At present, the scale of China's digital economy has accounted for more than one-third of the total economic output. Under the wave of digitalization, the continuous emergence of new technologies such as cloud computing, blockchain, artificial intelligence, and big data has accelerated the integration of the real economy and the digital economy, bringing huge opportunities to enterprises, but also posing new challenges. In order to meet the development requirements of the digital intelligence era, enterprises have accelerated the transformation of digital intelligence.
However, due to the low degree of integration of industry and finance, the related problems have brought many difficulties and pain points to the digital and intelligent transformation of enterprises. In order to contribute to the overall success of digital and intelligent transformation, enterprises need to analyze the root causes of problems, break down the barriers between business and finance, deepen data governance, and continuously upgrade and iterate management models and systems to achieve deep integration of business and finance.
Enterprises are in the process of digital and intelligent transformation
Four pain points and five reasons for the integration of industry and finance
Generally speaking, in the process of digital and intelligent transformation of enterprises, the integration of industry and finance mainly faces four typical pain points:
Pain point.
1. The data is inaccurate.
The data information between business and finance is separated from each other, and a lot of information needs to be recorded repeatedly, and there is no connection between the data, resulting in inaccurate results of data presentation.
Pain point.
Second, the data is not timely.
Due to the separation of business and finance, the financial department is lagging behind in obtaining business information, the financial monthly closing time is forced to be delayed, the financial report is issued late, and the management does not obtain effective data in a timely manner, resulting in the missed best decision-making opportunity.
Pain point.
3. Data inconsistencies.
Business data and financial data are isolated from each other, data standards are not uniform, data paths are inconsistent, and business and financial data cannot be effectively connected, resulting in efficient collaboration between business and finance.
Pain point.
Fourth, the data utilization rate is low.
Enterprises have accumulated a large amount of business and financial data, but all kinds of data are separated from each other, and cannot be effectively integrated into useful decision-making data, and fail to form data assets. The data cannot be effectively connected, cannot fully reflect the real business situation of the enterprise, fails to make a good prediction of the future, and is difficult to give full play to the value of data.
The reasons for this are the following five main reasons for the pain points of industry-finance integration in the digital and intelligent transformation of enterprises:
1. Lack of overall top-level planning for digital intelligence.
Due to the lack of top-level planning and design of enterprises, it often leads to breakpoints in the business and financial processes, and the system construction lacks foresight. Therefore, it is particularly important to carry out digital and intelligent transformation planning and design a top-level blueprint.
Second, business and finance are separated.
On the one hand, the information silos brought about by the departmental wall make it difficult for financial management to be extended to the business side, and it is impossible to effectively analyze and quantify market and business information, so as to empower business decision-makingOn the other hand, due to the lack of the concept of financial management, business departments pay more attention to the completion of business indicators in daily economic activities, and often ignore financial factors such as returns, risks, and value appreciation, resulting in the loss of overall benefits.
Third, there is a lack of unified data standards.
Data governance is the focus of enterprise digital and intelligent transformation, and the lack of unified data standards will inevitably lead to problems such as data fragmentation between systems, inability to connect business and financial data, inconsistent data caliber, and low data use efficiency.
Fourth, the system integration is low.
There is no effective integration between various business systems, and there is no integration between business systems and financial systems, and there are a large number of process breakpoints, resulting in low work efficiency and difficult to timely and effectively control risks.
Fifth, the financial organization and personnel capacity is weak.
The digital and intelligent transformation of enterprises needs to be guaranteed by organizations and personnel, and breaking through business and financial barriers often needs to be accompanied by organizational changes. There is a big gap between the traditional personnel work mode and the high standards and strict requirements for enterprise management under the new situation of digital intelligence, and employees need to re-examine their own work level and improve their digital Xi ability and professional quality to cope with the rapid transformation of enterprises.
Unleash six values
The integration of industry and finance helps enterprises to transform digitally and intelligently
Enterprises should break down the barriers between business and finance, achieve a high degree of integration, and the changes in business scenarios connect the financial management collaboration of enterprises in real time, and at the same time, empower the business to improve the level of products and services through the intelligence of financial management.
Figure 1: The Six Values of Convergence of Business and Finance.
Links: Scene blending
Data is the foundation of fusion, and links are the veins of data. Disassemble the business of the enterprise in scenarios, open up the process breakpoints of each business scenario, realize the seamless link between business and finance, and comprehensively pull through the data.
Efficient: Synergy between industry and finance
Realizing the integration from business to finance and making information and data get through the whole process will inevitably require closer collaboration between business departments and financial departments, which will bring qualitative improvement to the overall efficiency of the enterprise.
Oneness: Count out one door
On the one hand, the integration of industry and finance achieves the same source of data, that is, the data is consistent with the business scenario, and the financial data is consistent with the data of the business, which avoids data errors and has traceabilityOn the other hand, it realizes the unified export of data, and issues data content of different calibers according to different use needs to achieve data sharing.
Wisdom: Business perspective
Through unified process standards and digital intelligence tools, the intelligence of business and financial work is realized, and the business process and potential risks of enterprises are comprehensively seen to strengthen the ability to prevent and control risks in advance.
Enablement: Strategic empowerment
In the case of a high degree of integration of business and finance, enterprise data is effectively utilized, combined with the company's strategy and development plan, from the overall budget, enterprise performance, cost control, business analysis and other management mechanisms, to promote the transformation of business awareness, guide the optimization of business behavior, and create a sustainable competitive advantage.
Insights: Data decisions
The integration of industry and finance will inevitably enhance the insight of enterprises, and through digital and intelligent tools, data-driven, enterprises will be provided with comprehensive, multi-dimensional and multi-caliber analysis data to help enterprises make intelligent decisions.
