The Ledger

The Power of Data Should Never be Underestimated

Data is the foundation for any successful business model. We can now embed and extract data and intelligence out of every business transaction and physical object, from machines and cars to wearables, and we can harness the power of this connected data to create new value in the form of unprecedented revenue opportunities, efficiency improvements, and better customer experiences. Often, companies already have the key ingredients for using data to their advantage, though they may not be aware of the “how.”

Read More at The Digitalist by SAP >

Transparency Through OEMs is Key for Manufacturers

As manufacturers respond to new competitive and consumer demands, they are relying on OEMs (original equipment manufacturers) to take on more responsibility, as well. OEMs are manufacturers who resell another company’s product under their own name and branding. To provide visibility, OEMs need more information and visibility into production schedules, constraints, changeover frequency and the overarching expectations of the production lines to gain insight into the factory’s culture and infrastructure. However, what’s missing in the factory setting is an enterprise view that looks at the entire production facility and applies predictive analytics to what should happen if there is an issue in a specific area of the plant.

Read More at Automation World >

Why Top Performers Are Shifting Their Finance Processes to Shared Services

A growing number of organizations are choosing to move their finance processes to a centralized shared services center, aiming to reduce cost while improving productivity and efficiency. The shared services metric is considered a key performance indicator for efficiency of finance processes. Across all major finance processes, top-performing finance shared services centers have significantly better staffing ratios than lower performers do. Becoming a top performer is about committing to best practices in process management, structure, governance, and technology.

Read More at CFO Magazine >

Achieving Proactive Continuous Accounting

“The concept of continuous accounting is all about getting access to financial data faster. One key concern with speeding up the financial close process is ensuring that you don’t sacrifice quality for speed.”

One key principle of continuous accounting is to use technology to distribute departmental workloads continuously across accounting periods. Modern financial management systems typically provide strong workflow, operational analytics, and rules to institute operational controls, and ensure that they can effectively be maintained in an environment of change.

Read More at The Digitalist by SAP >