In a constant quest for maximum efficiency, much of finance is now automated. The new challenge facing finance professionals is becoming a more valuable and essential part of proactive decision making. Many wonder if real-time processes can help expedite reporting and analysis that give innovative thinkers a competitive edge.
Panelists Celina Rogers, VP and editorial director for CFO Publishing; Tony Rogan, senior manager from Accenture; and Birgit Starmanns, senior director for product marketing with SAP discussed all this and more on a recent SAP Game-Changers radiocast.
Near-real time doesn’t cut it anymore
If you think the difference between real time and near-real time comes down to just a few seconds here and there, think again. According to Starmanns, it can actually be a matter of days, especially where batch processes are concerned. Those are run overnight and typically require adjustments – which then require another night to register.
Rogers understands the importance of real-time processes and sees data integrity as a concern directly tied to the quest for real time. She asserts that finance teams need to focus on how to interact with and use that data more analytically and wisely to make better-informed decisions.
“This sort of transition in finance technology will create a different kind of feedback. One that rewards the manipulation and analysis of data rather than the processing of data,” she concludes.
Personalization quickens and simplifies finance
What’s one of Google’s greatest features, aside from instantaneous search results? The personalization it provides. Over time, it actually knows your preferences. Rogers sees workers looking for the same convenience in their professional lives. Run in real time to drill down to:
- Tax jurisdiction
- Profit center
You can pick and choose any combination to see or exclude. And business users can configure it all without having to rely on IT.
Starmanns points out, “It’s not just making it faster for the sake of being faster, but being able to analyze other business scenarios. Because you’re done faster with the transactional piece, which is never going to go away for finance. But all the sudden you have this extra capacity to analyze other things that you could not analyze before.”
Even more exciting, you can run in real time with external information as well as your own internal data.
Scale and strategize in real time
Rogan highlights the importance of real-time capabilities for large projects and enterprises. For example, nuclear power plants need to run critical what-if analyses at their facilities to prepare for possible outages.
He details the types of questions his clients expect him to answer: “‘What if we start on this day? What if we add more people to it?’ That is getting much easier with the information we’re now able to get.”
The consensus is that a shift is occurring in finance – one that relies on real-time processes to push analytics to the forefront and make finance a true partner to the business. Listen to the full radiocast to find out more.