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Financial Services

SAP Invoice Automation –The Ingredients for Success

White Paper: Cogent Consulting

Cogent Consulting have been implementing invoice automation solutions, exclusively for SAP customers, since they were founded in 2005. In that time, our business and offerings have evolved along with the technology, experience and intellectual capital resulting from the delivery of 150+ projects for SAP customers globally. We continue the journey with existing and new customers by listening to and incorporating their great ideas in the solutions that we offer, so this document is here to give you a detailed understanding of the key ingredients that go into a successful invoice automation partnership. When we say it’s a journey and a partnership; we mean it because the automation we achieve on Go Live is only the beginning. The invoice automation solution is an enabler but does not deliver high automation rates without being implemented in the right way for the customer and no matter how good the implementation is; you can always improve automation long after Go Live using the insights from analytics. We are not the kind of company that repeat mantras or put profound quotes on our website, but here are two that should resonate with anyone involved with process improvement: “If you always do what you’ve always done, you’ll always get what you’ve always got.”                                    Henry Ford   “To improve is to change; to be perfect is to change often.”                                   Winston Churchill

MiFID II data reconciliation: A practical guide

White Paper: Duco

Data risk is an increasing challenge in the financial industry, for the innumerable processes that need to be taken care, before reporting the data to the regulators. It is extremely important to stay complaint and maintain data quality for Markets in Financial Instruments Directive II (MIFID II) during data reconciliation. Duco Cube with its powerful and flexible reconciliation platform enables users to navigate directly to any underlying issues if and when they occur. The company is a completely secured hosted service that can easily support data reconciliation till the end and also ensure the accuracy and consistency of the same throughout. Find out more about the Duco Cube and update your financial data through the Whitepaper and address your concerns How Duco Cube helps firms through the lengthy ETL processes without transforming the projects? What are the key factors to be considered for MiFID II data reconciliation? How can ARMs reporting be handled with Duco Cube?

MiFID II / MiFIR Transaction Reporting: A Practical Guide

White Paper: Duco

One of the main criticisms of the original MiFID was that national regulators did not enforce the directive with the same zeal across Europe. The list of financial instruments covered has been extended to almost all instruments traded in European markets – with particular emphasis on the OTC derivatives market that was previously out of scope for MiFID I. The issue with making this distinction across so many different instruments is one of the main reasons why the MiFID II and MiFIR implementation date has been delayed twice from its original start date of January 2015. While regulators have not specifically outlawed the use of spreadsheets and UDAs, it is commonly accepted that under MiFID II, organizations need a much more robust and scalable approach to data control. What are the data problems that MiFIR transaction reporting requirements are likely to cause? What is the impact of the new regulations on firms? What is the cost of non-compliance? Move ahead and read the following whitepaper that will address all your questions, including these: How to identify traders or algorithms involved in the decision and execution process of a transaction? Which general fields will require extra reconciliation steps? What are the number of data fields required on transaction reports and the reporting requirements? How to trade instruments on an approved venue? Which legacy systems can be replaced and which ones are difficult to scale?

Don’t Wreck your Recs: Achieve a Golden Source for your Financial Controls Data

White Paper: AutoRek

Reconciliations form the foundation of a tightly controlled finance or operations department in any organization. Transparent, up-to-date and accurate financial data is not just essential for regulators or auditors, but it is increasingly an important tool for the executive branch to shape corporate strategy. Building an automated reconciliation framework can be an expensive, complex and time consuming process, tying up crucial business and IT resources with often the wrong result being delivered. This whitepaper explores the benefits of using an automated reconciliations solution, by adopting an iterative 6-step approach to perfecting your financial controls regime. It also explains the typical benefits your firms may receive in the immediate period post implementation, and recurring thereafter. Key takeaways from this whitepaper: Different reconciliation deployments The perfect Golden Source for all of your financial control data Most common pitfalls of manual or semi-automated reconciliations and financial data management

7 Ways Financial Institutions can Leverage Technology for Competitive Advantage

White Paper: Trigent Software

In the present scenario, financial institutions are tired of the proliferation of technology innovations. Unless, financial institutions are ready to replace or transform their IT architecture, their challenges in the next decade will be daunting. This whitepaper highlights the impact of technology failure and its crippling impact on a financial institution and how technology can help reduce risk, be more cost effective and provide strategic value. Key takeaways from this whitepaper: Defining the financial institutions’ key players and their challenges How can financial institutions leverage technology for competitive advantage Advanced Content Security and Data Loss Prevention Key IT business drivers that the financial industry needs to focus on

Gamifying Cybersecurity for the Financial Services Sector

White Paper: Circadence

Cyber‐attacks and threats against the financial services sector are ongoing – common targets include banks, payment processing companies, investment firms, and other organizations that manage financial transactions. A 2016 study reported that 83% of financial services companies cite defending against cyber threats and protecting personal data as one of their biggest challenges in building or maintaining their reputation over the next year. Gamification has the potential to bring a financial company's cyber security posture to the next level, producing both value and competitive advantage. Gamification allows companies to best determine how they direct their resources toward mitigating vulnerabilities and threats. Key takeaways from this white paper: Overview: Cyber‐attacks and threats against the financial services sector  Gamifying Cybersecurity: An opportunity for financial services companies Project Ares: Solution to the Cybersecurity training gap ‐ a gamified training platform Preserveing cyber team’s footprint: For future analysis, tracking of growth, and to facilitate strategic role assignments

E-Invoicing Management: Move to the Middle

White Paper: Direct Commerce

As the electronic invoicing market becomes more saturated in large companies, the small and medium enterprise (SME) market, those with annual revenues under $250 million, continue to open up. Over the past year, PayStream analysts witnessed an increase in electronic invoice (eInvoice) adoption among SME’s, as well as an increase in workflow automation. New and improved innovations in eInvoice functionality including Software-as- a-Service (SaaS), free supplier portals, dynamic discounting and mobile transactional capabilities are the driving forces behind the increase in adoption in the middle market. More SMEs are now reaping the benefits that the large early adopters did, including reduced processing costs, increased invoice approval cycle times, improved cash management, and increased visibility, to name a few. In addition to more companies or (buyers) implementing eInvoicing, PayStream survey results reveal that eInvoice adoption has been of keen interest among suppliers. The number of suppliers that no longer submit paper invoices and have converted to eInvoicing has increased dramatically. Today more suppliers send more invoices to companies in electronic format that do not require data entry, resulting in a more efficient and cost saving invoice process. Solution providers are now catering to suppliers with aggressive supplier on-boarding programs and easy to use supplier portals. More eInvoicing providers are offering their services to suppliers at no-cost, in an effort to build their supplier networks and keep buyers and suppliers connected across the globe.

A Buyer's Guide for Budgeting, Planning and Forecasting Software

White Paper: Arcplan

An efficient budgeting, planning and forecasting (BP&F) process is a cornerstone of successful organizations, with each stage providing a blueprint of a how the company will achieve its financial goals. The budgeting process plots company expenditures and provides supporting detail documentation; the planning process outlines the company’s short- and long-term financial direction and expectations; and the forecasting process predicts financial outcomes based on current and past performance. As many finance teams will attest, “budgeting season” is a time of enormous pressure as departments cope with constantly changing market conditions which influence financial plans, and must make resources available to deal with the time-consuming, complex planning process.

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