Financial Close Integration Framework for ERP Visibility
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Solution Overview
Problem
Current computer systems face challenges in managing diverse business processes, such as financial close processes, due to the wide variety of tasks involved and the independent nature of systems like ERP and financial consolidation systems, leading to difficulties in integration and visibility, which complicates the creation of accurate financial statements.
Innovation Solution
A financial close management system is developed with an integration framework that includes creating reusable definitions for interfacing with external applications, defining task types, and executing tasks to integrate with external systems, providing a centralized, automated, and visible system of record for financial close processes.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If ad-hoc and disconnected tools are used to interconnect ERP systems and financial consolidation systems with the financial close management system, then integration capability is achieved, but visibility and auditability of activities are lost
Solution Approach 1:
The patent introduces an integration framework that acts as an intermediary layer between the financial close management system and external systems (ERP, financial consolidation systems). This framework provides standardized connection points and protocols, enabling integration while maintaining a system of record that tracks all activities. The framework serves as a mediator that preserves visibility and auditability by logging and monitoring all interactions through the integration layer, thus resolving the contradiction between achieving integration capability and maintaining information visibility.
2Device complexity
If independent systems (ERP, financial consolidation systems) are used separately, then system independence and simplicity are maintained, but integration and coordination become difficult
Solution Approach 1:
The patent implements a universal integration framework that can connect to multiple different external systems (ERP systems, financial consolidation systems, other applications) through standardized interfaces. This framework provides multi-functional capability to handle various integration scenarios while maintaining the independence of each connected system. The framework serves as a universal adapter layer that enables coordination between independent systems without requiring changes to the systems themselves, thus resolving the contradiction between maintaining system independence and achieving integration capability.
3Adaptability or versatility
If a flexible and robust mechanism is created for managing diverse tasks, then adaptability to different business processes is improved, but device complexity increases
Solution Approach 1:
The patent segments the task management functionality into modular, reusable components including task types, tasks, and schedules. Each task type represents a standardized template for a category of work, while individual tasks inherit from these types. This segmentation allows the system to handle diverse business processes through composition of standardized modules rather than requiring custom solutions for each process, thus achieving flexibility while controlling complexity through reuse and standardization.
Solution Approach 2:
The patent employs parameter-based configuration to enable flexibility in task management. Task types and tasks include configurable parameters that can be adjusted to accommodate different business processes without changing the underlying system structure. This parameter-driven approach allows the same framework to adapt to various scenarios (different financial close processes, different task types, different schedules) by simply changing parameters rather than modifying the system architecture, thereby achieving adaptability while maintaining manageable complexity.
Data Source
AI summary
A computer-readable medium, computer-implemented method, and financial close management system are provided that includes a integration framework that allows an end user to leverage services or interfaces from external applications as part of a business process, such as a financial close process, of a financial close management system. The integration framework can integrate a task that requires the user to interact with a user interface of an external application (identified as an “end user task”) with the financial close management system. The integration framework can also integrate a task that runs without any user interaction required, and that interacts with a web service of an external application (identified as a “system automated task”) with the financial close management system.