Citation :

Parveen Singh Hoshiar Singh, 2023. "From Legacy Systems to SAP FICO: A Journey of Financial Transformation and Process Efficiency", ESP International Journal of Advancements in Computational Technology (ESP-IJACT)  Volume 1, Issue 3: 135-148.

Abstract :

From conventional financial structures to new sophisticated ERP systems such as SAP FICO, companies experience an enormous change in financial management and processes. Persistent with existing mainframe habits, most legacy systems lack the ability to integrate process data in real time and are concerned about scalability. This paper analyses key factors of the transition from traditional systems to SAP FICO, the issues that one may come across, the approaches to follow, and the advantages that result from the process. This way, using SAP FICO, organizations are provided with solutions to make their oldest and most vital business processes leaner, faster, less error-prone, and more standard-compliant. First, we analyze drawbacks and failures associated with historical models of enterprise resource management and then describe the main functions of the SAP FICO module. A literature review examines the previous case studies and research concerning ERP migrations. The various steps for migration are provided in categorical order in the methodology section, with information extraction, data mapping and checks. In particular, the results and discussion sections show some business improvements in a particular case study area to explain how implementing SAP FICO can enhance financial correctness and decision-making within an organization. This paper provides recommendations for the future direction of ERP financial systems and discusses current good practices. This research supports the findings using tables, flow charts, and figures.

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Keywords :

ERP, SAP FICO, Legacy Systems, Financial Transformation, Process Efficiency, Financial Reporting.