SAP S/4HANA: The Torchbearer in Intelligent Enterprise Journey
In the present digital age with cut-throat competition in every sector, businesses must offer compelling and consistent customer experience and innovative products and services. Your organization will be able to create a superior, personalized, and enriched customer experience only when you leverage intelligent technologies such as SAP S/4HANA.
Intelligent Enterprise can empower organizations to grow faster in an ever-changing digital environment. As your organization battles with an excess of data from various systems, you may feel overwhelmed. You know you need that data to be doing so much more than it is right now because the ability to make decisions based on accurate and appropriate data is critical to gain a competitive edge in today’s dynamic world. With SAP S/4HANA, organizations can use data, people, and enterprise assets in an aggregated manner that best suits their business.
This article explains how SAP S/4HANA can be the torchbearer on your journey towards an Intelligent Enterprise. Before that, let us consider the reasons why you must become an intelligent enterprise.
Top 5 reasons why your company must become an Intelligent Enterprise
An Intelligent Enterprise leverages intelligent technologies to enable the workforce to focus on higher-value outcomes. Here are the top 5 reasons why your company must become an Intelligent Enterprise.
- Allows your organization to be more agile with a clear chance of sustainable growth
- Achieve breakthrough outcomes in redefining the end-to-end customer experience
- Makes your business processes more effective and reliable
- Delivers a step-change in productivity
- Helps your business to stay ahead of the competition
6 capabilities of SAP S/4HANA that will lead your path to becoming an Intelligent Enterprise
All businesses can become intelligent enterprises by transforming their business models to become more flexible, customer-centric, and responsive to market demand. Here are six capabilities of SAP that can help transform your organization into an intelligent enterprise.
1. Intelligent suite
SAP intelligent suite is a carefully curated ensemble of solutions that address challenges faced by different business functions of an enterprise. This suite helps every aspect of your organization, including employees, clients, customer experience, products, supply chain, IT, and more. It also allows stakeholders to take advantage of in-depth business insights. In short, it enables you to have a 360-degree view of your business.
2. Experience management
To understand why things happen, you must understand the thoughts and sentiments of the people involved. Experience management solutions of SAP are aimed to help businesses improve customer, employee, product, and brand experiences. It is a process of monitoring each interaction stakeholders have with an organization in real-time to spot the problems. Experience management solutions provide insights into the thoughts and feelings of your employees, customers, and stakeholders.
3. Business technology platform
SAP’s business technology platform helps modernize business processes and turn data into action. This digital platform makes it easier and quicker for companies to become intelligent enterprises. It offers more options with one unified business-centric platform for data, analytics, and intelligence. Best of all, it supports application development and integration.
4. SAP industry cloud
As a service, the SAP industry cloud enables organizations to undertake application management work while the platform allows users to access data in real-time. SAP cloud is one of the most popular services today. Its key functionalities include analytics, transactions, security, integration, and more. Thus, SAP cloud empowers your business to discover and deploy vertical solutions leading to industry best practices and extend the current business process.
5. Sustainability management
The SAP suite of sustainability management solutions addresses various sustainability needs. It can integrate compliance and safety activities while improving the sustainability performance of an organization. It enables businesses to understand and manage their impact on people and their environment.
6. Business network
Across all industries, businesses have reported disrupted supply chains and effects on day-to-day business operations because of the pandemic. SAP’s business network helps enterprises adjust quickly and responsibly to disruption and fast-changing market demands. It enables companies to reinvent business methodologies with the help of interconnected value chains and flexible networks.
These six capabilities can help your business achieve the best possible results as you embark on the intelligent enterprise journey.
How do you know if you need to become an Intelligent Enterprise?
Answering the following questions will help you understand if you need to embark on the journey to become an intelligent enterprise:
- Is your company focused on customer experience?
- Do you employ an experience management platform to understand all the people involved?
- Does your company leverage intelligent technologies such as ML, AL to provide the agility and speed required for growth?
- Does an SAP cloud platform connect your business process to provide you real-time updates?
