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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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Finance Discussion: Introducing Carsten HilkerMay 2, 2023 — 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 sat down with SAPinsider Research Director Ogo Nwanyanwu for a wide-ranging discussion. In this video, they outline Hilker’s agenda for SAPinsider, looking back at his history with the company and looking ahead to the topics he will cover and the importance of having a community to help find answers throughout an SAP journey.
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Zoetis Partners with Serrala to Optimize Global Order-to-Cash ProcessApr 28, 2023 — 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 with Serrala to optimize their account receivables process and gain the flexibility and capabilities necessary to support their growth initiatives.
In this article, you will hear first-hand from Amy Vaillant, Global Process Manager of Order to Cash at Zoetis, on what Zoetis prioritized during this process, lessons learned when adapting to changes, how they were able to achieve success.
6 minute read
Using SAP to Manage U.S. Sales Tax from OverseasApr 25, 2023 — 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 supply chain. Further, each state has its own compliance regime, adding difficulty to the workload of tax teams. This challenge is heightened by the increasing scrutiny on reporting by state tax authorities looking for additional revenues.
In this article, we will explore some of the intricacies of U.S. sales tax that organizations should know. We will also review tips and tools SAP organizations can use to ensure that they are compliant with all local and national taxes when doing business within the U.S.
5 minute read
How BMO Modernized Their Finance Platform to Derive Business InsightsApr 21, 2023 — 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 that drive business performance.
In this case study, you will learn about some of the strategies BMO utilized to make the most out of its financial transformation journey, the SAP extensions it relied on to help modernize its business processes, and some of the benefits it enjoyed from the transformation.
1 minute read
Factors Driving Financial Close TransformationApr 20, 2023 — 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 can lead to delays and errors, which can prove costly in the long run. Finance teams must run jobs, monitor outcomes, and manage dependencies. These tasks must be done in a specific order, so one delay early in the process can cause a domino effect, delaying each subsequent task.
We will also explore how companies can maximize efficiency within the process, and some key takeaways to enable a long-term proactive financial close strategy.
2 minute read
Bob Stark Highlights Critical Real-Time Data and Cash Visibility LessonsApr 10, 2023 — 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, and counter-party risk management are solidified, especially in this economic climate.
To provide SAPinsiders with practical tips on what considerations must be made to ensure the continued success of their finance and treasury teams, SAPinsider Research Director Ogo Nwanyanwu recently spoke with Bob Stark, Global Head of Market Strategy at Kyriba. The two had a wide-ranging conversation. In this article, we will highlight the portion of the interview focused on data management, real-time insights, visibility, cash management, automation, and more.
7 minute read
Automating Your Financial Consolidation Process Using Automatic Jobs and Job TemplatesApr 4, 2023 — 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 to manage numerous repetitive tasks and save valuable time for Finance and IT teams.
In this article, SAPinsider experts Dr. Marco Sisfontes-Monge provides an overview of how users can best utilize SAP S/4HANA Group Reporting’s automation options. This requires a review of services activation and security roles to run effectively. Once taken care of, vital tasks can be scheduled and automated. Users will also learn how to develop templates that set up these tasks to the exact specifications required for their organization’s unique needs.
9 minute read
Simplifying, Standardizing, and Automating SAP Close ActivitiesMar 30, 2023 — Financial close is consistently highlighted by SAPinsiders as one of the most challenging and complex aspects of their organization’s finance processes. Much of this complexity comes from the fact that many organizations rely on manual processes to address the close, leading to delays and errors that can stack up over time.
For SAP users, the financial close requires actions both in and outside of the ERP. Running T-codes, analyzing and validating results, running additional checks, and other essential functions must be done within SAP itself.
In this article, we will examine the importance of simplifying, standardizing, and automating close activities done within SAP, and the best way to streamline the activities so they are synced with the rest of the financial close process. We will also delve into how this expedited financial close process factors in with the move to SAP S/4HANA and how this streamlining benefits accounting and IT departments, freeing them up to spend time on more value-add work.
7 minute read
SAPinsider 2023 Conference Session Highlights: Live Q&A from Serrala Session on AR AutomationMar 27, 2023 — The SAPinsider 2023 Live Conference provided attendees with valuable insights into the ecosystem of associated SAP solutions and applications. One of the highlights was a live Q&A session that focused on the capabilities of Serrala, a leading provider of automated working capital management solutions for SAP environments.
In this session, Michael Koehler, Principal Solutions Architect at Serrala, and Amy Valiant, Global Process Owner at Zoetis, took questions from the audience on how Serrala’s solutions can search multiple locations for invoice numbers, enhancing automation and efficiency. They also discussed their unique Smart Eye capabilities and the collection side of the process and how rules and thresholds are managed.
In this blog, you will gain access to some of the insights provided to SAPinsider 2023 Vegas attendees were able to take away from the event.
4 minute read
A Smarter Approach to IntercompanyMar 27, 2023 — Companies are constantly, merging, shifting, growing, and reorganizing across borders. Finance and accounting teams must coordinate transactions among different parts of the business, which often span between different geographic locations. These sectors each have their own tax laws and regulatory bodies to appease, which may be in flux. Many large multinational organizations also have a disparate and siloed technological ecosystem, which can make it difficult to get on the same page.
In this article, you will learn why it is important to have a global view of all financial activity, and how organizations can achieve that visibility worldwide in real-time. You will also learn the importance of going “Beyond Zero” when it comes to the financial close, and how organizations can ensure that their solutions will integrate seamlessly with the rest of their ERP landscape.
9 minute read