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How To Modernize your Financial Processes with SAP S/4HANA Finance

Explaining SAP S/4HANA Finance to professionals within a company will almost always get a blank stare back. Typical salespeople can’t sell financial professionals on the SAP S/4HANA Finance because that’s not how the minds of business experts work. To become excited by what S/4HANA Finance offers, you’d have to explain the benefits it provides and how it compares to other financial packages they may have used in the past. In this article, we’ll be exploring how a business can change their financial personnel’s mindset towards embracing SAP S/4HANA Finance.

A Change in Perspective

In the past, financial planning systems within SAP were primarily concerned with reporting on the figures over the previous month. In this instance, the limited functionality did what was needed with the data available. However, the demands of businesses changed, and that’s where SAP S/4HANA Finance comes in. With access to predictive models and data, allowing for analytics to determine a company’s decisions, businesses aren’t settling for a simple reporting framework anymore. SAP S/4HANA Finance offers a robust system to integrate predictive models for planning and forecasting using the company’s existing data. Enterprises have seen significant improvements to their operations thanks to the smart implementation of S/4HANA Finance.

A New Outlook For SAP Customers

With the end-of-maintenance deadline approaching, many SAP customers are deciding that now is the time for them to switch over from a traditional SAP deployment to S/4HANA. The hardest part of the migration is trying to match business needs to new tools that S/4HANA provides. One of these tools is SAP S/4HANA Finance. The transition from traditional SAP installation to HANA has given IT departments pause. Like most SAP migrations, each company’s needs and requirements are different.

Aside from the obvious complications of moving data from a traditional source system to HANA, other factors also play a part in the complexity of the migration. For the finance department, those factors include the type of approach the department uses (Greenfield, Brownfield, Central Finance, etc.). Because of these complexities, a complete migration can take up to two years to complete. Estimates of how long a company will take to move between traditional SAP and S/4HANA vary. With the end of maintenance support looming closer, companies that want to keep their system functionality into the future would do well to start their transitions as early as possible. In this situation, time is crucial and every month counts.

Why Switch to S/4HANA?

The switch from a traditional SAP install to S/4HANA should have a powerful driving force behind it. Businesses shouldn’t change the way they function for a few minor upgrades. Luckily, S/4HANA brings a lot of benefits that companies should be eager to take advantage of. In the case of S/4HANA Finance, especially the benefits include:

  •  A Lower total cost of ownership
  • Faster time to close with fewer adjustments required on the data
  • Transparent data movement and storage
  • More consistent reporting and better results for analytics
  • Better productivity overall

 

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