This pandemic age has brought a lot of uncertainties, chaos, and complications in the corporate sectors. The C-suite executives have taken the brunt of new norms and restrictions. Talking about CFOs, they have to switch suddenly to the firefighting mode with preserving cash, implementing saving practices, and revising all financial plans with the changed forecasts for coming months and quarters.
In this situation, SAP S/$HANA, an advancement of cloud-based ERP solutions, lends a helping hand for CFOs and supports the evolution of the finance operations for the COVID and the Post-COVID era. But, here is the catch. SAP S/4HANA implementation alone cannot serve the purpose. The companies need to build a business case suitable for realizing the strategic vision using the SAP S/4HANA solution. As a CFO, you can achieve this goal by contacting a reliable SAP Partner or a reputed SAP solution provider.
SAP S/4HANA enables CFOs to remain engage in efficient finance processes while controlling accounting or tax standards. CFOs can drive value effectively by embracing technological trends through SAP S/4HANA. In this article, we are going to discuss how SAP S/4HANA can make CFOs a business value creator amid this crisis. Let’s start with the focus areas where SAP S/4HANA gives CFOs more control.
Key Areas where SAP S/4HANA Assists CFOs to Achieve Goals
Efficient closing and reporting within the given timelines are essential for the effective management of working capital. However, with the complex technology landscape of the company and other circumstances, the finance department finds it difficult to obtain reliable figures and forecasted budgets. As a result, CFOs fail to meet the deadline for the period and there is a high chance of mistakes while imported entries randomly into an Excel sheet. SAP S/4Hana implementation is designed to control the system landscape by offering CFOs control over processes, system landscape, and transactions.
- Control Processes
With SAP S/4HANA, CFOs can automate and integrate processes with ease. You can also add smart KPIs to have complete control over processes.
- Control Landscape
Instead of dealing with various financial systems and programs for fetching data, SAP S/4HANA provides a simplified landscape for more control.
- Control Transactions
Incomplete or incorrect transaction data can lead to wrong decisions and a financial crisis. SAP S/4HANA
Also Read- How SAP can Sharpen Up the Supply Chain for Your Enterprise
Impact of SAP S/4HANA
Before digging deep into the impact of SAP S/4HANA on the CFO’s vision and tasks, we should mention SAP Business One. As a robust ERP solution, it assists many SMEs and even startups to manage various processes across different departments like sales, inventory, HR, and admin. Talking about SAP S/4HANA, it can simplify the challenges faced by CFOs in today’s competitive scenario with high processing capabilities and in-memory data.
SAP S/4 HANA is based on cloud technology and shows CFOs and financial professionals a holistic real-time view consists of all operational data sets in a single architecture. It also improves access to information and real-time analytics performance. CFOs find it useful for showcasing their capabilities to the management. Let’s understand it with an example below.
The management fires off questions after getting the company report. These questions are mostly related to newly acquired subsidiaries or other financial processes. These questions can baffle CFOs especially when they do not have real-time access to the company data. SAP S/4 HANA provides CFOs continuous and instant access to all data and various processes of the company. As a result, CFOs can answer all the questions more easily.
Additionally, SAP S/4HANA enables CFOs to model the efficient integration of identical operations thereby empowering them to get new business planning and combined results. On the other hand, board members or the company’s board of directors can determine the impact of the company’s financial position. Finally, CFOs can get cash and liquidity-related data to advise the board whether the venture would be profitable using SAP S/4HANA.
How SAP S/4HANA Helps CFOs Achieve Core Objectives
Though SAP HANA solutions have many benefits to offer, here we see the three most important ones for CFOs that can help them achieve core objectives efficiently.
1. Improved Planning, Better Analysis
The availability of financial data is essential for proper financial planning. It is also necessary that all the growth strategies of the organization are in line with financial planning. The SAP S/4HANA implementation improves financial planning through an embedded BPC solution for planning. SAP S/4HANA solutions bring agility, accuracy, and flexibility in the financial processes. CFOs or users can easily churn financial data to simulate growth strategies, and with an enhanced analysis, the organization can make informed decisions.
2. More Corporate Growth
CFOs can effectively drive strategies for organic and inorganic growth. M&As (Mergers and Acquisitions) and other crucial decisions to expand business across different demographics are of vital importance in defining growth strategies. There, SAP product solutions lend a helping hand. SAP S/4HANA offers real-time financial reports that significantly reduce time and effort in the reconciliation process. CFOs can see real-time reports in analytical dashboards with simulations and make crucial decisions more accurately to drive the growth of the company.
3. Edge over competitors
SAP S4/HANA solutions are designed to meet regulatory and compliance-related requirements effectively. CFOs can keep an eye on economic conditions on both domestic and international fronts with the help of SAP S/4HANA. As an innovative platform, SAP S/4HANA can help CFOs reinvent processes at every level and bring agility for having a competitive edge over peers.
What’s more, the SAP S/4HANA implementation can streamline operations effectively while handling various tasks including fraud detection, regulation, risk, and compliance management. All you need to opt for SAP implementation from a reputed SAP partner to leverage all these benefits of SAP S/4HANA.
Concluding Lines
In this troubled time, CFOs have to embrace new disruptive business models while making real-time decisions at both tactical and strategic levels. Here, SAP S/4HANA implementation can assist them by providing new insights and making the decision process simple yet effective. As a result, CFOs can become business value creator role models over the period and contribute to the company’s growth strategies.
We are a renowned ERP consultant in the UK and a trusted SAP Partner globally. Our experienced and certified developers can assist you to implement SAP HANA solutions. Do you want to improve sales forecasting using SAP HANA and drive growth for your business? Just drop us a line at info@silvertouchtech.co.uk and we will get back to you soon with a complete roadmap.
