Harnessing the Power of SAP Central Finance with Magnitude

Harnessing the Power of SAP Central Finance with Magnitude

SAP Central Finance offers new possibilities to unlock competitive differentiation and business optimization for finance organizations. SAP experts Craig Spielman and Bob Jenkins explain how finance teams can become a strategic partner to the business by leveraging the Universal Journal and SAP Central Finance to provide insights that improve the decision-making process.

This article highlights that Magnitude is the primary SAP partner specializing in connecting non-SAP ERP systems into SAP Central Finance via Magnitude SourceConnect.

SAP Central Finance

Read the full article on SAPinsider’s platform or access the content directly here for more insights on the data management services available in SAP Central Finance and deployment considerations to keep in mind, including:

  • How SAP S/4HANA innovations allow for continuous financial operations, analysis, and reporting
  • The value SAP Central Finance can provide on a global level and across SAP and non-SAP systems
  • Components of SAP Central Finance’s architecture

For more insight on how to integrate non-SAP ERP data into your Central Finance implementation while delivering the full value of your Central Finance solution, visit our resource library.

Centralizing Reporting on a Distributed Oracle ERP Landscape Based on SAP’s Central Finance Solution

Creating a centralized view across multiple ERP systems with SAP Central Finance & Magnitude

For companies dealing with multiple ERP systems, the centralization of financial data offers a way to reduce complexity and improve efficiency. But creating this “centralized view” across distributed ERP systems (Oracle, SAP, etc.) can be major challenge. Even if there’s only one ERP vendor involved, in some cases separate business divisions could be using different versions, making unified transparency a challenge.

Enter Magnitude SourceConnect: a suite of pre-built solutions to accelerate and manage key data integration aspects for non-SAP systems. SAP Central Finance customers turn to Magnitude to streamline and integrate third party data sources into SAP Central Finance. The Magnitude solution is available globally through SAP as a Solution Extension, under the name SAP Central Finance Transaction Replication by Magnitude for SAP S/4HANA).

To show the power and utility of financial data centralization, it’s worth examining the experiences of a company that has actually gone through the process. This field report will cover a specific customer example in the international food & agricultural industry and examine the steps toward understanding and reshaping ERP landscapes into more flexible forms by creating a centralized view across multiple ERP systems.

Read the report: Centralizing Reporting on a Distributed Oracle ERP Landscape Based on SAP’s Central Finance Solution to dive deeper into: 

  • Why you should consider financial data centralization?
  • What can be done with a centralized view?
  • What does centralization actually look like in reality?
    • Discuss the challenges and opportunities in the centralization process
    • Review how centralization works and the value of a consolidated view
    • Explore a specific customer example of a consolidated view utilizing SAP Central Finance

SAP Central Finance with the addition of Magnitude SourceConnect offers the opportunity for a streamlined central view of all financial systems, no matter how complex and heterogeneous the current ERP landscape. This unified financial view provides immediate benefits and allows companies greater freedom as they decide whether to continue with their existing systems or migrate away from them.

Let us talk you through how to integrate non-SAP ERP data into your Central Finance implementation while delivering the full value of your Central Finance solution.

Contact Magnitude SourceConnect

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Fast Track and Simplify Data Integration with Third-Party ERP Systems for SAP Central Finance

Eliminating complex data integrations remains the biggest customer hurdle for Central Finance deployments and we’re proudly solving this for SAP customers. As part of our co-innovation with SAP, we’re thrilled to release our new and enhanced Magnitude SourceConnect 3.0.

We’ve added new capabilities to further strengthen the integration of disparate ERPs to empower businesses to achieve full finance transformation.

Built to accelerate the connection between SAP S/4HANA for central finance foundation and distributed third-party systems, the pre-built solution replicates transactions and fast-tracks data integration. Specifically, we’re helping fast-track integration, potentially reducing implementations from 6-12 months down to 15-20 days by eliminating the need for custom development.

I invite you to read our press release to learn more about our new features that’s enabling SAP-run businesses to improve efficiencies and achieve more agile faster finance operations.

SapphireNow-Magnitude

Strengthen your Intuition through Automation, Interoperability and Insights for the SAP-run Businesses

It’s the season: SAP is ringing the opening bells for its annual SAPPHIRE NOW conference. For the first time in history it’s not the annual pilgrimage of +20,000 Customers, Partners and SAP employees descending on Orlando, but instead a virtual event. I am ashamed to say I’m a bit of a “Sapphire groupie” as I think I’ve attended 32 of them over 24 years since 1996 (there was a time when Sapphires were held in multiple locations around the globe). This year is different and I will miss the rush and excitement of the announcements, the reconnecting with customer and partner friends and of course finally relaxing at the concert with my team when everything is finally done. My personal favorite memory is still Stevie Wonder (I think it was ’96?). While for obvious reasons this year is very different, it’s no less exciting when it comes to showcasing the innovation engine of SAP and its partner ecosystem. Some early thoughts below following the opening keynote.

