Integrated Financial Systems

State of the Art ERP systems as a starting point for the digital transformation in finance departments

Many companies are experiencing rapid changes in their business models as a result of increasing levels of internal and external digitization. Companies of any size face the challenge of having to adapt their systems and processes to a dynamic environment. In addition, the announcement of some ERP (core financial systems) providers to discontinue the maintenance of their legacy systems (e.g. SAP R/3, Microsoft Dynamics NAV) in the medium-term imply that many companies will inevitably have to think about transforming their IT infrastructure and core financial systems.

Core financial systems (ERP) are the technological foundation of the digital transformation

The new generation of ERP systems brings the general framework for a successful digital transformation of finance departments. New core financial systems (ERP) are often based on cloud operating models and come with essential technological innovations such as Big Data and IoT and help to create the required technological foundation. Those features and capabilities help to fulfill new requirements like the design and operation of end-to-end business processes, data structures, data availability and analysis, as well a cutting-edge interface design and user experience.

Cuttinge-edge finance is at the heart of the entire business process landscape

State-of-the-art ERP systems ideally map the business processes in their entirety. Due to the level of cross-organizational integration of ERP systems, the finance function is of particular importance. Finance and core financial systems (ERP) build the center in increasingly complex value chains and link all corporate functions. Hence, finance and the deployed systems’ capabilities and level of cross-organizational integration have significant impact on corporate management and decision-making, the flexibility of the business model and the efficiency and compliance of operational processes. Finance departments and the implemented systems are the "link to the outside world". They integrate stakeholders in increasingly complex value networks, internally as well as externally beyond company boundaries, and facilitate stakeholder communication and stakeholder management.

This requires a holistic orientation of the finance function along the entire value chain and is an essential aspect of the implementation or migration to a new ERP system.

WTS Advisory supports you comprehensively in your transformation project and assists you from the very beginning with the development of a finance roadmap, inducing the ERP strategy, ERP software selection, definition of the ERP operating model (on premise, cloud, hybrid) and system implementation up to the ongoing support and optimization of your finance and business processes.

With our broad professional and technical knowledge of our certified ERP consultants and our deep understanding of processes in finance and accounting, we are the ideal partner for your digitization project and finance transformation.

This is confirmed not only by our well-known partners in the technical ERP development, but also by our customers (see e.g. SAP Recognized Expertise).

If you are interested and have any questions, please do not hesitate to contact us.

Our Software Partner

 Moritz Pawelke Partner