SAP HANA: Concrete Financial Incentives for Making the Switch
June 1, 2023
June 1, 2023
Business growth happens in two ways: when the business brings in more revenue, or when business operations are optimized—particularly in terms of costs. When you invest in smart tools, your business will be more efficient, and you’ll positively impact your bottom line. Migrating to SAP HANA is one such important investment you can make for your business growth.
SAP HANA can streamline operations and help you achieve the much-needed cost optimization, which ultimately contributes to revenue growth. It essentially removes barriers between different departments. Everyone from operations to finance has access to instant insights and analysis that give a clear view of the current health of the company. As a result, they get more room to innovate and make changes with the money you’ll save.
In a business, financial profitability comes from increasing income and lowering costs. With proper implementation of SAP HANA, businesses can achieve financial benefits through streamlining, resource planning, and acting on insights.
When you adopt SAP HANA, what you’re ultimately doing is increasing access to data. Let’s look at three concrete financial incentives this brings your business:
With greater access to data, businesses can deliver better customer service. For instance, by knowing a potential customer’s preferences, businesses can modify their services accordingly and gain better loyalty.
Detailed customer data and information leads to improved targeting, allowing companies to cross-sell and upsell. With SAP HANA cloud-enabled services, businesses can access proficient customer relationship management (CRM) tools that share customer and business intelligence. As a result, the sales and customer services teams can harness better prospects and interact with existing and potential customers with more confidence.
In addition, the specific functionality of SAP S/4HANA brings a single source of truth to the company. Businesses that make data-driven decisions experience an above-market growth rate of 15–25%. What’s more, SAP HANA gives analytics reports instantly. And with large amounts of cloud data storage, it provides a unique value addition to organizations.
SAP HANA Finance offers three types of deployment options:
SAP HANA brings two other major changes to an organization: process automation and singular system. Simply put, when the entire company is using a single software for one process, it’ll see a significant speed enhancement.
With all employees using the same solution, everyone can get the answer they need in a matter of minutes. This brings better efficiency to work, which then leads to higher productivity. As a result, companies can easily build a more refined and personalized business process management (BPM) system. One aspect of BPM is automation, which completes tasks faster and with the same or higher degree of accuracy than a single individual.
Similarly, an enterprise resource planning (ERP) system such as SAP S/4HANA gives businesses access to a singular system that provides information to drive actions. More than 88% of businesses experience higher success after using an ERP. For one thing, an ERP positions businesses to achieve better results by reducing process completion time and increasing collaboration.
In addition, SAP HANA’s capability to act as a single source of truth and information access gives users a centralized control system. As a result, it becomes easier to make decisions—especially those that impact the company’s finances.
SAP HANA has several built-in capabilities that can reduce a business’s costs. For instance, a company incurs several types of costs regularly and needs a system to optimize these charges. SAP HANA brings the requisite agility and flexibility.
In addition, the SAP HANA cloud system saves costs for storing data and buying and maintaining infrastructure. It has ready-to-go application programming interfaces (APIs) and other services that bring effective adaptability to businesses. As a result, they can deliver services faster, which leads to better productivity and lower implementation costs.
Other cost-saving measures include forecasting, which enables businesses to estimate prospective costs. There are also solutions that predict a machine’s health and alert users about its maintenance, faulty parts, and other concerns. These timely alerts let businesses be proactive about upkeep and save on sudden downtime.
SAP HANA also has artificial intelligence (AI)-based features and advanced analytics powered by machine learning. Using these features, businesses can build a set of high-productivity and low-cost practices.
SAP S/4HANA has replaced SAP ERP Financials. It’s an updated and modernized version of its predecessor that brings several improvements. Replete with features like a single source of financial truth, real-time financial information, and predictive accounting, this system brings better visibility to the company’s financial health.
Using these SAP S/4HANA features, businesses will see a host of benefits:
SAP HANA is a modern and advanced solution that can take on multiple roles for a business, leading to financial savings, higher customer engagement, and better productivity. Now is the perfect time to migrate your business to SAP S/4HANA. Leverage its many features to get the results your company needs.