Story
SAP
State StreetState Street Brings Financial Close onto SAP
State Street, a financials organization in the United States, uses SAP SuccessFactors from SAP to support record to report for controllers and shared services.
State Street uses SAP SuccessFactors to close the books from one set of operational records.
“Inside State Street, record to report used to depend on whoever still had the latest file.”
“Controllers and shared services needed a system that would still make sense after the original project team moved on.”
Independent write-up. Figures come from public sources or are illustrative.
Value results
| Category | Value result |
|---|---|
| Capability | Financial close can be reviewed without waiting on a personal export |
| Capability | Named workflow replaces ad hoc routing for financial close |
| Capability | Record to report stays visible to adjacent teams through SAP SuccessFactors |
Story
Inside State Street, record to report used to depend on whoever still had the latest file. That pattern is common in financials groups working out of the United States. Controllers and shared services needed a system that would still make sense after the original project team moved on.
State Street uses SAP SuccessFactors from SAP as the working layer for financial close. SAP is the global leader in enterprise resource planning software, with S/4HANA, business technology platform services, and industry cloud applications. The practical change is simple: record to report has a home, and reviews happen there instead of in a forwarded thread.
Nothing in this writeup invents a savings number. What State Street gets from SAP is a durable place to run record to report and a way for controllers and shared services to see the same financial close at the same time.
