There is no doubt that, to compete in the digital age, every company across every industry must become an intelligent enterprise. This means empowering employees through process automation, anticipating and proactively responding to customer needs, inventing new business models and revenue streams, and ensuring strict standards for safety, security, and compliance. This new era is defined by intelligent technologies. So, how does this impact finance leaders, who must drive business transformation through lower costs, greater efficiency, and accurate reporting and forecasting?
Reduce manual effort
Once considered topics for the CIO, new technologies are breathing new life into finance operations. CFOs and their people can now overcome the burden of manual, time-consuming accounting and reporting by embedding intelligent finance applications and processes enterprise-wide to improve efficiency and free up time for more strategic tasks.
Much of the repetitive, rules-driven work performed by accounting, tax, and risk management departments can be eliminated and performed faster end-to-end with exceptional accuracy using advanced automation, artificial intelligence, and machine learning. Predictive analytics can be used to scan and analyze vast amounts of data – bringing together actuals, forecasts, and simulations – to identify trends and behavior patterns and help uncover potential business challenges and market changes before they occur.
Detect and prevent fraud
These same technologies can be used to detect and prevent fraud by automatically identifying attributes correlating with questionable system entries and ensure compliance with regulatory and corporate policies – helping to strengthen the controls that lead to better governance. Finally, digital assistants can provide voice-activated, context-sensitive support within enterprise systems to boost the productivity of finance experts and key decision-makers across the company.
Once freed from the limitations of outdated, disconnected systems and siloed data, CFOs can gain the efficiency and business-wide insight needed to both support and influence corporate strategy. From collaborative enterprise planning to total spend management, working capital optimization, and complete enterprise risk management, finance organizations can provide strategic leadership and collaborate with other lines of business to turn insight into action and accelerate business performance.
Join the conversation to find out how
As part of SAP’s global webinar series Intelligent Enterprises, our November 6 session explores how finance leaders are using intelligent technologies to accelerate business performance. Please join me and my colleague Tony Klimas, EY’s global performance improvement finance leader, as we delve into how intelligent technologies are impacting the role of finance and helping CFOs reimagine processes for their teams and across their enterprises.
Want to hear more how finance leaders are harnessing the power of technology innovations to transform their operations? Register today to attend the first-ever, complimentary online SAP Finance and Risk Management Virtual Event for an insightful experience of customers, experts, partners, and SAP executives discussing today’s pressing challenges and opportunities.