One of the ways in which SAP Business Suite 7 provides value is by supporting end-to-end processes that include suppliers, distributors, customers, partners, and supporting financial institutions. In today’s tough economy, optimizing these business networks is critical to improving efficiency, controlling costs, and having the flexibility to adjust multi-company business models as economic conditions require.
An Example: Standards and Bank Communication
Standards are key to enabling data exchange and collaborative communication across a business network. For example, SAP Business Suite 7’s Bank Communication Management application, part of Treasury Applications from SAP in ERP Financials, provides an integrated payments channel that supports the full corporate payments life-cycle chain, managing payments sourced from accounts payable, payroll, and treasury systems. This application uses international standards to connect electronically with banks in order to initiate payments, ascertain payment status, and check account balances. This digitization of the financial supply network gives corporate treasurers new tools for optimizing working capital, managing liquidity, and resolving payment disputes.
More Blogs on Business Suite 7, Business Networks, and Standards…
Whether the end-to-end process embraces a financial supply network, a manufacturing supply network, or other kind of business network, Business Suite 7’s support for standards is one reason why SAP is leading the way in driving business networks to ever greater power and efficiency.
In the coming weeks, I and some of my colleagues in SAP’s Standards Management and Strategy organization will be blogging about some specific business network scenarios where Business Suite 7’s support for standards plays an important role, and we’ll explain some of the work that SAP is doing to ensure that the industry has the standards needed to enable our customers’ business networks to flourish. Search the blogs for the keywords “Business Suite 7” and “Standards”.