Financial Close Transformation
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Key Takeaways
⇨ The financial close is often cited as a major pain point consistently by SAP organizations, putting pressure on CFOs to streamline this critical business process.
⇨ 88% of respondents with a negative view of current organizational financial close processes and technologies, also said these systems were reliant on manual methods and legacy tools.
⇨ Survey respondents with a positive view of organization’s current financial close processes and technologies are more likely to run SAP S4/HANA.
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 financial close processes, providing context for moving to SAP S/4HANA to consolidate financial activities and/or modernize F&A functions as the top driver.
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60% of SAPinsiders plan to address their core drivers by taking actions that include improving the efficiency of the financial close
Most survey respondents (85%) view automated and standardized closing processes and alerts as the leading requirement to enable to support actions around improving the efficiency of the financial close.
Organizations are prioritizing the need to eliminate extensive manual intervention as the top objective of financial close transformation strategy.
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