To further grow its line of Software-as-a-Service (SaaS (News - Alert)) applications, SAP has officially rolled out SAP Financials OnDemand. This cloud-based service complements its on-premises financials portfolio, and competes with other cloud vendors like Workday.
According to SearchSAP, the news was delivered this week in conjunction with the SAP (News - Alert) TechEd and Sapphire Now conferences in Madrid, Spain. SAP’s senior vice president for on-demand strategy Rainer Zinow stated that it was a logical next step for SAP.
Zinow added, “What we are seeing is the cloud market is developing fast. We have seen the customer relationship management (CRM) wave, the human capital management (HCM) wave, and it doesn’t take a lot of science to predict that one of the next waves will be financial.”
SAP said that the new application software, which is based on the financial module in the company’s on-demand ERP application Business ByDesign, ideally fits companies that may be running SAP Financials on-premises but have subsidiaries that may be operating off of legacy financial software. Having the subsidiaries deploy SAP Financials OnDemand means all sides can operate on the same financial platform, said the supplier.
As per the explanation by SearchSAP writer Todd Morrison, SAP Financials OnDemand runs on a cloud-based HANA in-memory database, and includes embedded analytics ranging from more traditional profit-and-loss and balance sheet dashboards to cash forecasting and other types of predictive analytics.
Although, companies continue to raise concerns about putting financial data in the cloud, SAP’s senior executive believes that this issue is being put to rest with precautions that are as good as, if not better, security systems of any on-premises application.
Commenting on this trend, Bill McNee, president and CEO of consulting firm Saugatuck Technology, stated, “The number of cloud-based applications has lagged in part due to CFOs being so conservative by nature and there being so few “credible options” on the market. He added, “That’s slowly beginning to change.”
The report indicates that SAP Financials OnDemand is currently available in eight countries. These include the United States, Canada, Germany, Switzerland, United Kingdom, Netherlands, India, and Australia.
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Edited by Brooke Neuman