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OpenGov Asia is pleased to extend an invitation to its exclusive OpenGov Breakfast Insights, focused on how cloud-based financial management solutions are reshaping the financial landscape for Singapore’s public sector and enterprises.
Financial leaders increasingly face the challenge of leading their organisations through a landscape of unexpected obstacles in today’s constantly changing economic environment. The Chief Financial Officer’s (CFO) function has grown far beyond traditional financial management to include a strategic mission to promote innovation, improve operational efficiency, and assure long-term sustainability.
The future of finance highlights the vital need for the transformation of basic financial activities. As Singapore’s position as a global financial hub grows stronger, the challenges for its public sector and businesses have never been higher. Inadequate financial management methods are widely seen as significant hurdles to operational and strategic efficiency in many industries, forcing a transition to more flexible, data-driven approaches.
Singaporean organisations face significant hurdles due to outdated systems and procedures that are unable to satisfy current business requirements. These difficulties make it difficult to manage high transaction volumes and adjust to complex trading patterns, as they lead to delays in trading and clearing procedures. These inefficiencies highlight the critical necessity for a thorough revision of all financial management procedures.
Outdated financial management systems in Singapore’s public sector and corporations affect the entire landscape rather than simply individual organisations. These outdated systems result in fragmented financial data, making it difficult to plan strategically or make informed judgements. Errors, delays, and increased risks become the norm when effective integration and automation are not implemented. As regulatory expectations increase, these organisations must modernise their financial systems and adopt more agile, data-driven processes.
Overcoming the critical challenges of outdated financial management systems among Singapore’s public sector and enterprises requires the urgent adoption of cloud-based Enterprise Resource Planning (ERP) and Enterprise Performance Management (EPM) solutions.
How Can Cloud-based ERP and EPM Solutions Turn Around Poor Financial Performance?
Planning and Forecasting: By automating manual procedures and integrating data from throughout the organisation, cloud-based EPM solutions improve planning and forecasting. With real-time insights and standardised inputs, firms may increase forecasting accuracy by switching from intricate spreadsheets to a single platform. This change lowers errors, boosts consistency, and helps teams make data-driven decisions more quickly, leading to more accurate financial projections.
Empowering Financial Planning: These technologies transform financial planning by combining historical data, budgets, and projections into unified models. This integration enables exact trend analysis and risk assessment while minimising errors and inefficiencies through automated data aggregation. Real-time data keeps financial insights current, allowing for faster and more strategic decision-making. Furthermore, automating difficult calculations and consolidations improves data processing efficiency, allowing finance teams to focus on strategic projects and increasing agility in a changing business environment.
Maximising Efficiency and Effectiveness with Automation: Automating financial procedures dramatically improves efficiency and effectiveness. Employees can devote more time to strategic activities that drive corporate success by removing regular duties like data collection and consolidation. The automation of forecasting models and reporting simplifies operations, allowing for better decision-making and planning. Continuous updates and predictive analytics from cloud solutions provide flexible forecasting and rapid adaptation, benefiting all stakeholders by increasing overall efficiency and speeding up planning procedures.
“Oracle is committed to promoting a corporate culture that is centered on integrity, accountability and ethical business conduct. By accepting the complimentary event invitation, you represent that your acceptance of the event invitation and associated gifts and/or benefits to you are: (1) permissible under your employer’s internal policies; (2) permissible under the laws of your home country and any other law relevant to your employer; and (3) known to and approved by your employer’s management. Oracle reserves the right to limit attendance accordingly and pursuant to Oracle policy.”
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“Very conducive environment and service. The discussions were insightful
too. Especially appreciate the Polling Session discussion among delegates for a wide variety of perspectives. It was very engaging too”
Singapore General Hospital
“Going to an OpenGov Breakfast is the best way to start your day”
Singapore Management University
“Good, every delegate is able
think of each question and
speak out their view”
Hong Leong Finance
© 2024 OpenGov Asia – CIO Network Pte Ltd.
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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.
HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices.
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