The key to the efficient data and document management
Data security, GDPR, real-time data access, rapidly growing volumes of data: the latest edition of the Future of Finance survey showed that, as digitalisation advances, companies’ need for good data and document management is becoming more and more crucial, and increasingly complex and sophisticated.
Digitalisation is rapidly increasing the volume of data and documents generated and stored by businesses in ERP systems. To maintain their performance and reduce their operating costs, it is no longer enough for organisations to actively manage the volume of information: a conscious and systematic approach is required, with regular archiving and cleaning of application data and ensuring that related documents are properly stored.
The increasing and more comprehensive digitalisation of data and document management is making it more complex and complicated, creating a headache even for companies and organisations that are at an advanced stage of digital technology adoption,
said Balázs Holenda,
Head of SAP services of Deloitte Hungary
This was confirmed by the latest edition of the Future of Finance survey, a regular survey by Serrala, a company that develops data and document management solutions for the financial sector. Its respondents, who mostly manage finance and treasury functions, admitted to struggling most with complex and slow manual workflows, but many also said they were concerned about the lack of centralised information.
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Balázs Holenda says the solution lies in good data and document management, which increases operational savings and efficiency while reducing risk. By storing data and documents efficiently, it is possible to control the volume that accumulates in operational systems. Such solutions support information storage in compliance with data protection regulations, including GDPR, and enable orderly data deletion.
A suitable system will provide lower costs, flexible, cost-effective data and document storage, improved system performance and reduced data footprint, solving volume and growth issues,
the expert concludes. Easy data extraction can provide auditors with the formats they need and can be used to phase out outdated systems while retaining auditing and relevant information.
The ideal companion to help companies do this is S/4HANA, SAP's revolutionary new real-time enterprise resource planning (ERP) system, which is available as a cloud-based and on-premise application, offering a personalised, high-level user experience. Built on the SAP HANA platform, the solution promises to transform enterprise systems completely, providing an electronic foundation that gives businesses the speed, simplicity and integration to meet the demands of the digital economy.
Thanks to Deloitte's partnership, Hungarian companies using SAP can address many of the problems identified in the survey with Serrala's advanced technology, intelligent automation and personalised advice
Balázs Holenda adds, highlighting that Serrala data and document management solutions can be easily migrated to new platforms such as SAP S/4HANA, which can be used to migrate almost any legacy database to ensure that business users can easily access historical information.
And speaking of data needs, respondents to Serrala Future of Finance survey said real-time data is what they need most for the future. Christian Breiholz, VP Accounts Payable and Data & Document Management at Serrala:
This indicates that organisations are no longer looking to use technology simply to reduce processing costs or eliminate manual tasks: they want to improve their competitiveness by creating more value.