Throughout the pandemic, finance transformation was a significant area of investment. With everyone working from home, old and more manual working methods weren’t an option anymore. Finance needed to transform digital processes. Businesses turned to cloud solutions to ensure teams were working from the same documents and maintaining accurate finance data. Equally important, business leaders needed a complete and straightforward view of corporate financial information to understand their current state of business. A real-time view allows for informed decision making and planning, control and management of expenses and payments, as well as accurate close processes. Typically, this involves pulling information from multiple systems and finding ways to integrate it – intensive, manual, and error-prone work that rarely delivers a “simple, complete” view of the business.
The answer to manual data aggregation is integrating and centralizing data into finance solutions from SAP – such as the SAP S/4HANA for central finance foundation solution. But integrating diverse source systems (especially third-party systems) is not a trivial undertaking. Often, the integration process introduces many data disparities within and between source systems that comprise the data accuracy. Even if the transferred information is accurate, businesses still need to reconcile it to ensure that all data across all sources successfully made it to the universal finance journal.
What’s needed is a way to streamline data integration from multiple financial ERP systems and establish a central, unified solution based on SAP S/4HANA for central finance. Not only would this accelerate implementations and lower the total cost of ownership, but it would give decision-makers faster access to what they need to drive their business forward in a profitable manner – a truly centralized view of their finance operations. It sounds like a massive undertaking, but the reality is it’s more feasible than you think.
Enabling faster, better SAP S/4HANA for central finance implementations
Magnitude Software helps enterprises put the power of their data into the hands of their business users, shortening the path from data to decision and transforming data from dusty archives to living intelligence. We connect, integrate, and harmonize distributed data across complex, distributed IT estates. Magnitude enables fast, low cost, and low-risk integration of third-party data and master data into SAP S/4HANA for central finance by streamlining the data integration process with our Magnitude SourceConnect solutions. Available globally through SAP as solution extensions, these solutions include:
- SAP Central Finance Transaction Replication application by Magnitude for SAP S/4HANA, which makes the integration process for non-SAP ERP data into SAP S/4HANA for central finance implementation easy by offering data integration across third-party systems. In addition, it allows you to connect to and capture any source ERP financial postings in detail. Finally, it syncs payments back to the source in real time to keep your records up to date.
- SAP Central Finance Data Harmonization application by Magnitude for SAP S/4HANA, which swiftly integrates and harmonizes raw source data to enable intelligent finance across your enterprise and support data governance initiatives. It does so by improving the quality and completeness of master data through rigorous data profiling, extensive mapping, sophisticated harmonization, and granting the ability to extend and enhance master data. Using it, you will accelerate your data integration, streamline your central finance implementations, enhance finance operations and shared services, and experience a quicker financial close.
Want to learn how Magnitude can help you on your journey to SAP S/4HANA for central finance? Join us at the SAPPHIRE NOW conference where we’ll be presenting three expert led sessions within the Finance track.
Create a Unified Finance Solution Using Intelligent Data Integration
Session ID: FIN604
Improve visibility and control of financial information with a single source of truth. Streamline data integration from multiple financial ERP systems and establish a central, unified solution based on SAP S/4HANA for central finance. Learn how solution accelerators allow you to achieve faster implementations and lower total cost of ownership.
Bas Kamphuis, Magnitude
Carsten Hilker, SAP
Enable and Streamline Third Party Data for Better Analytics & Reporting
Session ID: FIN305
The session will begin with an overview of how the SAP Central Finance Transaction Replication application by Magnitude can enable global reporting for customers with third-party (non-SAP) information sources. Then listen in on a fireside chat and interview with Ross Martin who will share how these solutions impacted finance at Cargill.
Ross Martin, Cargill
Dion DiCristofaro, SAP
Shenn Kaszuba, Magnitude
Gain Insights from Sanlam's Journey to Central Finance
Session ID: FIN215
Find out how Sanlam established SAP S/4HANA for Central Finance as the foundation for intelligent operations by streamlining data integration from multiple financial systems and presenting it in a central, unified system for maximum visibility and control. Find out how they achieved faster implementation at lower TCO.
Aziz Majdoune, Sanlam
Hinf Hasmi, Conso'System Africa
Jim Louys, Magnitude
Delivering value across the enterprise
The Magnitude portfolio of products supports a wide range of SAP users – not just in the finance function but across the entire enterprise. How? By helping enterprises transform data into continuous intelligence and competitive advantage, uncovering insights locked deep in enterprise applications, and integrating data across applications, platforms, and business processes. Our automation tools eliminate tiresome, low-value data entry tasks and speed execution of core business transactions. And our process analytics platform moves beyond traditional data visualization business intelligence (BI) tools with self-service operational reporting and process mining built on context-rich, process-aware data models designed to answer your most pressing business questions.
Visit our partner showcase at the SAPPHIRE NOW conference to dive deeper into our solutions.