This blog is part of an ongoing series on the Digital Solutions Economy™ (DSE). For additional context on DSE, please see my blogs on “The Digital Solutions Economy is More Than Just Subscriptions” and “Disruption is Happening in Consumer Products Companies. How Should You Deal with It?”

Companies throughout the world and across many industries are grappling with huge waves of change regarding how customers engage with them to purchase products and services. In a previous blog, we looked specifically at how disruption is happening in consumer focused companies and detailed the key issues in that particular market segment.

In this blog, we zoom out and look at the broader aspects and impacts of the Digital Solutions Economy that is now driving dynamic changes across almost every industry.

As today’s globally competitive landscape requires companies to tailor their organizations to be more responsive to local and regional market and customer requirements, they also must deal with increasing challenges for enterprise-wide integration and efficiency.

Companies that offer products and services to consumers are currently grappling with multiple tidal waves of disruption across virtually all industry segments.

Treasury is one of the most important aspects within the Office of the CFO and is a critical factor for success in every company. However, treasury functions are not always unified and integrated. In too many companies, the evolution of disparate applications for cash, banking, risk management and other key treasury missions has created a patchwork of legacy systems that can stifle productivity and increase risks.

Over recent years, companies have focused significant time and effort to comply with revenue recognition standards ASC 606 and IFRS 15. In previous blog posts, we’ve drilled down and looked at various aspects of RevRec compliance including the importance of Optimization and Integration, options for deploying SAP RAR in the Cloud, and leveraging Analytics for Disclosure Reporting.

As we move into 2021, companies are finalizing their plans, budgets and operational improvement processes for the coming year. One of the key challenges that many organizations face is how best to optimize and integrate their ASC 842 / IFRS 16 compliance within their overall business systems.

The implementation of new Revenue Recognition standards, ASC 606 and IFRS 15, has been a major compliance undertaking for nearly all companies throughout the globe over the past six years.

Companies in the SAP ecosystem need to carefully consider their options and start planning now for the inevitable migration to S/4HANA. While the discontinuance of ECC support has been rescheduled to 2027, it is critical that you not wait too long to evaluate what the best path will be for your company.

It is also important to remember that this will be much more than just a software upgrade. S/4HANA represents a unique opportunity for undertaking truly transformational changes and improvements across the entire enterprise.