CFO Advisory: Crafting a Robust Financial System with SAP Integration & Analytics
As a CFO, the responsibility of signing off on financial statements is immense. Business partners rely on you for validated financials and analytics. But let’s face it, aligning numbers and making them make sense is no walk in the park.
The challenge often lies in data reconciliation issues stemming from multiple applications and data silos, which can lead to confusion in decision-making. Accurate reports are crucial in guiding management decisions. Here are some best practices in SAP and related integration that can help design a robust system, ensuring a single source of truth:
Define Your Analysis Criteria: What are the P&L line items that matter most to your business? Start by identifying these crucial data slices.
Integrate with Precision: Examine each posting scenario (master data, transaction data), both automated and manual. Ensure the correct fields are used for comprehensive analysis.
Single Source of Validated Data: Strive for a unified source for all your data needs. For instance, for tracking country of origin, consider stamping the field at a batch level in SAP, thereby integrating it with your COPA profitability analysis and BI systems.
Utilize Standard SAP Fields: Are you leveraging standard SAP GL line item and master data fields effectively for your analytics?
Align GL and Management Reporting: Your GL level reporting should mirror management reporting to tell a complete and accurate story.
Aim for Real-Time Predictive Analytics: With a well-designed system, achieving real-time predictive analytics isn’t just a dream. It’s a reachable goal.
SAP SAC: For seamless integration and analytics with SAP and non SAP data. A game-changer for SAP native data integration, story boarding and predictive analytics.
Google Cloud & BigQuery: A robust tool for combining SAP and non-SAP data. Google’s pre-defined SAP extractors with SAP facilitate ease of implementation.
As CFOs, embracing these practices can significantly enhance the accuracy and efficiency of financial reporting. Let’s turn challenges into opportunities and lead the financial narrative with confidence and clarity!