost.
Integration is another aspect to be considered. Being able to realize end-to-end processes without disruption makes a big difference. Complexity and high volumes also need to be handled across different modules. This starts with product modeling for complex service or product bundles, includes management of usage data and also involves rating, charging and invoicing functionality up to the payment collection process in the end. Seamless integration into further modules such as general ledger or revenue accounting provide process excellence and integrity and decrease interface cost and revenue leakage.
Agility can be a game changer, to explore and invest into new markets quicker than competitors. Cloud based solutions offer the possibility to introduce new scenarios with lower upfront investments and less configuration effort. Flexible or consumption-based solutions make it easy to adapt to changing conditions as quickly as possible.
As you can see, there are different factors to be considered if you want to be prepared for a growing business and high volume processes.
For further insights and customer stories please join our SAP Billing and Revenue Innovation Management Live 2020 event
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