In May 2019, SAPPHIRE NOW + ASUG Annual Conference in Orlando, Florida brought together SAP leaders, partners and customers to discuss the latest ideas, technologies and platforms transforming businesses today. This blog is the first in a series highlighting the most important lessons we took from this year’s event.
Lesson 1: The Only Way Forward is the Cloud
One focus topic at SAPPHIRE NOW was the cloud, referred to as the “only way forward for business”. The reason: Companies that want to take advantage of the latest cognitive technology, for example machine learning and artificial intelligence, as well as advanced analytics will only be able to do so in the cloud. Additionally, cloud solutions offer greater flexibility for business because they
- Consume and manage large data sets easily across multiple enterprise systems and data sources
- Can be used by companies of any size and complexity
- Provide a single gateway to information for global users on a 24x7 basis
- Scale to meet changing business needs with flexible resources
- Protect against constantly evolving cyber threats with dedicated resources and necessary experience
- Reduce the total cost of ownership of enterprise systems, eliminating the need to invest in and maintain expensive enterprise hardware and software solutions
What should organizations do now?
If your organization isn’t moving to the cloud yet, there are still many ways to improve your existing processes with cloud components. Here are three examples from the world of finance automation
- Extend your existing processes with cloud-based features. For example, implementing a web-based vendor portal enables suppliers to submit invoices online for faster, more accurate payments. You can also capture bank statements and remittance information in the cloud to speed up cash application.
- Improve user access to information by using cloud storage for archived data and documents. Cloud is a cost effective way for storing information to meet long-term legal, fiscal and regulatory requirements. It also ensures users have 24x7 access to information, wherever they are. By centralizing information in a single cloud repository, you can easily ensure that all archived information is stored securely and that it meets your compliance and data privacy requirements.
- Take advantage of expert managed services to perform repetitive, low-value tasks and compliance activities that aren’t part of your core business. Managed service providers combine highly scalable cloud technology and expert resources to perform technical and repetitive tasks such as setting up and supporting international bank connections and payment formats.
By adding new cloud components to your processes now, your business users and IT teams will be able to gain confidence in the security, accessibility, and speed of cloud solutions and experience the many other benefits the technology brings to global businesses.
Eager to learn more about the most important learnings from SAPPHIRE NOW 2019? Stay tuned for the next blog in this series: Lesson 2: Megatrends will Disrupt the Financial Landscape