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Building Finance Innovation upon a strong Compliance Foundation

Posted by David Fellers on Sat, Aug 11, 2018 @ 04:43 PM

We can all agree that any physical building needs to have a strong foundation to assure safety of the occupants and sufficient resilience to maintain structural integrity against external forces, such as wind, flood, earthquakes and other potentially damaging events.

StrongFoundationFor CFOs facing the challenges of dynamically changing regulatory requirements, establishing a strong Compliance Foundation is also vital for avoiding the risks of non-compliance, such as legal sanctions, while also ensuring adaptability for accommodating ongoing changes driven by both internal and external forces.

Some companies view new accounting standards as specific painful topics that need to be handled with ad hoc, standalone solutions.  The thinking behind this approach is to “limit the impacts” and minimize changes to other related financial and operational processes.

However, this line of thinking is inherently shortsighted.

Over years of helping many companies on their journeys to compliance with new standards such as ASC 606, IFRS 15, ASC 842, IFRS 16 and others, Bramasol’s experts have found that embracing the changes and making them an integral part of core financial operations is a much more effective and efficient approach. 

Rather than trying to limit the impacts of changing compliance regulations, forward-thinking companies proactively incorporate them as key elements in the central foundation for all related processes.

FoundationDetailAt Bramasol, we firmly believe that Compliance Innovation Empowers Overall Finance Innovation.

Every new compliance program and solution should be treated as an additional important building block to be tightly integrated into the underlying core foundation, and bound together using connective “mortar” such as comprehensive analytics, shared in-memory data sets, agile reporting, configurable dashboards, and built-in disclosure processes.

When deploying compliance solutions that should integrate seamlessly within comprehensive business processes, we always start by looking for solutions that are designed to work with core ERP and Finance systems.  For example, SAP Revenue Accounting and Reporting (RAR) is integrated with SAP FICO and has the flexibility to act as an agnostic engine for revenue recognition with other ERP environments. On the lease accounting front, SAP Contract and Lease Management provides a compliance solution that integrates across existing SAP platforms and directly accesses core data sets.  Looking forward, both of these solutions are designed to integrate with S/4HANA (on-premise or cloud) and Bramasol is proactively providing analytics and disclosure solutions to leverage these integration opportunities.

To help with rapid deployment while still maintaining tight integration, we’ve created purpose-built compliance and disclosure solutions, including our Rapid Leasing Compliance Solution and Rapid RevRecReady Compliance Solution.  Both solutions expedite the implementation process by leveraging pre-built capabilities while providing robust compliance coverage for the relevant regulations.

In keeping with the overall philosophy of building a solid and comprehensive Compliance Foundation, all our purpose-built solutions make use of core SAP Cloud Analytics and data sources, which minimizes duplication, enhances productivity and eliminates isolated pockets of data.

As illustrated below, by building all your compliance activities on a solid foundation of SAP S/4HANA, SAP Cloud Analytics and agile dashboard technologies, each pillar of compliance and finance innovation can be directly integrated with core processes and data.  This makes the entire structure more efficient and improves the coherence between various compliance efforts and ongoing operational activities.

Bramasol-Vision-nobackground

If you’d like to learn more about this approach to building a comprehensive Compliance Foundation, visit here to request a consultation.

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Topics: finance innovation, CEO perspective

New Webinar Series: Demystifying the SAP Cloud Platform

Posted by Bramasol Financial Transformation Team on Tue, May 8, 2018 @ 06:39 AM

FinancialTransformation-HotTip

A recent blog post by Bramasol CEO Dave Fellers posed this important question: "How does a company go about getting targeted cost-effective compliance in the near-term along with a transformative path forward to overall Finance Innovation?"

He also explained that "for companies that are already invested in SAP technologies, the answer is S/4HANA and S/4HANA Cloud."

Looking at the SAP roadmap, it is clear that S/4 HANA is the future for all SAP-based companies and that virtually everyone will undertake migration projects to implement S/4 HANA over the next two to three years.

Given the reality of S/4 HANA as the core SAP technology platform, with the excellent and cost-effective S/4 HANA Cloud functionality available right now, Bramasol believes in charting a path that takes maximum advantage of today’s compliance-driven requirements to usher in tomorrow’s financial transformation.

