Predictive
Finance For Strong Business Growth
By Babak
Ghoreyshi, Published on August 18, 2015
The New York Stock Exchange might close at 4 p.m. every weekday, but
that doesn’t mean your company closes at the same time. Indeed, modern technology is allowing businesses to operate 24
hours a day, seven days a week, in multiple parts of the world.
If you are a CFO or finance professional in today’s round-the-clock
business climate, you are likely getting hit with a maelstrom of financial data
that’s taking longer and longer to process. However, in spite of the increasing
volume and complexity of this real-time information, you are being forced to
stay accurate while completing accounting tasks in a timely fashion.
Fortunately, savvy CFOs and accountants are overcoming these challenges
through predictive finance, which is helping them achieve the following goals
and more:
·
Save time for finance teams
by dramatically simplifying processes
·
Allow for better integration
between financial plans and actual data
·
Provide CFOs with more data
and input to steer better business decision-making
Accuracy and efficiency during “crunch time” is key
Your closing and disclosure processes need to be seamless and
unobstructive to business operations. At the same time, they need to be
accurate. The best way to achieve that is through “real-time closing” — a concept that was nothing more than a pipe dream
before the advent of predictive finance technology.
Predictive finance solutions optimize financial analysis across all
business platforms to help CFOs increase efficiency, accuracy and profitability
in today’s non-stop business climate. The advent of predictive finance has
enabled new kinds of information to be classified and re-purposed in real time.
This gives you the ability to make changes that are captured and revised on
multiple platforms simultaneously — exactly when time saving measures are
needed most.
For accounting managers, period end closing is when many key finance
activities have to come together. Predictive finance helps CFOs and accountants
more effectively manage their closing processes to ensure increased
profitability and strong business growth.
However, to ensure a timely, accurate and trouble-free closing, you need
more than just an automation. You need cross functional real-time insights, and
you need to be able to assess and predict entity close shortcomings so you can
take the right steps to avoid problems.
The benefits of predictive finance
Predictive finance can help you leverage market signals to maximize
forecast accuracy, increase forecast speed, set clear benchmarks, and
accelerate actions. It can also help you respond faster and with greater
certainty to changing business conditions. Most importantly, predictive finance
helps you optimize analysis across finance processes to drive superior business
outcomes.
Predictive finance works at both the corporate and the local level. Here
are some of the specific technical benefits offered by our predictive finance
platform:
·
Foresee shortcomings in
entity close processes.
·
Collaborate to stay ahead
of problems and remain on schedule.
·
Evaluate and predict the
processing speed of closing functions, and anticipate the likelihood of
re-bookings and inter-company mismatches through maximum cross-functional
insight.
·
Close corporate books
through accelerated run-times for period end reports.
·
Create statistical analysis
of historical data to automate real-time accruals.
·
Create quick-access
financial statements and management reports in accordance with IFRS and other
local legal requirements.
·
Get insights into period
end data during the mid-period to help you prepare statements quickly and
accurately.
·
Receive guidance so you can
proactively course-correct your business.
·
Incorporate human judgment
to help you respond faster and with greater certainty.
Learn more about predictive finance solutions today
The predictive finance by SAP Solutions translate to financial closings
that are delivered on time, with deeper insight, greater accuracy, and
compliance. By leveraging predictive finance with SAP Solutions, you benefit
from closer alignment between organizational tactics and strategic vision, and
from closing processes that help you ensure increasing profitability and strong
business growth.
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