Leveraging Digitalization Tools to Achieve Efficiency in Financial Consolidation
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Key Takeaways
⇨ While the world is moving towards global digitalization, businesses’ financial consolidation and FP&A inherited from the legacy systems may not be effective and fast enough anymore.
⇨ Deployment of SAP Analytics Cloud within companies’ consolidation and FP&A processes can be a valuable investment that will help accomplish the fully automated “push button” consolidations and reporting.
⇨ Seeking advice from financial consolidation specialists who can assist in achieving “push button” automation in financial reporting can ease the planning process while increasing efficiency in financial health structures of organizations.
SAP users know that when it comes to financial planning and analysis (FP&A), precision, accuracy and speed are crucial for a company’s overall financial health. Many will find that some of their processes may not be fast or precise enough to match the demands of a company’s needs and the digital transformation. Therefore, businesses embark on the journey of searching for valuable advice that could help them identify what needs to be updated or reconfigured in their financial systems.
RLDatix, a global enterprise software company, has faced this issue and decided to seek advice from financial consolidation specialists. The business offers software and services tailored to healthcare organizations, supporting hospitals and other providers with risk mitigation, regulatory compliance, and workforce management sources. Assisting the companies that provide life-saving services to clients in over 20 countries with their technology solutions, RLDatix cannot afford for the financial consolidation and FP&A structures to delay their reporting processes.
Enter SimpleFi, SAP-certified financial solutions provider. With the strategic focus on consolidations and planning, SAP Analytics Cloud, and integration, SimpleFi supports businesses in their planning and consolidation tools transformation. After assessing RLDatix’s existing consolidation process and tool, the company worked with the executive team and business leaders to create a roadmap to support RLDatix’s Consolidation and FP&A requirements on top of their NetSuite ERP. Understanding the need for acceleration and efficiency of reporting process, SimpleFi set to evaluate and purchase SAP Analytics Cloud for RLDatix to accelerate deployment of their “last mile” strategic initiative. Deployment of SAP Analytics Cloud within companies’ consolidation and FP&A processes can be a valuable investment in helping to accomplish the fully automated “push button” consolidations and reporting.
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Thus, after assessing RLDatix’s position, SimpleFi achieved a fully automated monthly reporting and consolidation, including FX / Constant Currency, Eliminations, and automated Cash Flow. The result of this collaboration shows that it is necessary for SAP users to digitalize and update current financial consolidation systems to meet the demands of the modern economy. By adopting policies like “push button” automation in consolidations and reporting and SAP Analytics Cloud, companies can ease the planning process while increasing efficiency in their financial health structures.
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