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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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Pain Point Trends across Global Tax ManagementMar 24, 2023 — Tax teams face numerous significant challenges in their daily operations. The complexity of operations presents a long list of potential obstacles to minimizing tax burden.
In a previous blog, we explored how modernization of tax and finance (migration to SAP S/4HANA, automation, use of RPA, AI/ML, etc.) as the top driver of global tax management strategy. In this piece, we will dig into the top pain points that SAPinsiders want to avoid, and how these pain points have shifted over the past two years.
Organizations that have leveraged automation solutions have shifted the pain points, as previous issues like indirect tax have become less of a priority. However, new issues are always around the corner. Modernization can also lead to adoption and integration issues.
2 minute read
Lowering Operational Costs during High Inflation PeriodsMar 23, 2023 — Defraying Inflation As a small business owner, you understand the importance of being fiscally responsible and keeping your business afloat during difficult times. With the current pandemic and high inflation, many small businesses are struggling to make ends meet. Courtesy of SAPinsider, here are some tips on how to stay afloat while navigating these uncertain […]
3 minute read
How Drivers for Global Tax Management Strategy Have ChangedMar 23, 2023 — The global tax landscape is complex and constantly shifting. This means that organizations not only have to change their tools to keep pace, but often they must realign their entire strategy to stay afloat.
In a previous blog, we highlighted how digital transformation and modernization of tax and finance is the top driver of global tax management strategies. In the Global Tax Management Benchmark Research Report, nearly 43% of respondents said it impacted their strategy. This was not always the case. In this blog, we will examine how these drivers have shifted, and what it says about the global tax landscape.
1 minute read
Technologies Used to Support Global Tax Management StrategyMar 22, 2023 — Finding the right global tax management strategy can make a significant difference in the bottom lines of organizations of all sizes. Yet the proper strategy can only be achieved if organizations can pair their teams with the appropriate technology in order to maximize their overall value.
In the previous blog of this series, we dove deeper into how organizations are prioritizing data in their global tax management frameworks—clean, harmonized, standardized, real-time data that was available to all users regardless of where they work. In this blog, we will highlight the technologies that SAPinsiders use to enact and enhance their global tax management strategies.
Among all respondents in the Global Tax Management Benchmark Research Report, sales and use tax determination tools were the most commonly used. Nearly 33% of survey respondents currently leverage the technology as a critical element of their global tax management strategies. These tools automate the tax determination progress, improving accuracy and efficiency.
2 minute read
Live from SAPinsider 2023: Finance, Day 1Mar 22, 2023 — The 2023 SAPinsider Vegas event had a great keynote kickoff today, starting with what Chobani’s Parag Agrawal said: “Technology is not a problem. Technology works—organizational change is the challenge.”
So what drives the differences in outcome among the many implementations? The technology delivers the processes to be executed. The implementations drive the orchestration and execution by the people in the organization, and they differ from customer to customer.
Despite implementation methodology optimizations and automation capabilities for the migration, the human aspect makes the difference. How early you get your people involved, how well you let them know what the implementation is designed to achieve, and how much you let them test-drive their existing processes in the new world—all these are the difference between success and failure. It is well known, yet still too many organizations focus only on the technology aspects. Don’t!
2 minute read
Top Global Tax Management RequirementsMar 21, 2023 — In this blog, we will discuss how digital transformation and modernization of tax and finance are the top drivers of global tax management strategies. We will highlight the requirements that SAPinsider members said were the most important to them in the Global Tax Management Benchmark Research Report.
In the benchmark report, SAPinsiders clearly prioritized the need for clean, standardized, real-time data over all other potential requirements. The survey found that 82% of respondents said that clean, harmonized master data was either important or very important—the highest share of all responses.
Following closely behind were 79% of respondents who said a single source of truth for reporting and audit purposes was important or very important. In third with 71% of respondents was intelligent and real-time tax determination and compliance reporting. These top three requirements paint a clear picture—tax teams need information as quickly and accurately as possible.
2 minute read
SAP Central Finance Solution Extensions Now Backed by insightsoftwareMar 20, 2023 — For years, SAP users who implemented SAP Central Finance solution extensions by Magnitude have benefited from the accelerated connection between Central Finance and their other disparate systems. After being acquired at the end of 2021, Magnitude’s CFin products are now powered by insightsoftware.
The two solution extensions, Transaction Replication and Master Data Replication, are now backed by insightsoftware, a leading financial reporting vendor for ERPs.
Throughout 2022, insightsoftware made significant investment and improvements to these solution extensions and the support provided to SAP customers, including hiring 47 new service and product management specialists.
With the official change from Magnitude, insightsoftware will continue to bring best-in-class transaction and master data replication abilities to SAP CFin customers, allowing them to integrate third-party data into their implementation.
1 minute read
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