Be Compliant, Stay Compliant: How Policies, Procedures, Protocol, and People Help You Tackle the GDPR

The General Data Protection Regulation (GDPR) is a new privacy regulation in Europe that protects the personal data for any individual based in the European Union (EU), regardless of citizenship or where the data is held. It applies to any organizations located inside or outside the EU if they offer goods or services to — or monitor the behavior of — EU data subjects. The GDPR will be enforced in May 2018 and outlines strict fines for companies found to be out of compliance. Now is the time for SAP customers to establish a process for adhering to the necessary requirements. To be compliant — and stay compliant — with the GDPR, companies need to be mindful of four critical areas: policies, procedures, protocol, and people.

Be Compliant, Stay Compliant: How Policies, Procedures, Protocol, and People Help You Tackle the GDPR

The General Data Protection Regulation (GDPR) is a new privacy regulation in Europe that protects the personal data for any individual based in the European Union (EU), regardless of citizenship or where the data is held. It applies to any organizations located inside or outside the EU if they offer goods or services to — or monitor the behavior of — EU data subjects. The GDPR will be enforced in May 2018 and outlines strict fines for companies found to be out of compliance. Now is the time for SAP customers to establish a process for adhering to the necessary requirements. To be compliant — and stay compliant — with the GDPR, companies need to be mindful of four critical areas: policies, procedures, protocol, and people.

Strategies for Reducing the Risk of Fraud

Businesses lose millions of dollars annually to rising check and electronic transaction fraud. In fact, thieves steal more through check fraud than through bank robberies, the U.S. Federal Bureau of Investigations reports. Fraud is now a permanent risk that businesses must be prepared for.

U.S. corporations spend more than $50 billion annually in technology and services to mitigate the potential risks of fraud, studies show. But most corporations are not as focused on the vulnerabilities of managing bank accounts and bank communications. This route, in many cases, is an easy option for those intent on fraud by accessing bank accounts or payments processes.
Do not panic! There is an answer.

This white paper outlays why fraud mitigation is more important than ever, details the vulnerabilities of traditional approaches to managing bank accounts and communicating payment information to banks, and clearly defines three strategies for reducing fraudulent payments.

 

5 Ways to Drive Meaningful Process Improvements in Your Finance Department

2017-02-06_brian_5_process_improvement_goals SAPinsider, January 2017

Setting goals for the finance team — such as improving efficiency and reducing costs — helps drive process improvements across the organization, but it is important to review these goals regularly to ensure they continue to serve the overall strategy of the business. Evolving best practices and new technologies can make it necessary to revisit outdated processes and shift the focus on value. In his latest article, Brian Shannon discusses five ways that companies can drive meaningful process improvements in their finance departments.

  1. Improve Speed and Accuracy of Information Capture
  2. Use Intelligent Automation
  3. Focus on User-Centered Design
  4. Move to the Cloud Where it Makes Sense
  5. Value is More Important that Cost

Read Brian’s article to find out how to organizations can ensure that they are using current best practices and new technology to drive meaningful process improvements that deliver benefits throughout the finance department and beyond.

Download_PDF

Transforming The Finance Department With An Optimized Maturity Model

January 2016, Manufacturing Business Technology
Brian Shannon

Take a step back and consider your organization’s finance department for a moment. Is it a paper-based, manually driven process prone to errors? Does it feature some automation, but still require loads of time on exception handling? Global Process Owners (GPOs) are expected to ensure the company gets paid, and to pay the company’s bills on time. The sophistication with which this is completed varies wildly from organization to organization. However, in prior years, one thing was constant: generating revenue typically was not part of the equation for this group.