The SAP Cloud Platform is SAP’s platform-as-a-Service allowing companies to extend and personalize on premise or cloud apps, build new and differentiating apps or integrate and connect cloud and on-premise apps to make digital access simple and streamlined.

Join SAP for this new six part webinar series to hear from SAP experts and third party analysts on key topics to help demystify and clarify many aspects of the SAP Cloud Platform that in turn will lead you to make more informed and accurate decisions as you continue your journey to the cloud. 

The webinar topics are as follows:

Discover How to Solve Business Problems Faster with SAP Cloud Platform 
Date: Wednesday, May 9, 2018
Time: 8:00 a.m. PDT / 11:00 a.m. EDT

Discover why SAP Cloud Platform stands out from the pack
Date: Thursday, May 24, 2018
Time: 8:00 a.m. PDT / 11:00 a.m. EDT

How SAP Jam can help modernize your intranet quickly and accelerate time to value
Date: Thursday, June 14, 2018
Time: 8:00 a.m. PDT / 11:00 a.m. EDT

Key considerations in choosing data persistence options in SAP Cloud Platform
Date: Thursday, June 28, 2018
Time: 8:00 a.m. PDT / 11:00 a.m. EDT

The Apple/SAP Partnership: Delivering Next Gen Intelligent Apps for the Enterprise
Date: Thursday, July 12, 2018
Time: 8:00 a.m. PDT / 11:00 a.m. EDT

Myth busting: Separate fact from fiction when considering your SAP cloud journey
Date: Thursday, July 26, 2018
Time: 8:00 a.m. PDT / 11:00 a.m. EDT

We urge you and your staff to attend one or more of these webinars to build a better awareness of the opportunities available with S/4HANA Cloud Platform. Click here to register for SAP Cloud webinars.SAP Cloud Platform webinar series

In the meantime, if you want some personalized help to understand specifically how these technologies can be applied to your business, click here to request a consultation and S/4 HANA demo from Bramasol experts.

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Topics: FinancialTransformation-Hot-Tips, finance innovation

Explore how a fast-growing Pharma company turned to Bramasol to bring in systems to support their larger operations

Posted by Bramasol Financial Transformation Team on Thu, Apr 26, 2018 @ 08:10 AM

Our customer is an American manufacturer and multi-level marketing global giant which specializes in skincare products. They have built a premium skincare brand on a legacy of innovative dermatology-inspired skincare products which in turn are backed by clinical results.

The main problem the customer faced was that their hyper-growth was getting increasingly constrained by legacy systems which were transaction-based instead of process-based. Their 100% YoY growth was held back by the lack of business processes and automation, capable of handling near & long term growth plans. The best suited solution recommended by Bramasol was SAP Cloud ERP which was utilized to proactively automate their business value chain to support significant growth plans, and also integrated order entry, 3PL, and credit card processes.

 Project Drivers:

  • Replace legacy system - Replace the current system(s) with a new ERP solution to integrate all critical processes
  • Prepare for growth - The current system(s) were not able to handle the anticipated growth.
  • Better Control on Billing Cycle - Establish all steps of the billing cycle in one system with improved control and compliance checks
  • Transparency of Information - Improve management decisions through better reporting
  • Integrated Solution - Establish all critical business processes in one fully integrated system
  • Better manage operational cost - Retire all legacy systems, hardware and maintenance with a SaaS solution
  • Process efficiency - Utilize the best practices embedded in the SAP Business ByDesign solution

Fast Growing Pharma Company customer story

 How Bramasol Assisted:

  • Implemented SAP Cloud ERP to automate & support their key value chain operational processes.
  • Full Data Migration
  • Full automation of online order entry (Sales Order to Delivery to Customer Invoice), 3PL, and credit card processes

If you want to leverage significant new technology trends to get ahead of the curve on new requirements while fundamentally transforming and unifying financial systems; Do what many high growth companies have done contact Bramasol.

 

 

check our other customer stories here

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Topics: Success Story, Customer Story, finance innovation, pharma

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