FINANCE TRANSFORMATION
Are you ready to map out a new future?

The Business Case for Finance Transformation
Improve the data, the accuracy, and the timeliness of the organization’s financial operations, and you improve the organization’s business outcomes; a compelling case. Yes. However, transformation comes with challenges. Legacy systems are always an issue, and old habits die hard — but we’ve always done it this way! And the very pace of change makes it impossible to decide what might or might not be modern at any given moment. That’s why the future of the organization is as important to consider as its present situation.

Financial transformation is more than devising new ways to collect and analyze data. It is about seeing the future and determining how to get there. Seeing beyond the current constraints and deciding how to derive better business outcomes. Innovative, forward thinking is required for true transformation. And successful companies start with an open mind and build toward integration with future technology.
A New Approach
Rather than engaging in a massive, overwhelming effort, clients are enacting change through a gradual, methodical, phased approach by establishing a road map of priorities. Stick to the road map to eliminate scope creep but be flexible as you learn from the incremental successes.

Financial transformation projects — no matter the size or scope — flounder, or worse, limp along without executive sponsorship. This means empowering people to be innovative, including supporting their decisions, removing barriers to success, and supplying appropriate resources throughout the project.

Is it time to re-evaluate your financial operations?

Top 10 Reasons to Re-evaluate Your Financial System

1

Large Data Volumes Slow Down the Current System

1

Large Data Volumes Slow Down the Current System

Streamline data collection and consolidation, and use automated workflows to eliminate redundancy, improve accuracy, and increase efficiency.

2

Data Model Requires Expansion

2

Data Model Requires Expansion

Put modeling in the data model to enable rapid conversions & implementations, to create POCs for complex products, and to interface with portals and mobile apps.

3

Overall System Performance Is Poor

3

Overall System Performance Is Poor

If your system was designed for change-averse users, it's time to change your focus. Manage your users when you change your system, you'll get more productivity from both.

4

Too Much Time Is Spent Entering Data and Fixing Problems

4

Too Much Time Is Spent Entering Data and Fixing Problems

When in doubt, centralize. With a single, integrated platform, less time is spent, fewer problems occur, and life gets easier.

5

Greater Control of the Data Going into the Ledger Is Needed

5

Greater Control of the Data Going into the Ledger Is Needed

The centralized data repository lets everyone collaborate in real time, ensuring appropriate care and feeding of the ledger.

6

Access to Real-time Data Is Limited or Unreliable

6

Access to Real-time Data Is Limited or Unreliable

This is the 21st century. Access to real-time data should be a given. If users aren't working with data in real time, this is your single most important reason to talk to us.

7

Improved Reporting Requires a Streamlined Ledger

7

Improved Reporting Requires a Streamlined Ledger

Working on an integrated platform with a central data repository enables canned and ad hoc reporting, even as it ensures the transparency regulatory bodies require.

8

Close Times Are Too Long

8

Close Times Are Too Long

A platform that includes a standardization repository provides a reusable inventory of product aspects that can be assembled and distributed quickly and efficiently.

9

A Better Foundation Is Needed for Integration with Other Systems

9

A Better Foundation Is Needed for Integration with Other Systems

We’ll connect your data sources to ensure the effectiveness of your integrations, the quality of your data, and the efficiency of your operations.

10

The Company Has Outgrown Its Current Systems

10

The Company Has Outgrown Its Current Systems

You need a single, integrated platform to replace your disconnected legacy systems, to streamline processes, and centralize your product histories and components.

Key Solutions for Finance Transformation
Identifying the best solutions and advisors to help navigate the road ahead is the key to success. We believe a smart, flexible general ledger system is the foundation for any long-term transformation effort. Coupled with pre-configured solutions developed with years of consulting expertise that draw on industry best practices helps to mitigate cost and speed implementation. Below you will find some of the solutions we consider to be the best places to start when it comes to road mapping your Finance Transformation.

Are you ready to map out a new future? We can help you find your way.
Performance Management for Financial Services SAP FS-PER

Maintain and execute complex allocations to create the data foundation for flexible, near real-time profitability analysis.

Insurance Data Modeling SAP Insurance Analyzer

Pre-configured analytics model for insurance source and results data, including data models for IFRS 17 & Solvency II regulatory compliance.

Business Planning and Consolidation SAP BPC

Planning, Budgeting, Forecasting, and Financial Consolidation capabilities in a single application.

Collections & Disbursements SAP FS-CD

Business platform sub ledger supporting insurance and reinsurance Collections and Disbursements.

S/4HANA Finance (Simple Finance)

Comprehensive financial management and accounting solution with real-time reporting, analytics, prediction and simulation.

Take Your Time
Your organization’s business and finance operations didn’t become dated, inefficient, and ineffective in a short time. So, it’s not reasonable to expect they’ll be completely transformed overnight. But that doesn’t preclude the prospect of incremental progress. The best place to start is almost always at the beginning.

  • What are your objectives?
  • What are the impediments to achieving them?
  • Are they technical? Operational? Intellectual?
  • Do you need help identifying the impediments?
  • What would it take to get to the point of achieving your objectives consistently?
There’s no one, perfect way for every organization to achieve business and financial transformation. But there is a perfect way for each organization and msg global solutions is a capable and experienced partner for this effort.
Download our white paper on Finance Transformation and learn more about our philosophy. 
Get in Touch

Maryan Karpyk

Community Lead Finance & Risk