The changes that are happening around us have impacted the way we work, live, and operate our businesses. There is an ever-increasing demand on organizations to not only improve the efficiency of the financial processes but also deliver accurate financial data in real time, that is reliable and easily accessible for steering the business.
In addition, organizations are adapting to new business models that in turn generate huge amounts of new data. On the other hand, there is always a pressure to maintain profits and margins while also adhering to new regulatory burdens on revenue recognition, e-invoicing, IFRS 15 among other things.
With these challenges in mind, organizations look for solutions that can not only provide detailed visibility to accurate financial data but also improve their financial processes. A lot of customers have started to look for and implement solutions such as SAP S/4 Finance—to simplify the data handling and deliver real-time insights that can enhance decision-making, while also removing the inefficiencies in ways of working.
S/4 Finance can offer organizations a way to streamline finance functions, integrate business planning activities, and enable more flexible reporting—all to enhance productivity, accelerate business processes, and deliver value rapidly and efficiently. Let’s see how.
Based on my S/4 implementations with multiple clients, I have tried to bring forward in this article, how SAP S/4 Finance can generate improvements to drive efficiency in the finance processes and how it can enable effective decision making with real time insights to the financial data. The examples are from my experience working with clients and the scale of impact can vary.
1. Use of FIORI apps – A key differentiator
2. Reconciliation by Design defines ‘real time’ accounting
3. Advanced technologies – further reduced redundancies
4. Usage of the cloud-based solution optimizes system landscape
With the use of some or several of these innovations, organizations could optimize their finance processes to run the business efficiently.
Key enablers for this within SAP S/4 Finance
1. Margin Analysis – next generation reporting tool
2. Embedded Analytics bridges the gap between analytical and transactional data
3. Seamless comparison of planning Vs actual financial data and possibility to do what -If analysis
I have observed that these differentiators, created by improvements and innovations in reporting, have given business stakeholders an accurate view of how their business is performing and helped them steer the business appropriately.
Adopt SAP S/4 Finance to bring new efficiencies to your organization or to support data driven insights and unlock a stream of potential benefits. There are multiple use cases with SAP S/4 Finance. You should invest time and effort in a pre-assessment on what your use case is to maximize the benefits. No two implementations are the same - what’s your story and what should your journey be?
Effective deployment of the S/4 Finance solution can help you:
Connect with us about SAP S/4HANA Finance to get the conversation started and to see a demo or arrange a speaking session to see how Deloitte can help you reimagine everything—an entire universe of possibilities with SAP solutions.