SAP S/4 HANA Finance: Benefits and Historical Overview
15 Pages4249 Words54 Views
Added on 2019-09-22
About This Document
This article provides an overview of SAP S/4 HANA Finance, a software that provides all-round solutions to the financial and accounting needs of businesses. It discusses the historical background of the software, its benefits, and how it simplifies business processes. The article also includes a comparison between SAP S/4 HANA Finance and SAP ERP FICO, and a case study of New York Life Insurance Company's adoption of the software.
SAP S/4 HANA Finance: Benefits and Historical Overview
Added on 2019-09-22
ShareRelated Documents
Introduction: The important tool used by business Companiesss, in general, is the S.A.P. Thoughmost Companiesss are happy with the performance and stability of the S.A.P-Solution, it is not adaptable or agile to advances in new technology. Here is where S.A.P-S/4 H.A.N.AFinance steps in .Industry experts believe if there is one software, which provides an all- round solutions to the financial and accounting needs of the Companiess; it is S.A.P-S/4 H.A.N.AFinance[ CITATION Han19 \l 16393 ]. S.A.P H.A.N.A in-memory database, S.A.P-S / 4 H.A.N.A in Finance E R P thatallow businesses to analyses Busines data in real-time and streamline their Businesprocesses. S.a.p is the tool which is very important for all business organization and and every organizations are glad with its performance and the strength of this s.a.p is very good then other tool which is available. This tool is not easy going or agile for advance in day to day new technology. So here s.a.p s/4 h.a.n.a is finance step in industry that experts believe that is one software and it provide all type of solutions according to financial or accounting and the needs of that kind of organization, And that is the s.a.p s/4 h.a.n.a finance (greedy, 2019). S.a.p h.a.n.a used in the memory of database, s.a.p s/4h.a.n.a in finance erp that is only allow business for analyzing the business data with real time and its business process is streamline.Purpose in Finance: when we want to analysis the benefits of s.a.p s/4 h.a.n.athen we we need to the persistence of the given report and that is why finances orbusiness have to considered s.a.p s/4 h.a.n.a.so here we discuss different
perspectives and we compare the present opinions to support the reports. Thebusiness case study will be also included for the report and we need to addcredibility of that argument in our study. So the conclusion part of that report willused to find the research. Historical Overview of S.A.P-S/4 H.A.N.AFinanceLaunched in early 2014, S.A.P S/4 H.A.N.A Finance is E-R-P financial s/w thatsruns on the S.A.P-Hans’sin memory[ CITATION Din17 \l 16393 ]. Gernaly known asS.A.P finance, S.A.P S//4H.A.N.A Finance supports accounting and financialclosure, plan and account, cash management, the risk management, accountpayables and much more. Based on S.A.P-S//4H.A.N.A, S.A.P-S / 4 H.A.N.AFinance is the financial module in S /4 H.A.N.A.Suite is redesigned to surge process efficacies across an assets lifecycle. Certainkey components of S.A.P-Simple Finance has been recoded to gain advantages ofthe S.A.P H.A.N.A’s potential.In September 2015, term S.A.P-Simple Finance is outdated as its replaced byS.A.P-S/4 H.A.N.AFinances[ CITATION Din17 \l 16393 ]. S.A.P-S/4 H.A.N.AFinanceavailable as both cloud and onpremise versions. The cloud versions is continuallyupgraded in about quarterly releases whereas the onpremise version enriched eachyear. With every S.A.P-S / 4 H.A.N.A release, functions are added the Financemodule of S.A.P-S /4 H.A.N.A for easy end users experiences. In the front end,S.A.P-Fiori is used via S.A.P S /4 H.A.N.A Finances to a consumer like userexperience[CITATION SAP19 \l 16393 ]. As outlined before, S.A.P-S /4 H.A.N.AFinances offers functionalities that allow Companiesss to abridge and enhance