Strengthen your Intuition through Automation, Interoperability and Insights for the SAP-run Businesses

As SAPPHIRE 2020 kicked off, SAP CEO Christian Klein elaborated on how companies will continues to ‘survive and thrive’ in the new economic realities. SAP’s evolved “Intelligent Enterprise” strategy centers around empowering businesses to become more intuitive through new business models, automation and real-time insights. By leveraging these innovations SAP enables companies to become more resilient, profitable, and sustainable.

To me the key message is “intuition,” which is the right idea. For we humans it means the process that gives us the ability to know something directly without time-consuming analytic reasoning and a bridging of the gap between the conscious and nonconscious parts of our minds. It also describes a balance between instinct and reason. For complex organizations these capabilities have been sought after for years (think of all the machine learning, data lakes and IoT initiatives), all with the aim to increase speed (to make the right decision), agility (in responding to disruptions), and flexibility (in case the chosen actions need to be altered).

For the Intelligent Enterprise to work organizations need intuition: relevant insights based on accurate, comprehensible, and real-time data, allowing them to respond quickly to changing conditions. Underpinning this is the imperative to become a “data-driven enterprise,” which I’ve defined as “an iterative approach to automate and optimize business processes as conditions evolve.” – See my recent article with thoughts on how to get there.

At Magnitude, we believe that the ability to tap into real-time insights is determined by an organization’s technology, core systems, and processes. This begins with having a solid data management foundation, yet this remains one of the biggest enterprise challenges. Consider the current IT landscape realities: many different databases, often multiple systems of record, and multiple ERP solutions that facilitate the processes that enable businesses to run and operate. Furthermore, each technology solution has its own proprietary and complex data model; data is stored and often protected in silos, and the skills and expertise to make sense of the data within these systems are often held by just a few.

As a strategic partner, we’re co-innovating with SAP and helping customers drive more value from their ERP data through automation, interoperability and insights by:

  • Increasing predictability and speed by removing labor intensive and non-differentiated data functions;
  • Unifying data connectivity across all data sources and applications;
  • Enabling real-time SAP data integration from heterogenous mission critical ERP environments;
  • Operating smarter by enabling process owners with deep, context-aware and actionable insights.

Over the past 12 months we have introduced many innovations to simplify the journey towards the “data driven enterprise”. Process Runner now enables entire enterprises to automate and govern extraction and loading from the convenience of Microsoft Excel, including support for Microsoft 365 (formerly Office 365). Our Excel-based GLSU solution automates everyday business processes by empowering SAP financial users to build spreadsheet templates and post data directly into SAP.  SourceConnect automatically integrates SAP Central Finance with now more than 20 (and counting) third-party ERP solutions. And Every Angle, our unique “Insights to Action” operational analytics platform now runs natively on HANA, providing deep and actionable insights in the state of the organization across Finance, Supply Chain, HR and Manufacturing.

SAP continues to lead the pack as the largest global ERP and business applications provider and we’re broadening and deepening our commitment to SAP customers with data management and productivity solutions for SAP-run businesses. To dig deeper on our SAP solutions, check out our SAP resource library.

I wish you a great SapphireNow Reimagined. There are a lot of great topics on the calendar, including the Sting concert at the end of it. Looking forward to “seeing” you there,

Bas

P.S. Please reach out to me on LinkedIn or Twitter if I can answer any questions for you or simply share your favorite Sapphire concert.

achieving-high-value-sap-central-finance-deployment

How to Integrate Third-Party Data in your SAP Central Finance Deployment

Getting a simple and complete view of corporate financial information is a top priority for Finance departments. Enter SAP S/4HANA Central Finance, which brings tremendous potential for high value when it comes to financial and management reporting. An SAP Central Finance deployment aggregates financial information from any source to provide centralized visibility and operational control.

However, in order to achieve maximum value from Central Finance, your organization must connect all relevant data sources. Fact: Non-SAP ERPs exist in about 85% of all Central Finance opportunities and pose significant data integration challenges that must be solved.

Which begs the question: Do you really want to be in the software development business?

Data integration requirements for implementing SAP Central Finance are many and diverse.

Magnitude has developed a suite of pre-built solutions to accelerate and manage key data integration aspects for your non-SAP systems with SAP Central Finance Transaction Replication by Magnitude for SAP S/4HANA.

Take a quick look into how Magnitude can connect SAP S/4HANA Central Finance with any third-party data source.

InnovationX

The Power of Productivity with SAP S/4HANA

SAP Central Finance Transaction Replication by Magnitude for SAP S/4HANA is featured in SAP’s InnovationX digital hub – an on-demand platform designed to be viewed at your own pace featuring webinars, podcasts, interviews, and live Q&A sessions.

