Industry analysts predict that by 2020, most finance legacy systems will be replaced by cloud-based platforms. CFOs are looking for technology that can provide smarter functionality, automated processes, and real-time capabilities embedded across analytics and mobile. They are looking for solutions that can leverage out-of-the-box capabilities, provide greater flexibility, and improve overall efficiency of the business.
However, this has been difficult with legacy systems. Providing reliable, timely data has always been a challenge, and the delivery has been sluggish with 42% finance departments delivering data that was at least a month old. Businesses are looking for ways to empower finance departments with improved efficiency, and a strategic edge to engage with all aspects of the business.
Migration to cloud-based systems is the best option since it provides the ability to adopt a new way of leveraging digital, mobile, and analytics. Processes can be integrated smoothly and shared services can be easily leveraged. Our teams have been able to deliver this with our Finance Advantage solution, which is built on the three pillars of control, insight, and efficiency. With preconfigured solutions, we focus on giving you a hybrid solution; EBS along with Oracle’s Fusion Accounting Hub delivers value, and facilitates integration to handle acquisitions.
Source: The three-pillar approach in Capgemini’s Finance Advantage Solution
We’ve been able to fast-track implementation of the Finance Advantage solution for high-growth companies in North America. The most recent implementation was for a leading US steel producer that entered into a joint venture (in Mexico) with a Japanese company. The Japanese company had its own local applications and the business processes were not consistent with those of the clients. Due to a lack of standardization and an increase in transaction volume, the client needed a quick solution to control its startup costs. Our team worked on a multi-year and multi-phase project to deliver a cloud solution for the new joint venture in Mexico. Phase I involved implementation of finance for management, procure-to-pay, and human capital management, and was completed in five months. Our team was able to deliver implementation in 12 weeks, standardize business processes, create three levels of reporting, and deliver a scalable and flexible solution that integrated on-premises or cloud applications to support the next phase of the project that would entail the process manufacturing implementation. Our teams were able to fast-track the implementation and speed-to-delivery which was an important aspect of the project.
On-the-go reporting and analytics
Today, businesses are looking to improve the productivity of their employees, and employees are looking for greater flexibility to be more productive. Businesses need preconfigured solutions that will enable employees to make real-time decisions based on up-to-date information. Our team has been able to provide this flexibility with a handheld solution – Mobility Advantage for Finance – which provides pre-built reports and analytics that can be accessed from a mobile or tablet, and pre-built templates for both approvals and submitting expenses on the go. These touchless transactions can help expedite information delivery and guarantee timely access to the latest information for informed decisions.
End-to-end design visibility
Global companies are looking to implement programs particularly in SaaS. The scale of these programs has made it imperative that there be a global design with visibility across multiple pillars. A design of the entire program across HCM, Finance, PPM, EPM, and SCM are interrelated in lot of aspects and key design needs to take all these processes into consideration. Our Advantage Series of Solutions is unique in the industry as customers gain multiple advantages including usage of preconfigured solution to avoid delays, reduce costs, and gain complete design visibility.