Research Project: Improve Financial Report Activity Performance
With data has already been digitized, the efficiency in client’s financial statements activities is still low. How to enhance the performance of making financial reports activities?
Cloud computing is the execution of computing services through internet connection (in the cloud), from information technology data resources storage, to data processing and analysis, reports making, etc.
Since early 2019, FPT Digital’s experts team has cooperated with a large multidisciplinary corporation in Vietnam to fulfill digital ideas. Business client is looking for solutions to help optimize the operation of the financial reporting system and save resources for business.
Start from a pain point: The efficiency in financial statements activities is still low
Business faced the inability to control costs due to low performance of financial statements activities. This problem got worse at the beginning and by the end of each month, especially in the inter-quarter transition periods, due to the fact that the need of accessing the system to process and finalize financial statements at these moments is huge.
Corporation executives concerned that their financial employees have to spend a lot of time accessing the system, affecting their work and leading to low productivity. Therefore, business client has worked with FPT Digital for digital initiatives consultation and implementation to help boost the performance of the reporting system in the shortest possible time.
Analyze and propose initiatives within 6 weeks
Through close cooperation with client, FPT Digital conducted an analysis and comparison between the two environments using cloud computing and building on-premises systems. Based on this analysis and comparison report, client can understand their problems thoroughly, thereby, easily making the most optimal choice.
In order to improve performance, FPT Digital experts have proposed to use Microsoft’s Cloud environment, namely Azure Cloud Services, to store data, while at the same time, allow the realization of data analysis and reporting visualization.
The solution implementation team has transferred image-format data resources being stored in On-Premises to Data Lake. At the beginning period, the data resources in the last 3 years has been imported. Other data resources will be gradually integrated later on.
Specification about proposal of Data Lake solution architecture using cloud computing
In the data entry step, on a server will be installed a port located in the On-Premises environment, installed Integration Runtime (Provided by Microsoft and managed by Azure Data Factory) to perform the Image format data push to Data Lake. FPT Digital experts also use Azure Data Factory to manage and initiate data acquisition tasks through the Integration Runtime.
After processing on Azure, users can directly access PowerBI (Business analytics toolkit to analyze data and provide insights developed by Microsoft, available for iOS, Android and Windows Phone platforms), users can download and install PowerBI applications on mobile devices.
As a result, employees’ productivity is enhanced
Conversion of data to Data Lake helps business improve the performance of financial staffs based on the time they save during the process of handling reports. If before, a financial employee in average took an hour per day to process a report, then now, it only takes 10 minutes. With the number of 1,000 employees, the total time that FPT Digital helps business client save reaches 4,000 working hours per month.
With the financial reporting system on Data Lake applied, the productivity of thousands of employees in the corporation significantly improves when they can access quickly to the system, and the system is not affected by the number of visitors and the accessing time. Every time users see reports, the system will immediately display the previously calculated results. Users can completely create different reports without affecting the system or other users.