Need for SAP MDG Finance (MDG F)
Data is collected from various banking systems in the BFSI sector (banks, financial services and Insurance) and is scattered across different business units. Therefore, the need of the hour is a single unified view of the data for better operational capabilities with the right governance mechanism in place.
This is where SAP MDG Finance for master data governance of banks (MDG bank), Insurance (MDG Insurance) and Financial services steps in, facilitating an integrated, central robust data management and governance framework.
LMTEQ provides expert consulting and implementation services on SAP MDG Finance (MDG F).
Challenges faced by BFSI sector
Banks, Insurance companies and financial service providers are constantly facing challenges with respect to irregularities in financial master data, manual workflows in a heterogeneous system landscape, data standards and policies, meeting complex regulation standards, transparency in audit trails and managing time-independent data provisioning.
Due to these issues, apart from operational efficiency getting affected, a gap will arise in the inputs needed for financial statements. That, in turn will have an adverse effect on evaluations and subsequent manual adjustments. Hence, it is imperative for the BFSI sector to improve operational efficiency, compliance norms, planning and analysis using SAP banking solutions.
SAP MDG F
SAP Master Data Governance Finance (MDG F) helps in the central maintenance and governance of a broad range of financial master data providing the BFSI sector with SAP banking solutions (which includes MDG Bank, MDG Insurance etc).
We, at LMTEQ provide you complete support and services in the implementation of SAP MDG F accounting, controlling and consolidation objects such as
- Standard and group chart of accounts
- G/L accounts
- Profit centers
- Cost centers
- Associated hierarchies of profit and cost centers
We also provide support and services for the implementation of customer-specific objects with MDG F.
Features of SAP MDG F
- Consolidation of Financial master data with financial data of subsidiaries
- Tracking of the change processes
- Mapping between company and operative standard charts of accounts
- Time based versioning enabling transparency, traceability and editions in audit trails
- Complete compliance with legal requirements
- Provision for usage of existing SAP ERP objects and data structures
- Highly engaging, best in class user interface
Benefits of using SAP MDG F
- Enables user friendly management of financial master data
- Facilitates customizing options to comply with legal requirements
- Allows integration with the current SAP ERP system
- Usage of existing objects enables corresponding usage of checks and validations
- User interfaces to create a universal look and feel
- Ability to dynamically respond to changes in the environment
- Above all, a single version of master data ensuring high quality, reliability and consistency
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LMTEQ analyzes your current business and suggests customized SAP banking solutions for your requirements. We provide expert support and implementation of SAP MDG F towards master data governance (MDG) Banks, MDG Insurance and financial service providers.