Common financial applications are an important component of this holistic solution needed to enable higher performance as it drives greater adoption
of standards across the enterprise.
The end goal here is not just one system with a common chart of accounts, vendor file or stock keeping units (SKUs) it is also to transform and sustain efficient processes across the value chain.
Through system integration, organizations can reach “one version of the truth” in their data, and perform robust and meaningful business analytics.
Over 90 percent of enterprises with high Finance efficiency have implemented a common ledger and accounting transaction applications, and show a significantly higher enterprise-wide adoption rate of a standard chart of accounts along with common processes and data definitions and globally mandated standards (see Figures 1 and 2).