Financial Services
Financial Services is a crucial industry for SAP. Financial services companies face many growing challenges, including ever-changing regulations, evolving consumer expectations, economic instability, and increased competition brought on from digital-only organizations. These drivers make it imperative to transform and become more efficient, better engaged, and resilient.
SAP and Partner Solutions for Financial Services (H2)
There are many solutions in the SAP ecosystem that are relevant to the Financial Services sector:
Financial Services is a crucial industry for SAP. Financial services companies face many growing challenges, including ever-changing regulations, evolving consumer expectations, economic instability, and increased competition brought on from digital-only organizations. These drivers make it imperative to transform and become more efficient, better engaged, and resilient.
SAP and Partner Solutions for Financial Services (H2)
There are many solutions in the SAP ecosystem that are relevant to the Financial Services sector:
- Digital Customer Engagement is about modernizing the way companies reach consumers, which can include omnichannel commerce, customer experience management, digital banking, customer analytics, and marketing offerings.
- Finance and Risk solutions help companies stay compliant and avoid risk by touching on Governance, Risk, and Compliance (GRC) functionality, financial planning and analysis, data services, reporting, and accounting for financial instruments.
- Banking Operations tools aim to help those in the banking industry with key functions including card management, retail services, payments, cash and liquidity management, and commercial lending.
- Total Spend Management is about helping companies get a centralized view of spend by combining multiple cloud offerings around procurement, vendor management, sourcing and contracting, invoicing and payables, travel reimbursement, and analytics.
- HCM and HXM solutions help organizations with recruiting, onboarding, talent management, and more.
- Core ERP systems act as a system of record for key transactional information.
The financial services sector is turning to technology to assist with becoming more digital and more relevant to consumers. At the same time, they are looking to build processes and systems that can provide centralized views of data around customers, compliance, risk, finance, and employees.
Key Considerations for SAPinsiders
Financial services companies are utilizing SAP and partner solutions as part of their transformation programs within a variety of focus areas, including security, automation, and digitization.
- How Zurich North America used BlackLine to move to SAP S/4HANA. Read this case study to hear about Zurich North America’s SAP S/4HANA migration, including how it utilized Blackline Solutions for Automation & Control during the project.
- Swiss Federal Administration planned its SAP S/4HANA move with security design in mind. Read this case study to learn how the Swiss Federal Administration managed SAP Security within its SAP S/4HANA migration.
- Deutsche Börse Group’s approach to digitization, process redesign, and defining sustainable user journeys. Read this Q&A to learn about Deutsch Börse Group is transforming its SAP landscape while also transforming its business overall.
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Thomson Reuters ONESOURCE Indirect Tax Certified for S/4HANA Cloud, Private Edition
Thomson Reuters’ ONESOURCE Indirect Tax – Global Next recently earned SAP certification for integration with the SAP S/4HANA Cloud, private edition. As more and more organizations transition to the cloud, this solution can offer improved indirect tax compliance while also reducing the reliance on manual transactions and calculations, thus drastically lessening the chances of an…
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AP Automation – What, Why and How?
Accounts Payable is one of the most important aspects of any SAP organization. Ensuring that suppliers are paid on time keeps the business running smoothly. Yet many companies are still running this crucial part of the business with too many manual touchpoints. Each touchpoint opens the company up to human error. It can also be…
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Finance Discussion: SAPinsider Community Engagement
In this second video of our Finance Discussion Series, SAPinsider Senior Research Advisor Carsten Hilker talks with Research Director Ogo Nwanyanwu about community engagement among SAPinsiders. Getting vendors, practitioners, and those who cover the SAP space to all communicate, collaborate, and share solutions is a central tenant of SAPinsider’s mission. In this video, Hilker outlines…
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Finance Discussion: Introducing Carsten Hilker
SAPinsider is excited to introduce Carsten Hilker, our newest Senior Research Advisor. An expert in the field of financial and management with 20+ years in various roles including development, consulting and product management, Hilker will guide SAPinsider’s coverage of Finance and Management Accounting, offering key insights for organizations looking to maximize their financial production. Hilker…
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Zoetis Partners with Serrala to Optimize Global Order-to-Cash Process
Organizations are constantly in flux, expanding their offerings and their geographic footprint. In order to keep up, finance teams must constantly stay on the cutting edge, updating core business processes like end-to-end order-to-cash (OTC), which encompasses cash applications, credit applications, and collection activities. Zoetis, a global animal health company, faced this situation. Zoetis teamed up…
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Using SAP to Manage U.S. Sales Tax from Overseas
Many organizations from outside the U.S. struggle to do business within the country, due in large part to its complex and often confusing sales tax system. Unlike VAT or GST, sales tax is only levied on the final transaction with the customer, and there are no charging or reporting requirements for the companies in the…
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How BMO Modernized Their Finance Platform to Derive Business Insights
Bank of Montreal sought to find a platform that could help simplify and streamline business processes while also providing more up to date financial information – a must in the banking industry. To help meet these needs, BMO turned to SAP S/4HANA finance to help redirect its focus from generating financial information to deriving insights…
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Factors Driving Financial Close Transformation
In this post, we will explore the drivers behind why organizations are overhauling their financial close strategies and procedures. In SAPinsider’s Financial Close Transformation report, most respondents surveyed either agreed or strongly agreed that their organization’s financial close processes and technologies are too reliant on manual methods and legacy tools. Outdated manual tools and methods…
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Bob Stark Highlights Critical Real-Time Data and Cash Visibility Lessons
Following the collapse of Silicon Valley Bank, many organizations likely took the time to evaluate and stress test their finance and treasury operations to ensure that they would not fall victim to the same practices that led to its failure. Organizations likely want to be confident that areas like business continuity, liquidity planning and management,…
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Automating Your Financial Consolidation Process Using Automatic Jobs and Job Templates
Consolidating data can be difficult, as users must take time to validate its quality. This process can be made more difficult in complex environments and organizations. One of the top tools at the disposal of SAP users for this process is SAP S/4HANA Group Reporting. The product allows users to created automatic jobs and templates…
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