At Bourns, Inc., a global manufacturer of electrical components for the automotive, industrial, consumer products, and communication industries, revenue generation become an expectation as recently as 2012. Read more

Download_PDF

Journal Entry Processing for Dolphin Process Tracking System

Improve Journal Entry Processing with Automated Input, Workflow and Document Management

Dolphin Process Tracking System for Journal Entry (JE) solution breaks down the silos of information that make it difficult to create, manage and control journal entries in SAP systems. The solution helps organizations:

  • Automate and track complex journal entry approval chains
  • Digitize and enforce the inclusion of journal entry supporting documentation
  • Quickly escalate journal entry approvals during critical financial close periods
  • Comply with fiscal regulations such as SOX
  • Report on and measure the efficacy of the entire journal entry process

For companies that want to ensure greater transparency and auditability of their financial close process, it provides a better way for companies to complete journal entry approvals and mitigate the associated risks. With this solution, organizations can create, track and report on journal entries directly in the system of record, SAP.

Download_PDF

 

Optimize SAP Processes to Enable Innovation in Your Business

Dolphin’s SAP-certified solutions for Accounts Payable, Accounts Receivable, Sales and Distribution, and Finance and Administration ensure that you get the innovative capabilities you need. Dolphin solutions let your business adapt quickly to new requirements and continue to benefit from running the world’s leading enterprise applications – SAP.
 

 

Identify and Access HR Documents Fast, Easily and Effectively

HumanResourcesSAP ERP HCM gives organizations in all industries the tools needed to manage their most important asset: people. The solution helps executives, human resources professionals and line-of-business leaders to forecast, plan and hire, as well as cultivate the skills of and train their workforce.

But like it or not, managing the process of people is both labor and paper intensive. For most businesses it has become increasingly important to have visibility into the workforce and a clear succession plan – ensuring a company never misses an opportunity. The requirements include quick identification of and access to all data and records.

By automating Human Resources, you can ensure that HR, managers and executives have the information they need to make sound business decisions. Automation of core HR processes focuses on streamlining administrative tasks, increasing efficiency and supporting compliance within changing global and local environments. The results can be significant, allowing you to pay more attention to strategic tasks, cost reduction and improved efficiency and productivity.

Dolphin delivers a rich environment to create solutions specific for any SAP Human Resources workflow. Developed with the SAP Business Workflow EngineTM, our solution takes a document-centric view. No matter how you want to design your HR workflow process, Dolphin makes it easy for Human Resources to be in command of how you track, manage and control the many documents that make up the employee record database.

Download_PDF

Data Management Cockpit for SAP® Database Security

Companies today are finding themselves not only struggling to manage big data from multiple perspectives but also manage security issues around the data. Much of this is coming from stepped up concern around breaches in security of electronic information. eCommerce, with a multitude of payment options, transmits and stores massive volumes of business sensitive, personal information. Retail establishments, government agencies at all levels, the medical industry and other entities are rife with terabytes of personal and business data.

In addition to security breaks, companies regularly divest, split up, acquire and merge business units. In these circumstances, data is ‘divided’ up among business entities, causing concern for privacy for what is removed, deleted or retained. This situation is one that if not done carefully, affects not only personal information but can adversely impact the very nature of one or more of the businesses involved.

Many new government regulations at the federal and state levels, as well as internationally, have been established in the last decade to protect privacy; some have gone as far as to require companies to store sensitive information such as credit card, social security numbers and other personally identifiable information in an encrypted format.

Download_PDF

Managing Cost, Cash and Risk through Process Innovation

Supply & Demand Chain Executive, May 21, 2015

In many organizations, the finance department is viewed as a cost center. At first glance, there do not seem to be many, if any, opportunities for accounts payable (AP) or accounts receivable (AR) to contribute to meaningful business objectives. This business unit is traditionally tasked with billing customers and paying vendors. It is responsible for getting the company paid and paying the company’s bills. Generating revenue typically does not factor into the equation.

That was the situation at Bourns, Inc. as recently as 2012. As a global manufacturer of electrical components for the automotive, industrial, consumer products and communication industries, Bourns handles about 100,000 invoices per year. AP department functions are decentralized with nine separate manufacturing plants each handling individual AP responsibilities. As many as 80 percent of invoices are purchase order-based because the company purchases such a high volume of raw materials, further complicating the process.

