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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.
209 results
Key Drivers and Strategies for Global Tax ManagementMar 14, 2023 — The global tax landscape is a complex and constantly evolving challenge. Organizations must keep up to stay competitive in the broader business world. There are challenges, both internally and externally, that make tax compliance an issue.
In this blog, we will highlight some of those drivers that affect how organizations run their global tax management operation, as well as the strategies that companies can use to remain compliant and limit tax liability, while also minimizing the strain that this puts on finance and accounting departments. You will also learn some of the solutions offered by SAP and their partners that can alleviate the strain.
1 minute read
Silicon Valley Bank (SIVB) Collapse a Wakeup Call for Treasury Teams Mar 13, 2023 — Despite the financial backstop provided to former customers of SIVB and SBNY, all organizations' end-to-end treasury and cash management functions will be tested in the coming weeks and months. The lessons learned from SIVB's collapse should remind organizations that treasury is still the keystone of financial operations, regardless of the size or complexity of their business model. Treasury teams must ensure they are equipped with the tools and data necessary to detect and respond quickly to early warning signs of impending operational disruption.
3 minute read
The Impact of Global Inflation on Day-to-Day Operations in SAPMar 7, 2023 — Inflation has been one of the biggest sticking points for businesses over the last year. In an increasingly connected global economy, no country is ever fully insulated from the effects of inflation on the price of goods, as well as how it alters interest rates.
In this article, SAPinsider expert Adrian Wilder will walk through the steps of ensuring that interest rate values are accurate and up to date. You will also learn how to define names of specific interest rates for different countries and set up this task to be completed automatically.
For specific countries where inflation is constant and reaches considerable figures, it is necessary to make the inflation adjustment for G/L accounts, fixed assets, and materials, according to international accounting principles at year-end.
3 minute read
Performing Period-End Close in SAP Group ReportingMar 6, 2023 — Financial consolidation can be a complicated process for SAP users. When it comes time to perform period-end close procedures, finance teams must ensure that they have taken all necessary steps to avoid audit by correctly performing all closing activities.
In this article, SAPinsider expert Dr. Marco Sisfontes-Monge walks you through some of the crucial steps you must take when performing period-end close processes in SAP Group Reporting. He will also offer key insights into potential issues and important reminders for how best to minimize risk throughout the process. He will also guide you through important tools in the financial close arsenal, like Data Monitor, SAP S/4HANA Finance for Group Reporting, Consolidation Monitor, and more.
7 minute read
Automating AP Invoice Management Research Webinar On-DemandFeb 16, 2023 — This report explores the need for SAPinsider organizations to consider automating AP processes to save time, reduce operational costs associated with manual labor, and minimize human errors that result from repetitive or complex tasks. Our findings show that most survey respondents (76%) do not digitize incoming paper invoices, while eight in ten (80%) survey respondents reported an average throughout time for incoming invoices exceeding 14 days. By utilizing strategies for automating AP invoice management, organizations can optimize their entire AP invoicing process, gain full compliance with global regulations, and improve cash flow.
2 minute read
How Organizations Can Achieve Enterprise SustainabilityJan 13, 2023 — Sustainability is more than just a buzzword. It is a key element of the ESG (environment, social, and governance) puzzle. Organizations can no longer merely pay it lip service. Today, sustainability efforts must satisfy employees and shareholders, and provide a global positive impact. Sustainability discussions today often begin and end around the measure of a carbon footprint. But more and more, organizations are taking a holistic view of sustainability. This means extending the concept beyond environmental impact and ensuring the long-term well-being of employees and partners. In this article, you will learn how organizations can adopt a philosophy known as “enterprise sustainability” as a way of taking that holistic view of sustainability. Enterprise sustainability which strives to bring scalable processes, strategies, and tactics without compromising the future.
7 minute read
Financial Close TransformationDec 7, 2022 — From August to October of 2022, SAPinsider surveyed 124 finance community members to learn more about the strategic priorities of SAP organizations regarding financial close transformation. The research identified some significant trends in the organizational priorities and challenges around financial close transformation, some of which are: CFOs are increasingly turning to technology to help transform […]
1 minute read
Empowering FP&A Teams: Building a Culture of Analytics for Adapting to the ‘New Normal’Nov 15, 2022 — For organizations, the definition of ‘normal’ is constantly changing. Access to data is no longer enough for organizations. Organizations need to convert data into insights to create enough knowledge to make better, faster, and smarter decisions. However, traditional data analytics methodology, forecasting, and scenario planning are rendered useless by the pace of change that the business ecosystem has seen lately. Organizations need data analytics that keeps data in its source state, incorporates tools that are relationship-aware, and can perform efficiently. But the focus is now on advancing beyond simply providing descriptive and diagnostic analytics and generating mission-critical predictive, prescriptive, and ultimately, cognitive analytics for decision-making. This puts a great deal of onus on finance teams to run robust scenario planning platforms to maximize opportunities and minimize risks that a highly uncertain world continues to throw in. But accessing data from legacy systems, disconnected data sources, data accuracy concerns, limited real-time analytics/visualization, and a lack of self-service reporting across the enterprise act as barriers to financial data analytics. Building a culture of analytics and developing and acting on business insights requires organizations to empower their finance teams to deliver consistent reporting and dashboards, self-service reporting tools, drill-down capabilities, and exception reporting.
1 minute read
Benefits of Bringing Consolidation and Financial Reporting Processes OnlineOct 28, 2022 — As businesses grow more complex, the need for accurate and timely financial reporting has never been greater. Unfortunately, legacy and manual methods for financial reporting often need help to keep up with the pace of business. Early findings from our Financial Close Transformation benchmark report, exploring the strategic priorities of SAP organizations across the financial […]
5 minute read
Accelerating the Financial Close ProcessOct 27, 2022 — In this article, you'll explore how solutions like FS2 JournalEntry automate processing, review and approval of all manual journal entries (recurring, intercompany, FX, etc.) and enables accurate and transparent reporting. The solution validates accounting information (e.g., cost centers) at initial upload/creation, automates the processing of non-PO invoices and expenses, enables touchless payment processing and provides visibility into invoices across locations. Learn how companies can apply technology to their financial close process, look beyond the transactional activities, reduce time in closing the books and gain visibility across operations.
4 minute read