This is the third in a four-part itelligence blog series exploring SAP S/4HANA. In Part One, we examined why today’s businesses need S/4HANA and its top benefits. In Part Two, we looked at S/4HANA’s new user experience, SAP Fiori. In this blog post, we will turn to SAP S/4HANA Finance and see how it’s helping accounting teams push past the finish line.
When evaluating an IT solution, you can draw several parallels with the world of sports. Speed, power and agility are all as critical to athletes as they are to successful software, and both are key to a winning team. In this blog post, we will examine the first solution from the next-generation business suite, SAP S/4HANA Finance, to see if it really can give businesses a head start.
SAP S/4HANA Finance, a True All-Star?
The decathlon is a grueling contest; comprised of 10 running, jumping, and throwing events, it is a sport that requires an all-star athlete. Similarly, effective financial management requires solutions that are fast, powerful, precise, and reliable. The new generation of software from SAP promises to win out by combining leading products with SAP HANA and SAP Fiori technology.
Today we see more and more businesses whose technology has not kept pace with their growth and increased complexity. Users at these companies move between diverse systems to obtain the data they need and complete routine tasks. This is not only grueling for the user, but also a waste of resources for the business. SAP S/4HANA Finance provides businesses with a single source of information for all accounting entries by merging finance and controlling. Data is no longer stored in silos, but all in one system.
In addition to saving resources, uniting data in a single system allows organizations to respond to requests for financial reports in real time – something only 12 percent of finance executives report the ability to do. In contrast, this means by the time many companies have generated the appropriate report or analysis, the requested data is already out of date. Further, many companies still require several separate programs to complete month-end closing. SAP S/4HANA Finance allows businesses to accomplish this using fewer programs, and in some cases even eliminates processes by posting financial statements online, saving time and effort while reducing IT costs.
More Hurdles to Overcome
While SAP S/4HANA shows great promise, there are still hurdles to overcome. While the central system significantly simplifies a number of accounting processes, select month-end closing tasks still can only be performed by running special programs. As well, with SAP interfaces still undergoing transformation, at this point users cannot work exclusively with SAP Fiori applications.
However, SAP S/4HANA Finance has proven to be a winner at accelerating accounting processes, freeing up more time for important tasks while making finance easier and less prone to error. Built on brand new technology, this is one of the most stable SAP products to date, and part of a groundbreaking new business suite. Paired with itelligence’s expertise, existing SAP customers can take business to the next level via SAP S/4HANA with minimal disruption.
itelligence’s own Dr. Axel Sieker dives deeper into this finance champion in our short video.
In Part Four of this series, we will explore the logistics module in SAP S/4HANA.