Yes, Finance is embracing the cloud!
Two years ago, I presented the topic of Finance solutions in the Cloud at the Financials Insider event. I counted myself lucky to have about a dozen attendees, since most of the event attendees were on-premise customers.
Fast-forward to 2016 – and suddenly, it was a standing-room-only presentation!
What that says to me is that Finance teams are overcoming their hesitancy of putting processes into the Cloud – whether that means all of their finance operations, or specific point-solutions for targeted processes or subsidiaries.
SAP Performance Benchmarking found that 85% of companies believe the cloud will have a major impact on their organization through efficiencies, innovation, or competitive differentiation (SAP Performance Benchmarking).
This observation is supported by several research firms, which was consolidated in Forbes.com, including:
With Finance capabilities being available in the Cloud, the next step to investigate is the integration into other lines of business. Human Resources is a natural extension, since scenarios such as workforce planning, recruiting and talent management have been embraced in the cloud for more than a decade, and now even payroll and expenses. Additionally, these processes all have a financial impact, from the balance sheet (e.g. benefits accruals) to expenses (e.g. travel, training), forming a cohesion of integrated processes, running in the cloud.
This brings us to the new track at the SuccessConnect conference in Las Vegas. For the first time, Finance has a dedicated track, Innovating in Finance, where finance executives as well as HR and IT executives can have a conversation about how they can best cooperate through the use of SAP S/4HANA as the technology basis.
The Innovating in Finance track will be centralized in its own break-out area, where in addition to the Finance-oriented presentations, networking activities and demos will be available. The presentations include information on how finance and HR professionals can better collaborate, in session such as the following:
We hope to see you there – please visit us here to register.
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