Can a Finance department become more effective – even strategic to the business – through the applied use of innovative technologies? While many field experts say “yes,” Finance lags other corporate functions in technology adoption. Panelists on a recent SAP Game-Changers radiocast agree and suggest three promising technology-inspired alternatives to business-as-usual:
- In-memory computing for up-to-the-minute financial and operational data
- Cloud technology for quick implementations
- Analytics and enterprise mobility innovations for combined company and market information
So why have Finance departments made so little progress? Have they not found the right software or are tight budgets the issue? Panelists Bill Sinnitt, senior director of research for Financial Executives Research Foundation; John Steele, principal in Deloitte Consulting’s technology service area and leader in the SAP finance transformation practice; and SAP’s Birgit Starmanns, senior director in marketing for finance solutions, discuss these alternatives.
Leveraging in-memory computing and the SAP HANA platform
The SAP HANA platform, Steele notes, has democratized information, changing how information is gathered and what types are gathered. “I’ve never been more excited to be a practitioner in the whole finance and technology arena,” he says. “Over the last two years [companies have] moved their transaction processing …over into in memory. This is one of the most fundamental shifts that I have ever seen and it pulls together your analytical and transactional information into one common platform.” He then underscores the significant benefits of this shift:
- Instant visibility into the organization
- Greater focus on data quality
- More time to focus on business processes through integrated planning
Getting comfortable in the cloud
SAP’s Birgit Starmanns explains that Finance has an obvious interest in the cloud, but many organizations are hesitant to put all their data there. For now, larger companies are cautiously migrating to the cloud with hybrid scenarios.
Smaller companies, on the other hand, are open to making a complete move to the cloud because, as Starmanns explains, “Lots of times they are using Microsoft Office applications to manage their business, so they are more ready because they don’t really have that historical larger footprint of an ERP system.”
Capitalizing on enterprise mobility and analytics
“You can never have enough analytics from business intelligence,” Sinnitt rationalizes.
With mobile devices playing an integral role in daily life, enterprise mobility has become a must for financial execs. The panelists examine some of mobile’s largest contributions:
- Smoother and enriched order-to-cash processes
- Enhanced forecasting and planning by putting the right information in the right hands
- Greater insight from social data
All panelists agree that future CFOs will act as the catalysts for innovation. They predict that the next wave of advances will come in the form of visualization technology. Do you agree with this prediction? Listen to the full radiocast for more insights.