{"id":7110,"date":"2023-11-23T09:45:34","date_gmt":"2023-11-22T23:45:34","guid":{"rendered":"https:\/\/news.sap.com\/australia\/?p=7110"},"modified":"2023-12-13T05:09:53","modified_gmt":"2023-12-12T19:09:53","slug":"stretching-every-dollar","status":"publish","type":"post","link":"https:\/\/news.sap.com\/australia\/2023\/11\/23\/stretching-every-dollar\/","title":{"rendered":"Stretching Every Dollar"},"content":{"rendered":"<p id=\"ember37\" class=\"ember-view reader-content-blocks__paragraph\">Being involved in finance for over 25 years I have always heard the saying \u201cOne plus One equals three\u201d. For me, this means how to maximise the return on each dollar we spend.<\/p>\n<p id=\"ember38\" class=\"ember-view reader-content-blocks__paragraph\">The Office of the CFO, since the early 2000\u2019s, has been challenged to transform and do our bit to stretch each dollar further. For many companies this has resulted in the optimisation of the finance workforce and outsourcing commodity functions of the finance department. The foundations of \u2018why transform?\u2019 has not really changed. These are:<\/p>\n<ul>\n<li id=\"ember39\" class=\"ember-view reader-content-blocks__paragraph\">Reduce the cost of finance<\/li>\n<li id=\"ember40\" class=\"ember-view reader-content-blocks__paragraph\">Improve compliance<\/li>\n<li id=\"ember41\" class=\"ember-view reader-content-blocks__paragraph\">Become more agile<\/li>\n<li id=\"ember42\" class=\"ember-view reader-content-blocks__paragraph\">Provide better experiences for customers and employees<\/li>\n<\/ul>\n<p id=\"ember43\" class=\"ember-view reader-content-blocks__paragraph\">What has changed is the:<\/p>\n<ul>\n<li id=\"ember44\" class=\"ember-view reader-content-blocks__paragraph\">Cost of compliance continues to increase<\/li>\n<li id=\"ember45\" class=\"ember-view reader-content-blocks__paragraph\">Finance is focused on moving from a back-office function to being a strategic business partner that helps to drive the business forward<\/li>\n<\/ul>\n<p id=\"ember46\" class=\"ember-view reader-content-blocks__paragraph\">For finance, the dilemma is how to make \u2018One plus One = Three\u2019 as headcount investment remains flat, however the expectations of finance continue to increase.<\/p>\n<p id=\"ember47\" class=\"ember-view reader-content-blocks__paragraph\">To enable this, organisations are looking to emerging technologies to drive automation. A study back in July 2019 by the HacketGroup predicted \u201cBy 2025, 15.1% cost improvements are expected from organisational and process redesign\u201d and \u201cThrough automation, the labour-induced process costing Finance will be further reduced by 19.2%\u201d<\/p>\n<div class=\"reader-image-block reader-image-block--full-width\">\n<figure class=\"reader-image-block__figure\">\n<div class=\"ivm-image-view-model   \">\n<div class=\"ivm-view-attr__img-wrapper display-flex\">\n<figure style=\"width: 752px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" id=\"ember48\" class=\"ivm-view-attr__img--centered  reader-image-block__img evi-image lazy-image ember-view\" src=\"https:\/\/media.licdn.com\/dms\/image\/D5612AQHHuDBEUiJnzA\/article-inline_image-shrink_1500_2232\/0\/1700628356198?e=1706140800&amp;v=beta&amp;t=mO_zND2T2apjgV9zeW7DFfzY1BLx7UCdJ9-M-yrpd8I\" alt=\"The Evolution of Finance Transformation\" width=\"752\" height=\"379\" \/><figcaption class=\"wp-caption-text\">The Evolution of Finance Transformation<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/figure>\n<\/div>\n<p id=\"ember50\" class=\"ember-view reader-content-blocks__paragraph\">The acceleration of technologies and innovations in the market has increased considerably over the last four years since the report was written. As such, the potential opportunities to drive savings and efficiencies within organisations are plentiful.<\/p>\n<p id=\"ember51\" class=\"ember-view reader-content-blocks__paragraph\">So, how do we go about achieving \u2018One plus One = Three?\u201d We need to free up our most important asset the people to focus on the activities that drive the most value for the organization. To do this the answer actually looks more like People plus Technology plus AI equals Three Plus Plus.