The process was mostly paper-driven, required hands-on attention and was extremely labor intensive. When Bourns’ chief financial officer (CFO) saw the day-to-day actions required to manage this, the inefficiencies were both obvious and startling. He issued a challenge to the AP team at the Riverside, Calif. plant: It had one year to implement a touchless processing program that would see at least 60 percent of all invoices being processed with no AP involvement once invoices entered the work flow.

Read the full article on Supply & Demand Chain Executive.

Launchpad Demo

The PTS Launchpad provides users with a graphical dashboard that acts as a centralized reporting hub for reporting on Accounts Payable, Accounts Receivable, Sales and Distribution and Finance and Administration processes in SAP systems. Users can monitor business processes from start to finish with the vast library of reports and key performance indicators that are available out-of-the-box with the Dolphin Process Tracking System. The Launchpad enables users to view any Dolphin, SAP, or custom report; group reports by categories; and save personalized report variants so they always have access to the information they need.
 

 

3 Key Elements to Bolster your Risk Management Strategy

SAPinsider, Oct/Nov/Dec 2014

Risk is unavoidable in your business decisions and operations, but it can be managed with the right technology and the right strategy. SAP solutions for governance, risk, and compliance (GRC) enable organizations to manage risk and comply with highly complex financial, compliance, and regulatory audits. However, rapidly evolving audit requirements are changing the way that organizations do business, and merely implementing GRC solutions is not enough. By putting a comprehensive risk management strategy in place now, organizations can protect themselves from future risks. A successful risk management strategy incorporates three essential elements: roles and responsibilities, policies and procedures, and technology.

Download_PDF

5 Ways to Energize Your SAP Back Office

SAPinsider, April/May/June 2014
Brian Shannon

Are your back-office processes cumbersome, error-prone, and lacking in corporate-wide visibility?

Perhaps the fundamental issue is that you refer to them as “back office,” affixing what could be considered a derogatory label to a staff of valuable contributors. Using such seemingly unimportant labels, you are also likely neglecting a potential area for improvement that could help your operation significantly reduce cost infrastructures, improve cash flows, and mitigate the risks inherent in such processes.

Download_PDF

Proven Strategies for Ensuring Successful Financial Projects

SAPinsider, April/May/June 2013
Brian Shannon

The old axiom, “change is constant,” is absolutely true. For high-performance finance organizations, this adage underscores the need to be flexible and adaptable to varying economic and environmental conditions. Optimizing financial processes, especially near-cash processes like accounts payable (AP) and accounts receivable (AR), can help companies achieve this adaptability. The trick, of course, is getting the project right.

Download_PDF

Effectively Leading Change in the Finance Organization

Business Finance, May 2012

Change is constant, and it’s critical that financial organizations adapt to meet the needs of current economic conditions. This article will discuss how to become a catalyst for change by reinventing key processes within your finance organization, including accounts payable, accounts receivable and general ledger activities. It will demonstrate how optimizing back office functions like accounts payable and accounts receivable can deliver real value to an organization, and provide insight into how to effectively drive this change.

Click here to read the full article on Business Finance Magazine.

Download_PDF

5 Tips for Optimizing Your Finance Processes

SAPinsider, April/May/June 2012
Brian Shannon

CFOs are constantly bombarded with questions that are essential to the survival of the business.

  • How can we improve cash flow?
  • How can we preserve our cost structure as we exit the economic malaise?
  • Will the company’s manual processes and bloated databases put us at unnecessary financial risk?

Yet too often, competing priorities — such as global business strategy concerns, merger and acquisition activity, and the need for lightning-fast market reactions to macroeconomic news — relegate process optimization efforts that could help the CFO address these issues to the back seat. This article outlines five simple process optimization opportunities that can help elevate the overall performance of your finance organization.

Download_PDF