Finance leaders of today face unprecedented challenges and opportunities with the advent of cutting-edge technologies like Artificial Intelligence (AI) and Blockchain, finance business processes are being revolutionized, and with the rise of triple-ledger accounting, this could render traditional “reconciliation” obsolete.
With all the hype around AI and the fact that unlike other technologies this is actually having a significant impact on ways of work, this article is a “what-if” hypothesis on what could the future look like if #AI combined with blockchain-powered SAP S4 HANA Finance solutions.
Real-Time Financial Reporting: ⌛️
AI-powered such as Predictive Analytics integrator (PAi) in S/4HANA can process vast amounts of financial data swiftly, providing decision-makers with up-to-the-minute reports and forecasting. By anchoring this data on a secure Blockchain, financial information can be shared seamlessly across departments and organizations, promoting collaborative decision-making while safeguarding sensitive data. Month-end closures could take less than a day, books close at 3.55 PM, and Financial Statements and reports are available at 4.01 PM after trading hours.
Fraud Detection and Prevention: 🛡
Embedded ML and Side by Side ML embedded in S/4HANA can learn from historical transactional patterns and identify suspicious activities in real time. By integrating Blockchain's decentralized and tamper-resistant ledger, potential fraud attempts can be immediately flagged, reducing the risk of financial losses and reputational damage.
Streamlining Audit Processes / GRC on Blockchain 🗳
Embedding Blockchain with real-time AI-driven SAP governance, risk, and compliance solutions, could mean that #s4hana can continuously monitor financial transactions, ensuring compliance with regulatory standards. By leveraging Blockchain, auditors gain access to an unalterable record of financial transactions, streamlining the audit process and facilitating a smoother, more transparent experience.
Supplier Payment and Management: 🚛
S/4 HANA integrated with #AI can optimize payment schedules, ensuring timely and accurate transactions, and by deploying Blockchain businesses can establish a decentralized system for verifying and onboarding suppliers (PoC in progress at zynergyx Technologies), reducing paperwork and enhancing trust among all stakeholders.
These are just some of the key areas, in which I feel that S4 HANA Finance could benefit from the synergies of AI and Blockchain technologies.
To learn more about how #Blockchain & #AI could power SAP Enterprise solutions of the future, check out the dedicated “bc_sap” discord channel on zynergyx.com
https://lnkd.in/dJVTHeqU