<\/p>\n<p id=\"ember52\" class=\"ember-view reader-content-blocks__paragraph\">For a long time, the objectives of finance transformation often felt just out of reach. For the first time however not only is it within reach, but we are also being challenged to think how we can apply these new technologies and innovations to help drive the business forward. The barrier now is the speed with which an organisation can adopt.<\/p>\n<p id=\"ember53\" class=\"ember-view reader-content-blocks__paragraph\">At SAP we are focused on how we can help businesses \u2018Run Better\u2019. With SAP S\/4HANA Cloud we have the latest technology platform and AI capabilities to help our customers achieve their finance transformations. In fact, over the last 10 years, SAP has been focused on:<\/p>\n<ul>\n<li id=\"ember54\" class=\"ember-view reader-content-blocks__paragraph\">New modern user experiences<\/li>\n<li id=\"ember55\" class=\"ember-view reader-content-blocks__paragraph\">Redesigning business processes (eg. Continuous Close)<\/li>\n<li id=\"ember56\" class=\"ember-view reader-content-blocks__paragraph\">Providing real-time analytics<\/li>\n<li id=\"ember57\" class=\"ember-view reader-content-blocks__paragraph\">Embedded automation into business processes (e.g. Goods Receipt\/Invoice Receipt (GR\/IR), Accruals Management)<\/li>\n<li id=\"ember58\" class=\"ember-view reader-content-blocks__paragraph\">Introduce Predictive capabilities.<\/li>\n<\/ul>\n<p id=\"ember59\" class=\"ember-view reader-content-blocks__paragraph\">In addition to the extensive capabilities SAP S\/4HANA Cloud offers customers, we are also investing in a Generative AI assistant to partner with our modern ERP. Recently, we launched a natural-language, generative AI copilot called Joule. Joule enables employees to ask a question in plain language and receive intelligent answers drawn from the wealth of data across a business for quick assistance.<\/p>\n<p id=\"ember60\" class=\"ember-view reader-content-blocks__paragraph\">Technological improvements are not standing still, nor are compliance requirements and SAP is constantly looking for new areas to innovate and support our customers. We believe that the next evolution of the finance department is the partnering of People plus Technology Plus Artificial Intelligence to deliver a result that is greater than the sum of its parts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Being involved in finance for over 25 years I have always heard the saying \u201cOne plus One equals three\u201d. For me, this means how to&#8230;<\/p>\n","protected":false},"author":4724,"featured_media":7111,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[5560233,199,5565396],"tags":[5560857,53145],"sapn-display":[5565403,5565404,60294],"sapn-type":[5560547],"class_list":["post-7110","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cloud","category-customers","category-financial-management","tag-finance","tag-sap-s4hana","sapn-display-feature-hero","sapn-display-feature-spotlight","sapn-display-hero","sapn-type-feature"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Stretching Every Dollar - SAP Australia &amp; New Zealand News Center<\/title>\n<meta name=\"description\" content=\"Unlock the full potential of finance transformation with SAP S\/4HANA Cloud&#039;s AI and automation capabilities \u2013 drive efficiency and strategic insights beyond expectations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.sap.com\/australia\/2023\/11\/23\/stretching-every-dollar\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stretching Every Dollar\" \/>\n<meta property=\"og:description\" content=\"Unlock the full potential of finance transformation with SAP S\/4HANA Cloud&#039;s AI and automation capabilities \u2013 drive efficiency and strategic insights beyond expectations.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/news.sap.com\/australia\/2023\/11\/23\/stretching-every-dollar\/\" \/>\n<meta property=\"og:site_name\" content=\"SAP Australia &amp; 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