This past June, TruQua, in collaboration with Magnitude SourceConnect and SAP, hosted the annual SAP Central Finance Exchange event in New York City at SAP Hudson Yards office.
This year’s event brought together 40 Finance and IT professionals representing 11 different companies and provided the opportunity for these individuals to connect, listen, learn, and share experiences, related to their Central Finance deployments and planned innovations.
Leading up to the Central Finance Exchange, SAP conducted a survey to better understand the audience’s current landscape, business priorities, and objectives for Central Finance to help drive the discussions at the event.
SAP Central Finance Exchange Company Profiles
At this year’s event 6 industries were represented, with Consumer Goods/Appliances (33%) representing the largest portion. Organization sizes varied from 0 – 25,000 employees (33%) to more than 100,000 employees (40%).
While most of the attendees were based in the North American region, 89% of those surveyed identified themselves as being a part of global organizations.
All of the projects (100%) are integrating non-SAP systems as part of their initiative, with JD Edwards and Oracle being highlighted as the most prominent non-SAP systems.
Central Finance Business Priorities and Project Goals
Respondents shared their business priorities, which included the key driving factors of Speed & Efficiency (100%), Transparency & Accountability (78%), Operating Costs & Productivity (56%), Strategy & Planning to Execution (30%), Revenue (11%), and Service Level (11%).
As it relates to Central Finance goals, the top performers included Application/System Consolidation (78%) Finance/Business Transformation (78%), Central Finance as a Stepping Stone to S/4HANA (67%), Application/System Consolidation (57%), and Shared Services Process Executions (56%).
In addition, Central Finance business objectives that ranked the highest among the group included Cross-Entity Reporting, Single Source of Truth (100%), Process Standardization (78%) and an Advanced Finance Data Model (100%).
Live and Targeted Solutions
As it relates to SAP Central Finance live and targeted solutions, Intercompany Reconciliation was listed as a planned solution above the rest (78%). Financial/Management Reporting, Business Analytics (33%) was the most popular live solutions. From there Accounts Receivables/Accounts Payable (22%), Real-time Consolidation/Group Close (22%), and Financial Accounting/Entity Close (22%) were evenly distributed.
This year’s Central Finance Exchange proved to be a wonderful opportunity for customers to connect and share challenges, successes, and ideas among their peers. TruQua and Magnitude will be sponsoring the European version of this event this September in Berlin, so we’re looking forward to gaining even more insights!
For the latest information and updates on SAP Central Finance, contact the TruQua team today at email@example.com.