SAP HANA for Financial Services Industry
Transforming Financial Industry Dynamics with SAP HANA
The dynamic landscape of the financial services industry presents a myriad of challenges and opportunities, necessitating the adoption of advanced technologies such as SAP HANA services to stay ahead. SAP S/4HANA for the finance industry represents a cutting-edge, intelligent, and integrated enterprise resource planning suite aimed at revolutionizing financial processes and driving business growth. Leveraging the robust foundation of the SAP HANA in-memory database, it facilitates a transition from traditional transactional systems to a data-driven, real-time approach, promising unparalleled efficiency, accuracy, and strategic advantage. Also, migrating to a cloud platform like SAP B1 is the best option for a fast-moving industry like the Financial Services Industry.
Tailored to the unique needs of the finance industry, SAP offers specialized functionalities for cost controlling, fixed asset accounting, cash management, and risk management, among others. These customized capabilities empower financial institutions to optimize cost structures, manage risks effectively, and ensure compliance with regulatory requirements.
order to Cash
SAP HANA for financial services streamlines the entire order-to-cash process. It begins with order management, where procurement aligns with sales orders and credit management. The system then manages order fulfillment, shipping, customer invoicing, and incoming payments. Management Information System (MIS) reports ensure business control, while customer item codes stored as BP Catalog Numbers enable efficient processing and tracking. Sales BOM solution simplifies scenarios involving separate accessory procurement but unified customer delivery. Backorder reports expedite order processing, crucial in the Financial Services Industry.
Procure to Pay
Procurement is initiated based on customer orders, facilitated by the procurement wizard function generating sales and purchase orders. Goods receipt against purchase orders is followed by batch-wise item allocation in stores. Accounts then handle payable invoices and outgoing payments. Vendor item codes are maintained through BP Catalog Numbers, and control mechanisms like purchase analysis and pricelist ensure accuracy.
Sales Order (SO)
SO of SAP HANA for financial services is streamlined, either upon PO generation or quotation confirmation, with documents attached via the Document Management System (DMS). Payment terms and delivery dates populate automatically, based on customer master data, with credit limit management restricting further orders.
Sales Quote
Sales quotations are generated with auto-populated fields like ‘Ship to’ and ‘Bill to’ from Business Partner Master Data. Accounting terms, contact persons, and payment terms are also auto-populated, with quotations directly emailed to customers in the Financial Services Industry.
MRP
SAP HANA for Financial Service enables Material Requirements Planning (MRP) to create purchase requests or direct POs for preferred suppliers based on Sales Orders.
Purchase Request
PRs are automatically generated by MRP, with manual creation also possible department-wise. POs are then issued against these requests.
Purchase Order
POs are generated order-wise, with PDFs directly mailed to vendors. Engineering data stored in the item master is auto-fetched, reducing errors. Order-wise PO reports ensure comprehensive record-keeping and control.
Goods Receipt PO (GRPO)
Upon vendor delivery, Goods Receipts against POs are posted, with serial numbers allocated to each item quantity, debiting the inventory.
Supplier Payment
AP invoices are added based on GRPO, followed by outgoing payments.
Production
Sales BOM functionality streamlines production processes.
Invoicing
Accounts Payable/Receivable invoices are generated, and payment entries are posted via an open document system, ensuring proper control.
Service
SAP HANA for financial services efficiently manages after-sales services for each serial item.
These processes demonstrate how SAP HANA benefits the Financial Services Industry, enhancing operational efficiency and overall performance.
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