TCL Industrial Holdings Co., Ltd.,  TCL Corporation’s arm that focuses on intelligent terminal products and services, was recently named the “2020 Enterprise Digital Transformation Function Pioneer of the Year” in the “Ding Ge – 2020 Enterprise Digital Transformation Awards” for its international finance transformation and expense control project, leveraging SAP Concur’s Intelligent Expense Management Solutions. SAP, Harvard Business Review, and Tsinghua IGI jointly released the list of awardees during the event held in Beijing.

Catrina Yang, Deputy Director of Financial Department of TCL Smart Device Business Group and Chief Financial Officer of IFS Financial Reform, was also the recipient of the “2020 Enterprise Digital Transformation Function Leaders Award”. She said:

“TCL, a transformed technology enterprise, is growing from a follower to a leader of the future. Regarding future financial strategies, we are seeking budget accuracy, intelligent services, business operations, and financial management integration, developing a complete smart ecosystem. TCL and SAP Concur are creating brilliance with technology so that we can enjoy the smart life.” 

Embracing Digital Finance Transformation

As a growing global company, TCL implemented a digital operational strategy and finance transformation utilising smart technologies to enhance the entire financing process, from risk management to control. The company’s key objective is to achieve cross-regional data interoperability to improve its “AI x IoT” dual-pioneering capabilities and further empower its global market operations management through a data-driven intelligent analytical platform.

SAP Concur expense management system and solutions empowered TCL by:

• Enabling the financial management staff all the nodes in the same system online and assess the budget-allocation rationality in the system in advance
• Ensuring that certain expenses are requested before reimbursement, and creates a standardized budget-management system
• Strengthening TCL’s risk-management capabilities by providing compliant expense recommendations based on each region
• Eliminating manual errors and truly realises strong internal and external compliance-control
• Driving performance with accuracy and real-time data with business intelligent analysis
• Allowing financial managers to control expenses from both the finance and strategic perspectives and formulate scientific-management strategies, either regarding its internal expenses and reimbursements or budget management.

Enabling the Chinese Market

The Ding Ge – 2020 Enterprise Digital Transformation Awards’, with the theme of “Great Changes and Reconstruction”, invited judges who are digital transformation experts and scholars from industry, academia, research, and the media. There were over 300 enterprises registered and 50 on-site visits conducted during the selection process. 

Aside from discovering new best practices in digital transformation in the context of the digital revolution and the post-pandemic era, the event also provided Chinese enterprises references and guidance as they navigate digital transformation and innovation journey. 

For over 27 years now, SAP Concur has been empowering Chinese enterprises to streamline and automate their financial processes through intelligent solutions. In 2019, SAP Concur has launched a new development centre in Shanghai to strengthen and build integrated spend management solutions specific to the Chinese market.

SAP Concur continues its commitment to enable the Chinese enterprises’ digitalisation by improving their intelligence capabilities and accelerating finance transformation through a portfolio of professional solutions and a vast partner ecosystem. 

The post SAP Concur Expense Management System Enables TCL’s Digitalisation appeared first on InsideSAP Asia.

Generali Life (Hong Kong) Limited, a member of the global insurance company Generali Group, has successfully embarked on a digital transformation journey following the company-wide strategy of Generali Group to implement and integrate SAP Financial Products Subledger solution around Asia.

According to SAP Hong Kong, a range of SAP solutions were deployed to aid in the company’s finance transformation strategy. SAP BusinessObjects, SAP S/4HANA (including Enterprise Management, Business Planning, and Consolidation, Intelligent Robotic Process Automation), SAP Analytics Cloud for Business Intelligence, and SAP Digital Access were chosen for the go-live deployment in Hong Kong to build a robust and well-structured finance and data management infrastructure.

SAP Business Objects is comprised of several reporting and analysis applications. The SAP BusinessObjects Business Intelligence Suite enables organisations’ to share insights, make better decisions, and expand through its analytics platform that provides a flexible architecture. 

Fabian Padilla Crisol, Managing Director at SAP Hong Kong shared how SAP solutions support today’s organisations’ journey to an intelligent enterprise. The MD said:

“The digital economy demands companies to harness technology to be intelligent enterprises and provide the best customer experience in their chosen fields.” 

“With our next-generation ERP solution, S/4HANA, and other technologies, Generali is in a position to generate real-time actionable financial analytics and incorporate innovation, such as machine learning, predictive insight, an in-memory database, in its finance transformation. We look forward to supporting Generali Life to address evolving industry realities with data-driven insights and solidify its trajectory in its next phase of growth.” 

Arsh Kaumi, Chief Financial Officer at Generali Life (Hong Kong) shared the insurance company’s goals. He said:

“Generali Hong Kong always strives to be a pioneer in transformation. Our goal is to simplify operations and improve customer service. “

“We achieved yet another milestone by implementing SAP. This eliminates manual tasks and reduces turn-around times by providing seamless integration with other systems’, he added.

In View of the New IFRS 17

Taking into account the insurance industry standard IFRS 17, the newest IFRS standard for insurance contracts that supersedes IFRS 4, Generali Life proceeded with the finance transformation to address new financial reporting and regulatory requirements. Kaumi shared:

“Our journey will continue by fully automating IFRS17 financial reporting, which will be one of the biggest changes in insurance accounting.”

“The implementation was done in record time despite the challenges of Covid-19 and work from home arrangements. This can be attributed to excellent teamwork and a strong sense of shared responsibility for the delivery from our partner, SAP,” the CFO explained.

About Generali Life (Hong Kong) Limited

Generali Life Hong Kong has been providing flexible life and general insurance solutions since the 70s. Currently, the Hong Kong insurance company’s distribution network of over 300 brokers and intermediaries integrates with Generali Group’s global network and experience to design unique and innovative insurance products.

Generali Group has celebrated its 188th year in the industry in 2019 and is one of the largest global insurance companies with over 71,000 employees worldwide serving 61 million customers in more than 50 countries worldwide. The Group has a leading position in Europe and a growing presence in Asia and Latin America.

In May 2020, Generali was awarded the “Best Travel Insurance Product” at the 2020 International Finance Awards with Bravo Travel Protector.

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