Demystifying SAP S/4HANA for Finance professionals
An introduction to the digital core of Finance
Only through digitalization at the core, can organizations move to the next level and take advantage of the newest innovations, such as Robotics and Blockchain. In that regard, the entire value chain has to be addressed, not just the innovative layer. Therefore this read attempts to provide a broad understanding that is industry agnostic so that organizations can start the digital finance transformation journey. More specifically, it will address the S/4HANA Finance Module and how it will impact finance professionals.
Rebuilding the Finance Function
While reimagining the finance function, the need for improvement is evident. Therefore, a number of key areas have been identified.
First, Financial Planning & Analysis can benefit from improving the ability to predict outcomes through real time scenario analysis, better forecasting and planning. Second, in Finance Operations, the improvement of processes by accessing accurate transaction data from the entire organization’s value chain. Additionally, providing better and faster actionable insights to business partners facilitates better decision making in the Business Control area.
Perhaps most pressingly, the management of information is at the forefront of the rebuilding of the Finance function, mainly through the improvement of big data and analytic capabilities.
Key benefits of using SAP S/4HANA
Furthermore, Financial Accounting is to be improved by improving consistency, control and traceability by indicating patterns that are indicative of fraud or other concerns. Finally, in Specialized Finance, evolving centers of excellence by further streamlining and centralizing expertise.
Throughout this areas, SAP S/4HANA enables and drives the finance function transformation. The key benefits of using SAP S/4HANA are:
- Siloed Data to Single Source of Truth
- Period Processing to Real-time Processing
- Historic Data to Planning, Forecasting and Simulation
Do you want more information about demystifying SAP S/4HANA for Finance professionals? Please contact Frank Geelen via the contact details below.