SAP Simple Finance aids finance transformation

Nurdianah Md Nur

SAP recently launched SAP Simple Finance to help CFOs accelerate their finance transformation and deliver strategic outcomes to their business.

SAP Simple Finance takes full advantage of the advanced in-memory SAP HANA platform with new finance capabilities to offer an easy user experience and deliver real-time insights. It also allows finance departments to run their mission-critical processes in real time on SAP HANA Enterprise Cloud.

Enterprises using the solution can expect to gain the following benefits:

  • Having a single source of truth between transactions and analytics to streamline and eliminate cycle times and reconciliations of the data;
  • Gaining new on-the-fly capabilities for moving finance processing, such as month-end activities, from batch to real time;
  • Being able to apply predictive analysis to planning and forecasting to explore new business models and immediately assess the potential effects on the bottom line;
  • Gaining instant insight-to-action by providing finance users with new reporting and analytics capabilities with self-service access to all information;
  • Being able to establish an integrated business ecosystem and enable collaboration with customers, suppliers, banks and government authorities by leveraging connections to business networks in real time;
  • Being able to easily comply with global regulations by using the solution's built-in legal compliance and continuous risk assessment capabilities.

"SAP Simple Finance enables CFOs and finance departments to augment their strategic role in driving the business performance with real-time analytics and planning capabilities delivered in the cloud," said Bernd Leukert, member of Executive Board of SAP, products and innovation.

The SAP Simple Finance solution marks the first step in the SAP Business Suite 4 SAP HANA (S/4HANA) roadmap.  

Launched on 3 February 2015, SAP S/4HANA is a new product that is fully built on SAP HANA and is designed on modern design principles with the SAP Fiori user experience for mobile devices. It aims to drive business innovation with simplicity by connecting people, devices and business networks in real time to support the development of new business models, said Bill McDermott, CEO of SAP in a press statement.

To do so, SAP S/4HANA provides guided configuration for adoption, and a modern user experience for business users of all roles in a company on almost any device. The product also presents a simplified data model, on-the-fly insight at the highest level of granularity, and re-imagined real-time business processes. These enable customers to reimagine their IT, drive lower costs and deliver IT efficiency, said SAP.

 "SAP S/4HANA enables us to reimagine how we use data to make decisions --internally and externally -- and ultimately make things less complicated for us and our customers," said Randy Gonzalez, vice president and head of finance transformation at New York Life.

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