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What You Need to Know About SAP HANA and Simple Finance

Published on 17 August in Next Ventures

SAP HANA and SAP Simple Finance have transformed the way CFOs, finance executives and other financial professionals manage complex financial data.

It’s allowed them to stay competitive and plan ahead…strategically.

While both are far too complex and multi functional to discuss in a single article, we decided we’d digest the key information you need to know about SAP HANA and Simple Finance. If you’re not already a convert, that is!

So let’s get started…

What is SAP HANA?

SAP HANA is an in-memory relational database management system designed to handle high transaction rates. When it was launched, it transformed the data industry, combining database, data processing and application capabilities in a single memory platform, deployable both as an on-premises appliance, or in the cloud.

Its functions include operational analytics, providing on-the-fly analysis to inform real-time decisions, the ability to deal with big data quickly and a powerful suite of predictive, spatial and text analytics libraries across multiple data sources.

SAP HANA’s massive speed (3.19 million symbol scans per second per core), radical efficiency and sheer scale (SAP set a new record for the world’s largest data warehouse) set it apart from other platforms. It’s an open platform that offers greater flexibility and choice than its rivals, at a lower cost.

“SAP HANA [is] the platform for building and deploying next-generation, real-time applications and analytics.”

SAP

Very true - unless you work in finance.

Unfortunately, SAP HANA has been found to lack the complexity and dynamism required to satisfy the complex needs of finance directors and CFOs. It falls short of the level of real-time financial analysis, financial consolidation and financial risk management that they need.

CFOs needed a more innovative approach – enter SAP Simple Finance.

What You Need to Know About Simple Finance?

SAP Simple Finance is a comprehensive finance solution based on SAP HANA, which delivers instant insight for finance professionals. It preserves the functional strength of SAP HANA, while additionally handling financial planning and analysis, accounting, collaborative finance operations, enterprise and compliance risk operations and financial risk management.

Simple Finance has taken all the best things about SAP HANA and removed all the worst, creating perhaps the ultimate financial management tool.  It’s been specially designed to break down and simplify the complexity of financial management.

Simple Finance offers a single, common and harmonised view of financial and management accounting data, which foster consistency and enable high-speed, ‘real-time’ analytics sharing cross-enterprise. Users are universally impressed with the beautiful, modern and consistent HTML5 based user experience on any application or device.

Put simply, Simple Finance optimises your business processes, whether on premises, hybrid or cloud, with a non-disruptive migration path and event driven processes.

Ultimately, SAP Simple Finance allows you to do your job better. It allows you to give better business advice based on sound and timely insights and analytics, manage your working capital and financial risks more effectively and simplify your IT processes, which in turn lowers the risk of errors, fraud and noncompliance activities.

SAP Simple Finance could just be the CFOs best friend. It’s going to make your life much simpler, at least. Those looking to change their ERP systems, or introduce one for the first time should look to install Simple Finance in the cloud.

Do you use SAP Simple Finance for your financial operations? Maybe you're seeking employment with an organisation that does? Get in touch today to discuss your SAP staffing requirements or employment opportunities in a SAP organisation. 

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