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Finance Transformation Emerging Trend: Modernization of Finance Tech
InFinancial services
As the software landscape changes dramatically, investments in finance technology and architecture will close knowledge gaps, create agility, establish transparency and maximize ROI for the finance function.
Cloud strategy and technologies play a key role in optimizing finance technology architecture. The EY cloud strategy provides clients with leading class tools and methodologies to help maximize asset utilization and ROI.
In the rapidly advancing market, modern ERP systems are essential to provide organizations long-term structure and value. As organizations begin to migrate their current ERP platforms to the cloud, they are reimagining how their teams utilize the ledger for core financial, regulatory, and management reporting and analysis. As part of the transformation journey to the cloud, organizations are modernizing their ERP capabilities and enabling future-focused enhancements, such as drillable financials, process automation and next-gen analytics.
Organizations need to be able to maximize their investments in data and analytics by making it easier to produce, consume, search, access and govern data, with agility in supporting high-quality and responsible decision-making, while reducing the cost of overall data management.
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EY Snowflake Alliance
Subledger
Financial product subledgers extend the Accounting Book of Record (ABOR) environment to provide greater transparency and trust in financial reporting. These proven design patterns clean up cluttered finance data pipelines, leading to improved flexibility and efficiency.
The Digital Finance solution aims to utilize low-code productivity and automation tools to enable business users to streamline manual processes, enhance controls, and deliver various automations to reporting and analytical solutions. By empowering business users with the right tools, we reduce manual, time-consuming processes and mitigate risks related to human error. This specific set of digital finance tools allow users to create their own solutions for their everyday business needs.
The EY Snowflake Alliance provides a transformation avenue for our clients to reinvent their finance operations through data sharing, virtualization, separation of storage and compute, ability to scale multiple workloads across the front- and back-office operations, fine grained access control and secure private network for data access and commercialization. Snowflake delivers business value much easier and faster compared to other cloud platforms for finance data solutions.
DPP raises the ambition and transforms business finance from reporting and analysis to delivering insights and impacts, identifying opportunities to improve the P&L and embedding tools for enhanced future performance.
Deliver transformative data and technology programs with the purpose of transforming the regulatory and finance data supply chain (from source to report) and technology architecture to facilitate report automation and organizational growth.
Regulatory reporting optimization remains a high priority for bank CFOs. Most banks continue to enhance their operating model and modernize finance systems. By combining techniques and technologies to re-engineer and then incrementally automate processes, significant regulatory reporting efficiency can be gained and controls improved.
EY OpsChain industrializes blockchain technology for enterprise use by allowing representation of operations as digital tokens and smart contracts on the blockchain.
EY OpsChain Contract Manager:
Engage in a procurement workflow by issuing request for quotes, contracts, purchase orders and invoices across a network of trusted business partners.
Technology defines and underpins the workings of the new digital tax function, making it possible to answer the mandates of the global digital economy. Managing tax big data enables efficient compliance and provides insights that facilitate strategic business decisions.
For today’s tax function to be fit to operate in the future, it has to be connected. EY Connected Tax offers both a blueprint and a business platform for building a future-proof tax function that can help you respond to demands.
Procurement transformation protects the value of the supply chain; functions are enhanced to provide maximum value to organizations through efficiency, transparency and a controlled process.
EY OpsChain industrializes blockchain technology for enterprise use by allowing representation of operations as digital tokens and smart contracts on the blockchain.
EY OpsChain Contract Manager:
Engage in a procurement workflow by issuing request for quotes, contracts, purchase orders and invoices across a network of trusted business partners.
EY Ops Contract Manager, delivered through a software-as-a-service (SaaS) model, helps organizations run end-to-end procurement activities using tokens and smart contracts on a public blockchain network.