Digital dashboards with real-time data visualisations can identify the impact that the performance of an MVP in team sports like football or basketball has on jersey sales, week-on-week. This allows retail chains to alter stock availability of a specific player’s replica jersey, based on their performances. Leverage digital technologies to simplify the finance function and enable it to operate with greater efficiency and effectiveness. Exploring our other Crunch time reports on topics including enterprise service delivery, data management strategy, ERP solutions, finance talent, cloud, forecasting, blockchain, and many more. We need a planning system which is of course flexible and intuitive to use, and integrates all planning processes. However, we also need an interactive planning system which allows interaction with our existing data, as well as the use of external data to allow us prognoses for future-oriented control. For that we need a future-oriented planning system, and for that we need Board.
Is financial manager a hard job?
Yes, being a finance manager is hard.
To be a successful finance manager requires abilities such as forecasting, creating financial reports, creating dealerships, ensuring compliance, and understanding certified public accounting. Finance managers make close to $130,000 a year.
KPMG identified the Board Intelligent Planning Platform as the potential solution to its challenges. In a successful POC , Board managed to model all of KPMG’s process, design, and planning requirements in a compacted form within 2 days. The moderate project costs meant KPMG could easily predict and justify the project risk. Board had also already been successfully implemented within the KPMG global network in Switzerland and the Netherlands, which made the decision easier. BPO providers frequently add technology to their portfolio of solutions, which makes it easy to demonstrate their capabilities and give a compelling reason to adopt their digital solutions. This saves time during the initial assessment and provides the opportunity to see how these technologies can solve operational challenges.
Drive stronger performance on your mission-critical priorities.
Our goal in finance is to be a business partner and to support the business. We therefore created a project called Finance 2020 in order to design our digitalisation strategy. Board, as a planning system, is an important component of this strategy. The deployment of Board software has also allowed our business units to increase the efficiency of their planning processes significantly. For Sales Planning, the multidimensional planning and integration of products, markets, and production units has been substantially simplified and accelerated. The highlight was the support of a two-day planning campus with a real-time planning application. A further example is the Board-developed Market Place for internal activity allocation, which has become significantly simpler and faster.
Boost your knowledge with our inspirational collection of planning-focused analyst reports, documents, and events. A technology roadmap managed by a BPO provider reduces the burden on internal finance and IT resources while ensuring best-of-breed technology is still accessible. (If you see yourself working here but you don’t have all the requirements, have a look at our website for more opportunities. This is the best way to formulate your core requirements in detail and to try out the system for your individual requirements.
Software Developer (Java or .NET or Angular)
This will contribute significantly to sustainable and long-term project success. KPMG specializes in cross-divisional topics for key sectors of the economy, combining the experience of experts from around the world to further enhance the quality of its advice.
This enabled us to recommend changes to the client’s global operating model to improve effectiveness and lower costs. Over time, we also began to help the client address close process simplification, targeted process improvement, shared services, HFM, Planning RPA, FX accounting, Treasury, SAP and Oracle Cloud. With a cross-functional global team of specialists in finance, strategy, accounting, people & organization, operations, IT, tax and risk assurance, we began working in parallel on multiple aspects of the transformation.
Hire and develop digital skills
After many discussions we identified a goal with 5 key points to create a forward-thinking planning system for KPMG. Digitization and the workplace of the future are today’s shape-shifters for every sector and division. They come with some extreme challenges and risks, but they also offer enormous opportunities for companies and employees. KPMG is a corporate network with a headcount of more than 207,000 across 154 countries. It is one of the leading audit and consultancy companies in Germany, with around 10,700 employees based at over 20 locations. KPMG’s services include the divisions of Audit, Tax, Law, Consulting, and Deal Advisory.
- Archaic practices conducted with the aid of legacy systems can no longer support businesses in the current real-time ecosystem.
- It is a technology solution that uses distributed ledgers to make transactions secure and data reliable.
- As a result, KPMG has come closer to its goal of creating a planning system landscape that is perceived at all levels as an enrichment rather than an obligation, and is now exploiting all of Board’s interactivity and data prognosis capabilities.
- Low satisfaction and slow returns from digital transformation done in-house begs the question.
- In summary, this means that employees spend less time on administrative duties.
- BPO vendors have invested in alternative methods and solutions to meet the challenges faced during the three phases of digital transformation, differentiating themselves in two key ways.
Low satisfaction and slow returns from digital transformation done in-house begs the question. A logistics and transportation firm with international dealings can use powerful analytics to identify changes in foreign currency patterns and budget these changes in for the entire year at the beginning. Analytics can help account for these fluctuations and predict financials accordingly, resulting in a more streamlined business assessment and the inclusion of safety valves to counteract extreme volatility in currency exchange rates.
Intelligent Planning solutions tailored to your specific planning requirements. For successful digital transformation, executives need to collaborate and create a shared space where ideas can be incubated and findings from other industries and practices can be applied without reservations. Only then will such initiatives come into its own and truly showcase its effectiveness. Onboarding in financial institutions such as banks is an important yet mundane and repetitive process that usually requires tedious data entries for every new customer. This can make the process quicker, reduce issues stemming from human errors, and free up the workforce to perform more meaningful and analytical tasks.
“It makes things much easier for the rest of the team when they don’t have to export journal ledgers from accounting and then create pivot tables. They already have a Power BI report where they can simply filter out the accounts they need.” For Quentin, having a “data lake” – a centralized repository to store all your structured and unstructured data at any scale – “is absolutely key nowadays. Focus heavily on your project team and use the expertise and experience of external colleagues.
Automate digital processes to support finance team growth
The scheme deals with increased process automation, radical process optimization, and a repositioning of the division’s role which is shifting towards a skilled, engaged, professional, and objective Finance Business Partner. CFOs that explore opportunities with BPO vendors will increase the likelihood that their digital finance transformation programs succeed. While there are plenty of advantages of adopting a digital finance transformation system, they can bear fruit only if you approach the process wholeheartedly. It all comes down to taking that first step and embracing the process without reservations. Our work together has resulted in innovations in the areas of blockchain, Oracle Cloud transformation and robotics, providing the basis for accelerated solutions we’ve gone on to use in subsequent large-scale finance transformations with other clients. And importantly, for a company that thrives on M&A, our finance transformation work has enabled greater ease of integration for new entities as well as more immediate synergy and accelerated time to value.
- It all comes down to taking that first step and embracing the process without reservations.
- While there are plenty of advantages of adopting a digital finance transformation system, they can bear fruit only if you approach the process wholeheartedly.
- None of us knows for certain what the future will hold, but we all have a responsibility to be thinking about what’s likely to happen, and to prepare for it.
- A number of resources were involved in the collection, coordination, and evaluation and this lengthy process meant that there was little scope for control options until the discussion of content and clarification.
- A control system that is entirely automated can eliminate the risk of human error.
- The system-based collection of qualitative data and digital control for transparent approval processes has significantly increased the speed of planning activities.
- Please see /about to learn more about our global network of member firms.
- The Board solution reflects KPMG’s target planning landscape and was a significant factor in the Corporate Controlling team meeting its operational goals.