If you’re looking to enable intelligent data integration within SAP Central Finance, watch this 20 minute pre-recorded session for helpful insights on how to achieve cost-effective finance implementations by eliminating complex data integrations.

How to Address 3rd Party Data Requirements in your SAP Central Finance Deployment

Key highlights:

  • Why traditional source integration approaches are complicated and risky
  • Options for integrating sources into SAP Central Finance
  • Recommendations for a high-value SAP Central Finance deployment
  • Why Magnitude for SAP Central Finance data integration
  • Demonstration of key features in 4 modules – Transaction Replication, Drilldown, SyncBack and Reconciliation Reporting

Designed to drive higher business value from Central Finance, we’re empowering customers to achieve faster time to value, minimize initial and ongoing costs, and decrease Central Finance project and compliance risk vs. a custom build approach.

Contact our data integration experts today – we would be happy to talk you through how to integrate non-SAP ERP data into your Central Finance implementation while delivering the full value of your Central Finance solution.

Additional SAP Central Finance resources are available for download in the Magnitude resource library.

How to Enable Intelligent Data Integration for SAP Central Finance

How to Enable Intelligent Data Integration for SAP Central Finance

Does your company need to capture financial data from multiple ERP systems for centralized reporting and processing?

SAP Central Finance Transaction Replication: Enabling Intelligent Data Integration

Watch this video to enable intelligent data integration using the
SAP Central Finance Transaction Replication application by Magnitude for SAP S/4HANA.

Magnitude SourceConnect (including the transaction, drill-down, and sync-back solutions) is now available globally through SAP as a Solution Extension, under the name SAP Central Finance Transaction Replication by Magnitude for SAP S/4HANA.

The application replicates transactions from SAP ERP and other ERP systems in SAP S/4 HANA for Central Finance foundation. It simplifies and accelerates transaction integration, unites data for processing and finance, accounting, treasury, compliance, and risk.

We’ll demonstrate a use case for achieving cost-effective finance implementations by eliminating complex data integrations.

Key highlights:

  • Capture and replicate every transaction posted to a source ERP system at a detailed level in near real time
  • Empower finance teams to drill down into data from non-SAP ERP systems, such as for period close analysis or to see shipping logistics
  • Enable shared services teams to centralize cash operations such as customer and vendor payments
  • Provide non-SAP ERP systems with a reliable way to clear open items closed in Central Finance.

Ready to learn how you can enable ERP systems to communicate quickly and effectively with SAP Central Finance, improve efficiencies, and achieve more agile faster finance operations?

Contact our data integration experts today – we would be happy to talk you through how to integrate non-SAP ERP data into your Central Finance implementation while delivering the full value of your Central Finance solution.

Check out additional SAP Central Finance resources in the Magnitude resource library.

SAPInsider 2020

Your Guide to Central Finance at SAPinsider 2020

Heading to SAPinsider 2020 in Las Vegas March 17-19? If SAP S4/HANA Central Finance is on your horizon, you won’t want to miss these sessions featuring: Central Finance solution experts, live Central Finance customers, and the 3rd party data integration experts from Magnitude SourceConnect.
Tradeshow Postcard SourceConnect NCF2Did you know over 90% of companies have non-SAP data sources? If you’re considering the move to SAP S4/HANA Central Finance, you need an effective and efficient way to integrate third-party data sources into SAP S/4HANA. That means bringing in all central finance-relevant data to allow for a powerful, centralized operation to gain the necessary insights and drive efficiencies.

Enter Magnitude SourceConnect. Our pre-built solution paired with SAP S/4HANA for the central finance foundation empowers businesses to achieve full finance transformations faster than ever before.

Magnitude SourceConnect (including the transaction, drill-down, and sync-back solutions) is now available globally through SAP as a Solution Extension, under the name SAP Central Finance Transaction Replication by Magnitude for SAP S/4HANA.

Attend these featured SAP S/4HANA2020 and Financials sessions to hear the customer and expert insights.

Tuesday, March 17 

11:30am – 12:30pm
Central Finance – Customer Adoption Stories: Lessons Learned and Experiences from Our Key Customers

  • Speaker:
    • Carsten Hilker, SAP 

1:10pm – 1:30pm
Impact 20: How to Integrate Third-Party Data into SAP S/4HANA for Central Finance

  • Speakers:
    • Carsten Hilker, SAP
    • John Hume, Magnitude SourceConnect
    • Doug Corpuel, Magnitude SourceConnect

2:30pm-2:50pm
Impact 20: Master Data & Harmonization: Achieving Success with your SAP Central Finance Deployment

  • Speakers:
  • John Hume, Magnitude SourceConnect
  • Doug Corpuel, Magnitude SourceConnect

