Finance Process Optimization 

Accurate and timely data is the backbone of business success. However many organizations, small to large, have processes and systems that are outdated or not fully integrated, resulting in inefficiency, high cost of operations and businesses that are not competitive.

Finance and accounting processes are core to any business functioning and get integrated into demand chain and supply chain business scenarios of order-to-cash, record-to-report and procure-to-pay.  The sum of all operations get reflected in the creation of financial statements in the month-end close process.

Process optimization calls for measuring via process maturity assessment and use of  best practices and industry  benchmarking to identify gaps and transformation opportunities. Automation of streamlined processes using established software is an important next step in business optimization and to move the company’s processes towards industry best practices,

Digital Transformation 

Digital transformation is the automation of operations using appropriate digital technology and requires analysis of the technology landscape, emerging trends, developing of a digital technology strategy based on business needs, selection of correct software and hardware, and implementation of the transformation. The major steps towards digital transformation include the following:

  • Selection of appropriate Software

Determining the appropriate digital and analytics tools are critical to meeting the future goals of the business. Sometimes an RFP (Request for Proposal) may be needed to find the best match of software to business requirements. Key business use cases and process scenarios need to be identified and match with the software functionality, along with financial and operational factors, need to be considered to take the decision.

  • ERP Software Implementation

The success of a digital transformation project to implement a ERP software such as SAP, needs a team of key business users, external consulting skills, and a program or project manager. The project needs to use a reliable software implementation methodology along with appropriate quality checks. Adequate guidance and software project implementation experience is needed to ensure that the project is completed on-time, within budget and quality standards.

  • Data Analytics Implementation

Data Analytics is a key digital transformation tool that can provide strategic insight. It involves review of data in order to find trends and draw conclusions about the information they contain. Analytics has emerged as a key tool in Finance and Accounting and the CFO needs to provide inputs. Analytics Implementation support is needed in the following three areas: Determine analytics Use Cases, perform Extract, Transform and Load (ETL) of data for analytics and Visualization of output via dashboards and reports.

Our Capability

MYiCFO has extensive expertise in business process optimization and digital transformation which has been obtained via management consulting and hand’s on implementation at large Fortune 1000 organizations.  This expertise can be leveraged to benefit medium and smaller enterprises in a cost effective manner. Our expertise and focus is with implementation of SAP S/4 HANA ERP solutions, which can be used by large as well as medium and smaller sized enterprises in on-premise, cloud or hybrid mode.

Our team has Program and Project Managers, certified with the internationally recognized Project Management Professional (PMP) certification, who can help guide successful project implementation