With rapid technology advancing all kinds of processes, finance professionals now are able to benefit from the latest and greatest tools with their strategic decision making. However, many organizations still maintain a more traditional mindset and thus rely on older processes leading them to increased cost and decreased efficiency.

Sometimes this is due to organizations thinking their process is too complex to automate and should rely on traditional approaches, other times it’s because they believe the effort of going through a process analysis and digital transformation feels too daunting. However, most of the time it is due to their dearly loved excel workbooks that have been a critical asset to them for years.

Nonetheless, by leveraging different cloud-based data platforms such as Siemens Data Cloud (SDC) and Snowflake as well as utilizing visualization tools and machine learning, the sky is truly the limit for financial operations. These digital technologies can enable teams to focus on strategic value creation and drive meaningful business outcomes.

The Pain Points: Do These Challenges Sound Familiar?

Many organizations face challenges with manual, labor-intensive financial processes that cause delays in reporting, increase compliance risks, and create inefficiencies. Issues such as data inconsistencies, reconciliation errors, and fragmented financial systems lead to bottlenecks that hinder effective decision-making. The absence of real-time visibility and reporting often results in missed opportunities for optimization. Furthermore, the complexities of regulatory requirements add additional layers of risk, necessitating more agile and automated compliance solutions.

Financial processes often involve manual, time-consuming tasks that create bottlenecks and errors. Common challenges include:

• Manual Processes: Labor-intensive tasks that slow down reporting.

• Data Inconsistencies: Errors in reconciliation and reporting.

• Decentralized Systems: Lack of visibility and real-time insights.

• Regulatory Complexities: Increased risk and compliance challenges.

The Search for Solutions

Organizations are increasingly seeking solutions to streamline operations and enhance compliance, the answer? Global Business Services (GBS)- our Process Optimization & Digitization services leverage cutting-edge automation, AI, and advanced analytics to address these pain points, offering a comprehensive approach to financial process transformation.



The Partnership

As a trusted partner, we provide a one-stop solution for financial process optimization. Our Innovation Network offers access to a vast pool of expertise, enabling tailored solutions for unique business challenges. We focus on identifying and resolving complex financial process issues, delivering measurable improvements through value creation metrics.

What does this mean? Doing business with one part of GBS essentially means doing business with all GBS as you get access to our vast resources across the globe.

How does this work?

Our implementation process is designed to ensure seamless integration and maximum impact:

• End-to-End Analysis: Comprehensive process consulting to identify inefficiencies.

• Automation Integration: Deployment of low-code solutions, snowflake and AI tools.

• Real-Time Dashboards: Introduction of interactive reporting tools for actionable insights.



How do you benefit?

Customers benefit from an integrated suite of GBS platforms and solutions, including:



Post & Close:

• Smart close for Journal Entries: Using AI, this works similar to an automated closing assistant that handles all of your financial closing tasks in SAP smoothly and efficiently.

• Artificial Intelligence (AI) for Journal Entries: In collaboration with our provider, we are currently developing an exciting new AI tool that makes creating journal entries much simpler and faster. Entry preparers are able to simplify their process by inputting information in which our tool will populate the required templates for journal entry postings.

Report & reconcile:

• Fuzzy Matching – Doing all of the heavy lifting for you, our automated platform using Bionic Agent validates and clears open account lines, reducing errors and manual effort in the reconciliation process.

• OPW Productivity Business Dashboard – Letting you know how well you’re doing and where you’re headed, this dashboard offers comprehensive KPIs for tracking and forecasting business performance, while enabling accurate savings targets and transparent productivity measures.

Analyze & Review:

• Reviewing financial statements & Customer-Centric Dashboards – Real-time reporting solutions for finance and support functions, provides you with actionable insights and enhanced decision-making. No more guesswork!

<>Prevent and Predict:

• Tax-Sights – Keeping an eye on your Sales and Use Tax overpayments, this platform ecosystem offers proactive alerts and data-driven insights helping you to save money by paying exactly what you owe. No more, no less.

• Construction Wiz – Helping you to determine exactly what taxes apply to your specific construction activities, this decision tree solution helps you navigate through difficult Sales and Use tax choices.

• GL-Adapt – Helping you to see potential issues before they can even occur, this AI-powered tool helps you to detect anomalies and predict future financial forecast positions to optimize financial accuracy and cash flow forecasting. .

Tax data collection:

• Property Tax Inventory Tool – Streamlining how you collect and track your inventory information, this cloud-based solution allows for efficient property inventory data collection and accurate tax reporting.

Tax Payments/ Refunds:

• Refund Engine and Workflow: Track your end-to-end process better when filling or applying credits to tax returns with our intelligent system while maintaining accountability and transparency.

Master data:

• Master Data White Glove Service – With help just a message away, this streamlined request submission process offers faster and more efficient master data management, fast and worry-free.

Don’t be stuck in a “if it ain’t broke, don’t fix it” mindset. Let GBS transform your financial reporting from time-consuming tasks to a more streamlined digital process that works best for you and your team.

Let us handle the complex financial operations so you can focus on what you do best, growing your business and making strategic decisions that matter!

Transform your workflow from hours to minutes. Contact Julianne Behlau julianne.drake@siemens.com

See what else Record-to-Report has to offer, visit our Access GBS page.