Eight key measures to achieve the integration of industry and finance
Figure 2: Eight key initiatives to achieve the integration of business and finance.
Specific to the path to achieve the integration of industry and finance, there are eight key measures, namely, standardization, breaking barriers, establishing mechanisms, hierarchies, building systems, building a middle platform, communicating data, and controlling risks.
Make a plan
To achieve integration, we must first stand from a higher perspective, formulate a top-level plan, and think about several questions: what is integration?With whom?How to melt?Enterprises should sort out and diagnose existing problems and pain points, sort out existing processes, identify areas where responsibilities are not clear, find existing process breakpoints, and formulate a blueprint for digital and intelligent planning in line with the enterprise in combination with its own development stage and actual situation, as a guideline for the integration of industry and finance.
2. Break down barriers
In the process of enterprise development, due to the diversified development of business, more enterprise levels, complex processes and other reasons, there are often different degrees of separation between vertical and subordinate levels and horizontal cross-departments, and the information is not smooth, and the goals are not synchronized, forming deep barriers. Therefore, enterprises must break down the barriers of the original organization, system, data and other aspects in order to talk about integration.
Mechanism
The integration of industry and finance is an enterprise-level top-down driven change, with the process of sorting out and breaking down barriers, enterprises need to establish a new process mechanism and management system, from the system and resource allocation to implement and guarantee.
To build an industry-finance integration system, the key is to take the enterprise value chain as the core, comprehensively sort out the business chain, on the one hand, pay attention to the non-value-added links and nodes in the chain, and eliminate the non-value-added parts of the processOn the other hand, it is necessary to find out the processes and nodes that are currently fragmented in the chain, establish links between them, and avoid breakpoints.
Figure 3: Building a full-value chain industry-finance integration system (example).
4. Hierarchical leveling
Different personnel in an enterprise have different perspectives on the integration of business and finance, for example, enterprise managers want real-time dynamic visualization of the overall business status, resource synergy and allocation, controllable risks, and more efficient decision-makingFinance personnel hope to go deeper into the business, extend the financial management and control activities to the front end, and realize the value added of financeBusiness personnel hope that through the empowerment of data, they can better understand the business development process and the situation in which they are located, and be able to have a more holistic view and risk awareness, so as to tap greater value space. In the process of integration, it is necessary to focus on different levels and consider different integration points.
Build a system
The realization of the integration of industry and finance requires platform tools for digital and intelligent implementation. Some enterprises may have established traditional ERP and other management systems, improved the efficiency of online and achieved partial integration, but it is difficult to achieve a deeper level of integration of business and finance. Enterprises need to establish standardized business scenario applications for data pull-through based on a unified new technology architecture and new application components, new business architecture, and data architecture to achieve real-time, agile, operational, and intelligent.
Figure 4: The new architecture of digital intelligence for the integration of industry and finance has been upgraded.
6. Take the middle platform
The middle office is an enterprise-level capability reuse platform, and the core is to take data from business and use it for business. The middle office solves three major pain points: the conflict between the front market and internal support, the conflict between the front office and the back office, and the conflict between the systems that occupy the top of the hill and duplicate the construction. Building a middle platform is a carrier for the transformation and upgrading of the integration of industry and finance, and one of the best ways to achieve integration through system construction.
through data
In the traditional chimney management mode, there is a lack of uniformity in the formulation of data standards.
1. The disadvantages of different recording dimensions, inconsistent statistical caliber, insufficient transmission timeliness, and low degree of data reuse need to be solved in the process of integration.
Manage risk
Extend risk management and control from the management end to the business side, carry out control and compliance verification before, during and after the event, and provide business-oriented analysis and risk warnings, so as to avoid risks, improve business stability and create greater possibilities.
Yonyou continues to promote accounting innovation
Let digital intelligence succeed in more enterprises
Since its establishment 35 years ago, Yonyou has always focused on the application and service of information technology in enterprises and public organizations. Finance is not only the field that UFIDA started and focused on 35 years ago, but also the field with the largest customer base and the most accumulated knowledge and experience. From computerized accounting, centralized financial management, to financial shared services, to intelligent accounting and value finance, Yonyou has participated in and promoted the development process of China's accounting and financial progress, and continues to lead the global financial management software market.
Facing the field of digital intelligence of enterprises and public organizations, Yonyou has created an enterprise service product group - Yonyou BIP based on the new digital intelligence technology for seven years. With professional, leading, high customer value products and servicesYonyou BIP has become the preferred platform for the digital intelligence construction of many industry-leading enterprises in China and around the world, and has been praised by important central media as the "great power weapon" for the digital intelligence of enterprises.
Based on the accounting theory of the matter method, UFIDA has built a new generation of intelligent accounting system - UFIDA BIP intelligent finance. Yonyou BIP3 event accounting is a business and finance integration solution product based on a new generation of industry digital intelligence architecture, using digital modeling and shared service platform technology, the application side links BIP field service products such as human resource cloud, ** chain cloud, asset cloud and various third-party application products, defines and converts business matters through the middle platform, builds event entries containing business information and financial information, and provides data service support.
Figure 5: UFIDA's BIP accounting structure.
UFIDA BIP3 Matter Accounting,Adopt a three-layer architecture design ideaFrom business matters (the carrier of economic activities), to accounting transactions (confirmation and measurement of business matters), to event entries (detailed records of business and financial information), business and finance, business and management are decoupled, and data is driven by events.
1. Real-time penetration to truly achieve the purpose of integration of industry and finance.
In the era of digital intelligence, the integration of industry and finance is an inevitable product of the digital and intelligent transformation of enterprises. Yonyou will serve more enterprises in business and accounting innovation through the popularization of Yonyou BIP, help enterprises achieve the integration of industry and finance, make digital intelligence successful in more enterprises, and help more enterprises move towards high-quality development.