3:50pm-4:40pm
Customer Spotlight: How Cargill successfully integrated 3rd party data into SAP Central Finance

  • Speakers:
    • Ross Martin, Cargill
    • Laurinda Mejia, Cargill
    • Patrick Nagel, Cargill
    • Jim Louys, Magnitude SourceConnect

Wednesday March 18 

1:20pm-2:10pm
How to address 3rd party data requirements in your Central Finance deployment

  • Speakers:
    • Carsten Hilker, SAP
    • John Hume, Magnitude SourceConnect
    • Doug Corpuel, Magnitude SourceConnect

4:00pm-4:40pm
Create a Single Source of Truth with the Universal Journal 

Thursday March 19 

9:00am- 9:50am
A Primer on the Central Finance Deployment Option: Discover Key Intelligent Enterprise Capabilities

  • Speaker:
    • Carsten Hilker, SAP

11:40am- 12:30pm
Tips for Efficient Finance Processes in SAP S/4HANA with Process Centralization

  • Speaker:
    • Carsten Hilker, SAP

Visit Magnitude SourceConnect at booth #524 and our experts will demonstrate how to integrate non-SAP ERP data into your Central Finance implementation while delivering the full value of your Central Finance solution.

Take your SAP Central Finance to the Next Level with Magnitude

Ready to take your SAP S4/Hana Central Finance projects to the next level? Magnitude SourceConnect and Z Option are both proud sponsors of the TA Cook SAP Central Finance events:

International SAP Conference on Central Finance in Berlin [September 18-19, 2019]

North American SAP Conference on Central Finance in Chicago [October 15-16 2019]

Curated for finance professionals for both new and existing SAP customers, hear how you can transform your finance data ahead of the pack and drive business success. You’ll hear from live the SAP Central Finance solutions owners, live Central Finance customers and live Magnitude customers about how to make the most out of your investment.

Our Magnitude SourceConnect team will demonstrate our suite of applications, co-innovated with SAP, for seamless integration of 3rd party data into Central Finance by streamlining key aspects of the data integration process.

Irrespective of the number and mix of source systems you are considering incorporating into SAP Central Finance, our data integration experts can talk you through you how to reduce time to benefit as well as reduce initial and ongoing development and maintenance costs.

Incorporating an off-the-shelf solution that’s built on architecture validated and supported by SAP assures that you will achieve the fastest, lowest cost, and lowest risk implementations of SAP S/4HANA Central Finance.

Registration is open for both the Berlin event and Chicago event!

Interested in learning how to integrate non-SAP ERP data into your SAP S/4HANA Central Finance implementation? Magnitude SourceConnect can help! Request a demo

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Benchmark Report Findings: State of SAP S/4HANA Finance Market

Those considering making the move to SAP S/4HANA Central Finance are drawn by the appeal of having a powerful, central system to aggregate all financial information for improving financial reporting and visibility across a diverse ERP landscape.

But to truly reap the benefits of your SAP Central Finance migration, you need an effective and efficient way to interface data from multiple source systems. This is where SourceConnect is needed. Magnitude SourceConnect is co-innovated with SAP to connect SAP S/4HANA Central Finance with any 3rd party data source.

Magnitude-sap-insiderWe’ve partnered with SAPinsider on this benchmark report that offers insights into how and why companies are making the move to SAP S/4HANA Finance, key customer outcomes and actions needed to drive greater value from your Central Finance project.

Download the Report

Key topics:

  • Learn how early adopters have structured their business case to align with key finance accounting pain points and overall business strategy
  • Discover the key deployment decisions they grappled with such as whether to choose the Central Finance deployment option and how to evaluate greenfield or brownfield deployment
  • Understand what pushed the early adopters to take the plunge and what’s holding back companies who have plans to move forward
  • Find out how SAP S/4HANA Finance can simplify and streamline core finance and accounting processes and support planning and reporting functionality
  • Understand how SAP S/4HANA Finance can simplify and streamline core finance and accounting processes and support planning and reporting functionality
  • Learn why organizations need to expand their perspective when thinking about how SAP S/4HANA can drive value to their business, and what issues finance teams need to consider when planning for the project

If you are considering the move to SAP S4/HANA Central Finance, Magnitude can help! Let our data integration experts talk you through how to integrate non-SAP ERP data into your Central Finance implementation, while delivering the full value of your Central Finance solution. Click here to request information about Magnitude SourceConnect for SAP Central Finance!

SAP Central Finance Exchange: Customer Insights 2019

In June 2019, Magnitude SourceConnect, TruQua, and SAP collaborated to host the annual Central Finance Exchange. This year’s event in New York City included 40 finance and IT professionals across 11 companies all using SAP S4/HANA Central Finance. Attendees were given the opportunity to share their experiences relating to their SAP Central Finance deployments in addition to their upcoming plans for future innovation. Read more