Financial closing is one of the most labor and time intensive tasks for the Finance department. Around month-end close, you’ll see Finance bracing themselves for the long days to come spent on ensuring financial statements are accurate, reconciling discrepancies, and creating reports. And when errors happen or the process is delayed, it comes at a heavy cost to the business.
With the amount of data flowing in and out of various applications, databases, and systems, organizations today require a single, unified system to provide reliable and accessible data for individuals at all levels of the organization. And with the changes that are being brought about with IoT and big data, the importance of fast, reliable, and secure data processing is more important than ever.
In response to this, IT organizations are increasingly relying on software that provides data management for improved decision-making. One of the most commonly used systems today for integrating business processes and data is SAP NetWeaver. NetWeaver is an application builder for integrating processes and databases from multiple sources.