finance function. In addition, it operates seamlessly on other S.A.P-Solutions likesupply chain, sales, etc.S.A.P-S / 4 H.A.N.A Finance application can be applied asbundled together or as standalone products. At financial professional and specialistin all industry, user base of S.A.P-S/4 H.A.N.Arange from small companies toFortune 1000 companies.One of the key features of S.A.P-S / 4 H.A.N.AFinances is its ability to combineprocess speed with unified feature of various Finances function like managementaccounting, financiial accouunting etc. This allows quicker settlement of financialprocesses & provide single source of the financial truth for Companiesss as whole,according to S.A.P[ CITATION SAP19 \l 16393 ]. Another benefit of S.A.P-S / 4H.A.N.Ais its ability to combine Real timedata with analytics in order to the modeland forecast impact of decisions that company want to create, such as attainments.For example, a business decision maker could use S.A.P-S / 4 H.A.N.AFinancesto themodel -dataand predict possible decision using real time financial data fromthe several systems.Ease of changing processes as business model evolves as well as redesigningandoptimizing process to focus on the exception and grave taskmakes S.A.P-S / 4H.A.N.AFinances a widely preferred module to add value to the business processesOne of the largest LIC(life insurance companies) in the world, New York Life –Insurance- Company embarked on the digital transformation of its FinancesCompaniesssbracing new SAS S//4H.A.N.A Finances to help steer itsjourney[CITATION New16 \l 16393 ]. The New York Life -Insurance -Company’sdecision to implement SAS S//4H.A.N.A Finances came from the inadequaciesrising from database centric running of mnual; spread sheet based processes withS.A.P-E R P have become more and more noticeable over time. As solution to theprevailing problems, New York Life adopted this new cutting-edge Finances
software and migrated off its S.A.P-E R P to up and operational with S.A.P-S / 4H.A.N.AFinances in July 2015[ CITATION New16 \l 16393 ]. New York Life used S.A.P-S/-4H.A.N.Afor the central Finances and used the S.A.P- InsuranceAnalyzer assource systems for movement of it S.A.P-E R P data to produce a centralizedfinancialmanagement systemss. New York Life Insurance foray into digitizationusing S.A.P-S / 4 H.A.N.Ais a striking example of how increase of digitization inthe consumer world is making its way to businesses of every stripe, and businessesrealize that prompt insight is quickly becoming a requirement.The diff. b/w S.A.P-S / 4 H.A.N.AFinances and the current S.A.P-E R PF.I.C.O:S.A.P-E R P F.I.C.O Standsfor FI(-FinancialAccounting) and CO (-Controlling).S.A.P-F.I.C.O isthe imperative moduleof E-R-Pand for bothFIand CO module stores financialtransaction data in Business.S.A.P-S / 4 H.A.N.Ais inclusiveFinancessolution basedupon S.A.P-H.A.N.A,which could be deployedon cloud.S.A.P--H.A.N.Ais a Reportage tool in the S.A.P and it has technical modules. Whereas S.A.P-F.I.C.O is a Functional Module, S.A.P--H.A.N.Ais a Database in cloud where it is used for Operative reportage by using S.A.P-BI. S/4 H.A.N.A used for reportage where data is getting by straightly S4-H.A.N.A Systems. S.A.P--H.A.N.Ais shortened in all technical module even F.I.C.O as well that Simplified Finances Functional Module. S.A.P-H.A.N.A: It’s Extraordinary Appliance Analytical Tools, who is attentive and creation career should to know that there is technical paraphernalia involved should to work on the SQL calculation or computation. H.A.N.A is used as a Database, Data Modeling for BI(Business Intelligence). More peoples confused S.A.P--H.A.N.Aalso as a big data, infact S.A.P--H.A.N.Aunited exterior tool that can give the solution as S.A.P-BIG-DATA.S.A.P-F.I.C.O is functional module in S.A.P-E R P Central Module that allow business to manage of its comapany financial data. Purpose of S.A.P-E R P F.I.C.O helps company to create all financial statement for explanatory analysis and reportage with the effective business preparation and decision making. S.A.P-
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Benefits of SAP S/4 HANA Finance Reportlg...
|12
|4232
|504
Benefits of SAP S/4HANA Finance for Businesseslg...
|11
|3783
|153
Research Report on SAP S/4HANAlg...
|14
|4683
|156
SAP S/4 HANA Finance: Overview, Differences with SAP ERP FICO, and Benefits for Businesseslg...
|19
|4807
|355
SAP S/4HANA Simple Finance 1lg...
|14
|4103
|500
Computerised Accounting in an ERP Systemlg...
|14
|4388
|59