The value of using pre-built integrations for non-SAP data sources was the focus of a previous post on Third Party Integration for SAP Central Finance. Here is a follow-up, providing an overview of the main components of the Magnitude SourceConnect for SAP solution set, which provides solutions to both physical and logical data integration into SAP Central Finance: Read more
The allure of SAP Central Finance for Finance organizations to completely reimagine business processes for the digital age is compelling. SAP rightly claims some significant benefits from Central Finance and the impact of pulling together all financial information as a single source of truth is strategic and powerful.
In moving forward with your Central Finance implementation, you will quickly discover that SAP does not provide source system connectors for non-SAP data so the question of how to integrate ‘external’ source data quickly becomes a hot topic. Any company considering Central Finance has certainly done many system integration projects before, and at first glance it may seem natural to tackle this project as a typical in-house (or system integrator-led) custom development effort, but with a little consideration, you will see that is it not so simple, and that in fact, custom development is fraught with risk. Read more
The data-driven business world demands near-real-time insights and action. In an earlier post, I discussed how the role of the CFO is expanding to encompass “data arbiter.” Today, some CFOs are not only responsible for managing and forecasting based on financial data, but on operational data as well. These CFOs are critical support, a veritable lighthouse of data and strategic insights for CEOs, COOs, CROs and Boards of Directors. Read more
A CRO’s Perspective
The Office of the CFO is undergoing transformation, with data as the catalyst. A recent survey by Intacct indicates CFOs now spend less than 30% of their time closing the books. They’re spending more time getting their arms around company data … beyond financials. This includes CRM, ERP, R&D and other critical data, which are essential to managing corporate performance. Read more
As a CTO, I find it it fascinating to watch the explosive growth of the API economy. APIs have become the fuel that’s enabling companies to create and launch new business models at unprecedented speeds. According to programmableweb.com, there are more than 16,000 APIs. HBR cites that Salesforce.com generates 50% of its revenue through APIs, Expedia.com generates 90%, and eBay, 60%. Read more
Operational reporting for Oracle EBS doesn’t have to be all-consuming. In fact, it can be rather straightforward – even to retrieve real-time data in Excel, still one of the most popular tools for those looking to visualize key operational data and metrics. The Excel4Apps/Magnitude partnership is all about making that happen effectively, efficiently and in a self-serve manner. With that in mind, and on behalf of the entire Magnitude team, I thank Excel4Apps for recognizing us again this year as a top partner. Receiving a Top Partner Award for a second straight year attests to how well-received our combined product offering is in the marketplace Read more
At this year’s Gartner Data and Analytics Summit, one of the big takeaways is that the world of data and analytics will have an even bigger impact on our society over the next 20 years than the Internet has had in the last 20. According to Gartner analysts, analytics is shifting from being ‘in the business’ to being ‘the business’ itself. They envision a future of analytics abundance in which data insights are applied to every process and decision across every field.
The 2017 CFO IT study is out and it shines a bright future for data analytics. CFOs are setting the data agenda and the survey reveals more than 70 percent of CFOs and finance executives plan to devote substantial time to data analytics in the next two years.
While it’s great news that CFOs are focused on investing in their data analytics capability, what we are witnessing is that companies are now drowning in data. The data fragmentation issue is only getting bigger and it’s creating more complications for businesses to manage. Read more
Recently, Upside (upside.tdwi.org) asked me to share my thoughts on being a CTO, over-hyped trends, and the use of analytics. Regarding the latter: the real opportunity for data analytics and data science is in moving from real-time decision making to future-state modeling by way of advances in AI and machine learning. Read more
A common maxim in the business world goes: If a problem is found in the design phase, it may cost $1 to fix, but if it is found once the product is released and in the hands of customers, it may cost $100 – or much, much more – to fix.