Why SAP S/4HANA Finance is Important for SAP FICO Professionals?Category: SAP S/4HANA Finance Posted:May 21, 2020 By: Robert
Even though Simple Finance sounds at the outset like a contradiction in semantics alone, SAP claims otherwise. SAP has built its product with a lot of well-thought-out feature frameworks that bring about simple-to-use features along with real-time SAP HANA-powered and Cloud-based functionalities which are all-pervasive in the IT domain today.
Reasons to Learn SAP Simple Finance
1. All About Simplicity
In spite of SAP’s recurring mention of their In-Memory, Big Data, ERP, and Analytics capabilities, this user conference referred more to buzzwords such as simplification, simplify, and more. It was one of the primary themes at the user conference just referred to.
The conference also dealt with the challenges that the efforts towards simplification would bring.
This explains the name of their product for finance solutions being named Simple Finance. The President of SAP Platform Solutions, Steve Lucas has said that Simple Finance offers a major leap into the future of finance departments around the world as it harnesses two essential SAP functionalities. One is the time-tested and market-leading finance solutions that SAP that tailor-made to fit the needs of the customer. The second is the real-time nature of in-memory technology that is the hallmark of SAP HANA.
The consolidation of such components enables enterprises to execute mission-critical processes in real-time on SAP Cloud, thereby establishing what can only be described as a new benchmark in the IT industry.
Checkout the Article- Business Benefits of SAP S/4HANA Simple Finance
2. HANA Strength
SAP has over 40 years of expertise in delivering software that meets global standards, meeting software needs to organizations across the world.
Even though SAP welcomes software partners, it does not subject itself to the decisions of a third-party database vendor such as Oracle which proves to be the case for most financial and related solutions such as Salesforce.com
3. Simple Finance: The Future of Finance
Today sees SAP customers tapping into the vast advantages of putting an end to the conventional limitations of the database architecture. The in-memory technology, being the pride and joy of the SAP enterprise, has great potential, yet does not adequately or completely address persistent data aggregates, SAP HANA has seen to still rely on aggregate data views. Simply put, the value addition which backs Simple Finance is the removal of conventional aggregate limitations which facilitates financial and controlling reporting to be consolidated into a single view. Until recently reconciliation means accessing several tables like the FI tables for General Ledger (GL) data or CO tables for profitability and even cost center data- all this now comes as built-in. The unique value proposition of SAP Simple Finance which makes it stand out from the SAP Business Suite powered by SAP HANA is that it addresses redundancy along with the stack with regard to data mining.
4. Simple Finance Value Proposition: Adding value to the enterprise
- Superior and enhanced business advice resulting from more relevant and timely insight
- Enhanced corporate alignment and agility resulting from direct end-user access to insight
- Effective management of working capital and financial risks functioning at enhanced levels
- Lowering of IT complexity
- Minimization of cost for manual report generation and data reconciliation
- Minimization of operational risks resulting from fraud and several other non-compliance activities.
You may also like to read our article SAP S/4HANA Simple Logistics Business Benefits
5. Step ahead with Simple Finance
It is not common in the current market scenario for customers to have a vested interest in finding how efficiencies in their monthly close can be optimized. It also raises questions such as how to minimize redundancy or shorten closing cycles. SAP Simple Finance steps in at this juncture to answer a lot of similar questions, and it is done in a manner that makes it easy to establish a business case scenario and even show an ROI. But a lot more is at stake here than just the speeding up of processes, it is also to transform finance into a tool that can be used as a strategic partner to the enterprise.
Go through our SAP S/4HANA SIMPLE FINANCE EXAM C_TS4FI_1610 Certification Made Easy to crack the Interviews.
SAP Simple Finance is the giant step ahead for all enterprises the world over provided they embrace SAP’s vision of Finance driven strategic decision making. SAP’s newest ERP offering is bound to change the way enterprises around the world do business on a daily basis leading to large-scale changes in the transactional processes geared towards highly accelerated processing speeds. This being said, SAP Simple Finance offers a bright future for any individual or organization that has the vision to build its Finance architecture around it. If you are planning to take up a certification in SAP Simple Finance, then, there wouldn’t be a better time than now!
I hope that by now you have had an overview of SAP S/4 HANA Finance. Before you enroll in ZaranTech’s certification course on SAP S/4 HANA Finance, do check out the S4 HANA Finance demo: