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Streamlining Financial Processes in the Cloud

January 21, 2020

Streamlining Financial Processes in the Cloud

Finance departments now have many software tools and options at their disposal to automate and assist in budgeting, analysis, billing, accounting, purchasing, reporting, and more. Unfortunately, if these tools do not integrate and synchronize with the organization’s core ERP, deploying these solutions can result in more work and dedicated resources to exchange information between systems, which can result in more manual errors. 

SAP has made SAP S/4HANA Finance available for cloud deployment, and many of its partners have prioritized cloud-native financial applications that deeply integrate with SAP S/4HANA.

In Q4 of 2019, SAPinsider surveyed 102 members of our audience to understand their current finance strategy, whether that involves cloud-native solutions, and how they plan on meeting their strategic needs and objectives. We found that the majority (54%) ran at least one financial solution in the cloud.

In the survey, the needs to improve processing efficiencies and visibility emerged as the key business drivers for financial technology investments. Organizations streamline workflows, reduce manual processing, and support rapid organizational change to address those drivers. They need reporting capabilities, a centralized view of the organization, accurate predictions and forecasting, and simulation capabilities for their strategies to succeed, and they invest in a wide range of solutions both in the cloud and on-premise to gain all the necessary capabilities (see Figure 1).

Figure 1. Technologies in use

Technologies in Use

Source: SAPinsider, January 2020

This report takes an in-depth look at the data behind these findings as well as the financial strategies of all organizations in the survey.

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