Financial Services
Financial Services is a crucial industry for SAP. Financial services companies face many growing challenges, including ever-changing regulations, evolving consumer expectations, economic instability, and increased competition brought on from digital-only organizations. These drivers make it imperative to transform and become more efficient, better engaged, and resilient.
SAP and Partner Solutions for Financial Services (H2)
There are many solutions in the SAP ecosystem that are relevant to the Financial Services sector:
Financial Services is a crucial industry for SAP. Financial services companies face many growing challenges, including ever-changing regulations, evolving consumer expectations, economic instability, and increased competition brought on from digital-only organizations. These drivers make it imperative to transform and become more efficient, better engaged, and resilient.
SAP and Partner Solutions for Financial Services (H2)
There are many solutions in the SAP ecosystem that are relevant to the Financial Services sector:
- Digital Customer Engagement is about modernizing the way companies reach consumers, which can include omnichannel commerce, customer experience management, digital banking, customer analytics, and marketing offerings.
- Finance and Risk solutions help companies stay compliant and avoid risk by touching on Governance, Risk, and Compliance (GRC) functionality, financial planning and analysis, data services, reporting, and accounting for financial instruments.
- Banking Operations tools aim to help those in the banking industry with key functions including card management, retail services, payments, cash and liquidity management, and commercial lending.
- Total Spend Management is about helping companies get a centralized view of spend by combining multiple cloud offerings around procurement, vendor management, sourcing and contracting, invoicing and payables, travel reimbursement, and analytics.
- HCM and HXM solutions help organizations with recruiting, onboarding, talent management, and more.
- Core ERP systems act as a system of record for key transactional information.
The financial services sector is turning to technology to assist with becoming more digital and more relevant to consumers. At the same time, they are looking to build processes and systems that can provide centralized views of data around customers, compliance, risk, finance, and employees.
Key Considerations for SAPinsiders
Financial services companies are utilizing SAP and partner solutions as part of their transformation programs within a variety of focus areas, including security, automation, and digitization.
- How Zurich North America used BlackLine to move to SAP S/4HANA. Read this case study to hear about Zurich North America’s SAP S/4HANA migration, including how it utilized Blackline Solutions for Automation & Control during the project.
- Swiss Federal Administration planned its SAP S/4HANA move with security design in mind. Read this case study to learn how the Swiss Federal Administration managed SAP Security within its SAP S/4HANA migration.
- Deutsche Börse Group’s approach to digitization, process redesign, and defining sustainable user journeys. Read this Q&A to learn about Deutsch Börse Group is transforming its SAP landscape while also transforming its business overall.
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Avalara’s Guide to Avoiding Five Common Sales Tax Registration Mistakes
Sales tax can be burdensome for organizations of any size. Small businesses may face the largest struggle when it comes to sales tax registrations, as they likely do not have a taxation expert on their staff. Many small business owners who lack expertise are forced to comb through tax legislation to ensure they pay what…
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Delego’s Five Steps To Get Customers To Pay Invoices on Time
No matter how well-orchestrated an accounts receivable process is, sometimes customers will simply fail to finalize payments. Some customers may want to hold onto liquid capital as long as possible, others may have overworked finance teams who forget or misplace invoices, while some may just consider making payments a low priority. Without the risk of…
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Managing and Automating Payroll Tax Determinations
Organizations of all sizes can struggle to keep up with the pace of change in the tax landscape. Federal, state, and local regulations are constantly in flux, and some teams may struggle to keep up. Compounding these issues, many enterprises still rely on manual tax processes. This can cause errors and take excessive amounts of…
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Trintech Expands Adra Suite Financial Close Offering into EMEA Markets
Financial close is one of the most important yet difficult process for many SAPinsider organizations. Unfortunately, manual activities, data silos, and disparate systems often cause inefficiencies and make it even harder for enterprises to execute their financial close. Automated financial close solutions allow for reduced closing time by automating or eliminating any long-running steps in…
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Simplifying Statements with BlackLine’s Financial Reporting Analytics
Financial reporting is an essential business function, yet all too often this process can be delayed by manual processes that also introduce the risk of human error. BlackLine’s Financial Reporting Analytics allows users to analyze and validate data sets with real-time visibility. The solution provides end-to-end transparency and automates ledger-to-ledger, statutory-to-GAAP, tax-to-GAAP, and system-to-system reconciliation.…
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Breakaway Technologies Highlights Five Keys to a Successful XP&A Process
Planning is essential for the long-term success of any business. This is why many organizations are migrating from financial planning and analysis (FP&A) to extending planning and analysis (XP&A). FP&A ranks among the most common pain points and planned future investments. Legacy FP&A processes can hamper the process of making decisions and cause teams to…
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SAP and VISA Announce B2B Payment Collaboration for Asia-Pacific Region
Recently, SAP made a major announcement regarding a new partnership with global payments leader Visa. The two organizations worked together to embed payments into the SAP ecosystem through SAP Business Technology Platform (SAP BTP) for customers in the Asia Pacific region. This marks the collaboration between Visa and SAP in exploring embedded finance in the…
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IPS and CSI Edenred Announce New Name and Brand Image: Edenred Pay
Following its October 2022 acquisition by Edenred, IPS and CSI Edenred are now fully merged. The company will now be known as Edenred Pay going forward. In a press release, the company revealed its new name and brand image on its new corporate website. “We are excited to announce our new name and brand image,”…
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Tipalti Announces Enhanced AI Capabilities
Recently, global payables leader Tipalti announced a new partnership with OpenAI to further drive productivity and efficiency within its payables automation platform. Tipalti will incorporate the functionality of the GPT-4 platform to allow users to more quickly contextualize data points to improve accuracy and reduce manual coding requirements. The new capabilities from OpenAI can also…
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Embracing SAP BTP and Avalara Solutions During S4 Migration to Meet Tax Compliance Mandates
As the global business landscape evolves, organizations are increasingly transitioning from SAP ECC to SAP S/4HANA to stay competitive and adapt to the latest technology. The way this migration is done affects the incremental value of S/4HANA over ECC. S/4HANA is more than a feature upgrade. It is a rethink of how you adapt your…
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