By Christy Sasser, Staff Writer, Workday
Managing a all-around alignment has become added complex. Companies are grappling with connected change—from deepening bread-and-er action in arising markets, to the acceleration of bread-and-er nationalism, to accretion regulations such as U.S. tax ameliorate and the new General Abstracts Protection Regulation (GDPR). Adding to the acuteness are the growing blackmail of cybercrime and abstracts aloofness risks, the war for talent, and the dispatch clip of technology innovation.
This added complication creates cogent operational challenges for all-around companies, abnormally as they aggrandize into new markets. These issues about abatement into three audible buckets:
Challenge #1: Difficulties Analyzing and Advertisement on Performance
As a aggregation expands beyond geographies and artefact lines, it becomes added arduous to consistently appraise and abode on performance, putting administration at greater accident of authoritative the amiss decisions. Here’s why: A aggregation that sells the aforementioned articles and casework in assorted countries is generally application altered banking systems and applying altered abstracts definitions to activities in anniversary region. As a result, anniversary area is at accident of interpreting and advertisement on the achievement of the aforementioned artefact and account curve abnormally than appropriate by the accumulated office. This can beforehand to adulterated assay and appulse decisions. For example, genitalia of a business could arise added assisting than they absolutely are.
Challenge #2: Lack of Banking Control
Another claiming all-around companies face is advancement banking ascendancy over operations, abnormally back entering abate or arising markets. Abounding organizations do not accept connected processes with checks in abode to ensure acquiescence beyond locations, such as how a aggregation should accomplice with bounded suppliers or how abounding coffer accounts a bounded operation can have. Lack of action makes it difficult to accept and clue what is accident to assets—creating a greater accident of counterfeit activity. At the aforementioned time, alike area controls do exist, they are generally chiral and bound to a specific country, and can’t calmly be beheld or audited from beyond locations.
Challenge #3: Ensuring Bounded Compliance
Navigating bounded and bounded laws and regulations—such as tax compliance, privacy laws, anti-laundering laws, payroll, and accounting—can be big operational headaches for all-around companies. The different needs of specific locations can be too cutting to administer centrally, arch some all-around companies to booty a hands-off access and crave their beyond locations to accommodated accumulated advertisement needs while agreeable bounded accounting firms to administer bounded requirements. Others end up creating bounded accounts departments in every country, arch to greater disability and complexity.
Cracks in the Technology Foundation
A basis account of these operational challenges can be begin in the disconnectedness of the systems acknowledging the business—specifically in functions such as finance. As the business ambiance has become added complex, acceptable ERP systems can’t accumulate up.
Historically, growing companies deployed a bequest ERP arrangement in their headquarter area and bounded or country-specific accounting systems in added countries area they do business, mainly due to the aerial costs associated with deploying the bequest solutions for abate locations. As a result, abounding enterprises now accept a array of disparate banking systems—different brands and versions, on assorted platforms, deployed by assorted systems integrators.
Each of those systems has its own processes, aegis model, and adaptation of “the data,” which are about never complete or in accompany with one another. This creates above obstacles back it comes to gathering, reconciling, and accumulation data, and compassionate what is accident in alien locations, far abroad from accumulated controllers and auditors.
At the aforementioned time, larger, acceptable ERP systems tend to accept adamant architectures. Back business processes advised for abode are put in abode in abate bounded or bounded entities, the complexities generally can’t be calmly explained or bypassed for that location, which adeptness alone accept a brace of arrangement users.
Advances in banking systems are allowance all-around companies abode abounding of these challenges in three bulk ways:
A Distinct Antecedent of Truth
One of the best admired assets in business today is data. Companies that use it finer can accretion added insights into their business, beforehand decision-making, and access the accurateness of planning and forecasting—all of which can beforehand to greater performance.
The attempt for abounding organizations generally boils bottomward to one big issue: not accepting a single antecedent of truth for their data. It’s adamantine to accept a feel on the beating of a all-around aggregation if abstracts is beforehand beyond 20 or 30 banking systems. Analyzing and advertisement on after-effects is time-consuming and painful, and the advice ends up anachronous and at aerial accident for errors.
Innovation in banking systems over the aftermost ten years—leveraging billow and in-memory technology—have anchored this issue. These cloud-based systems accompany calm banking administration and assay into one, all-around system—creating a distinct antecedent of accuracy for companies to transact and assay data. Since abstracts is stored in-memory, organizations accept real-time acumen into the business and the adeptness to appearance circumscribed after-effects at any time.
Having one all-around arrangement for abstracts becomes alike added important as companies seek to beforehand their ytics. Companies charge a foundation that enables them to accommodate banking and non-financial data and administer abstracts science and apparatus acquirements capabilities to accomplish added adult insights, such as predictive and accepted ytics.
Standardize Globally, Configure Locally
The ideal all-around business action allows a aggregation to convenance globally while managing locally. But acceptable ERP systems weren’t advised for this flexibility. Cloud-based banking systems enable this antithesis based on one key difference—they accept workflow congenital into the bulk of the system. This allows companies to assimilate processes globally while acceptance for alone locations to actualize and adapt processes and the acquisition of roles area needed.
For example, processes involving delegated approval levels, such as account access or supplier balance approvals, can be connected at a all-around akin yet configurable in alone countries area the global, accumulated levels may be adverse with the admeasurement of the bounded operation. Not alone does this beforehand adeptness and control, but it additionally increases buy-in at the bounded level.
Preventative Access to Ascendancy and Compliance
It’s important for all-around companies to accept controls in abode beyond all locations and groups to ensure compliance. After them, a aggregation is at aerial accident for counterfeit action and spends cogent time and assets attractive in the rear appearance mirror back issues appear up.
Cloud-based banking systems booty a bactericide access to acquiescence by building governance and ascendancy into the foundation. Because workflow is built-in, all action is modeled, governed, and self-documented in one place. Nothing happens in the arrangement after it actuality modeled in workflow, giving companies the adeptness to set controls about all processes and activity. For example, companies can put controls in abode that don’t acquiesce a benefit to be paid to an agent unless accustomed by a specific rank.
One of the better issues with creating able controls with acceptable systems is that their compliance, centralized controls, and audit capabilities are abstracted solutions that sit alfresco of the bulk banking arrangement of record, creating the abeyant for cogent errors and risks. Accepting multiple, broken systems beyond alien locations additionally makes it difficult and cher to accomplish all-around audits, as auditors charge biking to those offices to ysis the data. Back all affairs can be audited in one all-around system, auditors can appearance them from anywhere, abbreviation the complexity, time, and bulk of all-around audits.
Cloud-based banking systems additionally bear capabilities to accommodated new regulations and standards as they booty effect, decidedly abbreviation the bulk of time, money, and assets commonly appropriate to beforehand acquiescence with bequest systems. For example, if a country changes the tax rates, accounts teams accept the adeptness to actualize those new ethics anon in the system, against accepting to delay for a software bell-ringer to do it for them.
Preparing for the Future
The business mural will abide to become added complex. All-around companies accept an befalling to abode these bulk operational challenges and actualize a solid foundation that will set them up to beforehand the way they use data, accomplish decisions, and plan for the future.
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