Under the influence of the epidemic, the prices of raw materials and energy have soared, and the risk of supply chain interruption from time to time has brought business stagnation. The performance of chip companies, including their financial management, has been under unprecedented pressure. Although China’s chip industry seems to be in short supply, our chip companies face great challenges in financial management due to rising costs, changing demand and compliance risks. When our chip companies face a series of challenges, what kind of impact will our chip company’s financial management suffer? See the following figure for a brief introduction:
In fact, in the face of a series of challenges and influences, can the original financial management system of chip companies support the existing development and changes? Is slow, inaccurate, incommunicable, inflexible, and resource consumption too high a major pain point in the financial management of many chip design companies? In this issue, Acloudear, a chip semiconductor digital transformation expert, shares with you how to build a smart financial management system and enhance the core competitiveness of chip companies in the financial management of chip companies.
Just now, we mentioned a series of financial management of chip design companies, including the pain points in the financial management system of other chip companies. To solve these pain points, we first need to understand some problems in the financial management of traditional chip companies. Let’s first experience the traditional financial management scenario through the following figure.
Nowadays, the role of financial management of chip companies and other companies is changing, from keeping good accounts and managing money to the chief of staff of enterprise strategy. They need to interact actively with business partners to simplify and automate business processes, support new questions, and provide new insights in the decision-making process. Therefore, more and more chip companies are not only satisfied with building financial management systems, but also hope to maintain competitiveness through smart finance to cope with the complex and changing external environment.
Mike Pearl, global cloud computing director of PricewaterhouseCoopers, believes that: “In the future, the financial department will become the central hub of enterprises, linking enterprise data from different business departments with financial measurement indicators to help enterprises make more intelligent decisions in the operation process.” Then, our chip company’s financial management wants to become the central hub of the enterprise and help the enterprise make more intelligent decisions. Digitalization and intelligence are inevitable. In this regard, we might as well explore the SAP solutions adopted by 9 of the top 10 semiconductor enterprises in the world.
Financial management process of chip companies brought by SAP
For the financial management of chip companies, SAP’s view is that the key to financial management is to keep abreast of the latest business situation. Similarly, they also bring smart finance, an excellent solution for financial management of chip design companies and chip companies. By simplifying and automating business processes, we can help chip companies achieve semi-automatic and automatic financial management processes, so as to completely liberate the labor force of chip companies’ financial managers and devote more energy to strategic affairs.
Based on the financial management practice and experience of large enterprises at home and abroad, four points are summarized: strategic support, personnel and organization, process and system, and digital implementation. Our financial management solution of SAP chip company is to build a set of cloud system integration and business support for enterprises from the perspective of financial strategy.
When applied to the practice of financial management of chip companies, SAP has brought a set of intelligent financial management system integrated with digitalization to realize the intelligent operation of financial management of chip companies.
Through the successful use of the following three aspects: the next generation financial relationship model, advanced digital technology application and the world’s leading practical experience, the chip company can be empowered to manage its financial affairs and achieve intelligent operation. Take a brief look at the five modules of best financial practice.
Through the end-to-end best business practice process brought by SAP, we can help chip companies, including our chip design companies, to manage their financial affairs, simplify the process and improve efficiency. At the same time, actively interact with the business department, and make full use of digital technology to enable data to circulate in the business department. Through analysis, new insights are constructed to provide scientific and reasonable support for enterprise decision-making.
As mentioned above, we just share the leading digital solutions from SAP from the financial management system to the system of the chip company. In fact, there are many related contents of smart finance.
For more information about the excellent financial management solutions of chip companies and chip design companies, Visit the official website to gain more.
This article "How to build smart financial solutions for financial management of chip companies?" by AcloudEAR. We focus on business applications such as cloud ERP.
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