If your answer is ‘no’ to any of the questions, you know you need to get on to the path of becoming an intelligent enterprise TODAY.
Are you ready to implement an Intelligent Enterprise strategy?
The intelligent enterprise is a strategy that uses the above technology to turn data into actionable insights. This strategy enables your business to be more agile and increases the opportunity for sustainable growth. An intelligent enterprise is an approach or a strategy that your organization adopts by leveraging SAP S/4HANA. Now that you know what an intelligent enterprise is and how you can leverage SAP S/4HANA to become one, you must think about implementing it for your organization.
Though every industry is different, and the outcomes may vary, a common link across sectors is “customer experience.” Hence, it is vital to remember that the journey to becoming an intelligent enterprise starts with defining your business goals across the organization with the customer experience at the forefront. Once you define your goals, your organization must implement the essential capabilities of SAP S/4HANA at the highest level.
Become an Intelligent Enterprise ASAP
SAP S/4HANA is a vital blueprint to becoming an intelligent enterprise. SAP solutions can empower you to become a leader in your industry. SAP S/4HANA provides you a risk-free approach that allows for a seamless transition into an intelligent enterprise without business disruption.
Fingent offers SAP S/4HANA custom implementation and migration services.
Stay up to date
on whats new
Get a free
Talk to our experts today
about your business
Fingent Helps Ensure Hassle-free Filing of B2B e-Invoices for SAP Users in India
e-Invoicing is fast becoming the norm rather than the exception across industries and is being deemed mandatory by many governments as well. The Government of India has announced that starting from 1st October 2020, e-Invoicing will be mandatory for enterprises with a turnover of ₹500 crores while they submit their B2B invoices to the IRP and GST portal.
Invoices that do not comply with the set requirements will be considered null and void. All registered businesses under the notified class of taxpayers with an aggregate turnover of ₹500 crores and above must get ready and take advantage of solutions that facilitate the automatic issuance and receipt of electronic invoicing.
In today’s fast-changing world, enterprises are under increasing pressure to adapt and perform. One way to deal with this challenge is to simplify processes for both buyers and suppliers. e-Invoicing is an excellent step in that direction. By making the transition from physical to digital invoicing, many companies are reaping the benefits of a more reliable, traceable, secure, and streamlined process. Fingent helps you accomplish the change in the simplest way.
This article covers how SAP provides an automated solution for your business and how easy it is to file e-Invoices through your SAP ERP system.
Without further ado, let us get into the details of e-Invoicing for B2B businesses.
What is the difference between a digital invoice and an e-Invoice?
Is there really a difference? Yes, there is! A digital invoice is either a Word or a PDF file of a paper invoice that is scanned. An e-Invoice on the other hand, is a data file that is transferred between computers. It contains structured data making it easier for a computer to comprehend and book automatically.
Why switch to e-Invoicing?
IRN has become mandatory on invoices and it is a requirement to avail the credit. False filing of credit with fake invoices has caused a considerable loss of revenue for the government. The e-Invoice system can provide a better taxpayer service resulting in an enormous reduction in evasion. e-Invoicing can also enhance the efficiency of tax administration by setting up enterprises on paper to generate invoices.
An e-Invoice helps you detect and avoid false claims made through fake invoices. It restricts tampering with invoice value and other details. It can also simplify GST reporting.
Here are some benefits of e-Invoicing:
- Convenient: Processing is digital and automated
- Fast: No waiting time for the paper to move from one desk to another
- Accurate: Minimized human error
- Cost-effective: Printing and postage cost is eliminated
What is involved in e-Invoicing?
Having seen the benefits of e-Invoicing, let us get into the nitty gritty of e-Invoicing. Electronic invoicing or e-Invoicing is a system that is used to generate and authenticate an electronic document containing transaction information between the seller and the buyer. It is automatically sent over the internet and can be easily integrated into a customer SAP ERP or third-party system.
The IRP (Invoice Registration Portal) gives an identification number to these e-Invoices. The IRN (Invoice Reference Number) generated by IRP will then be used to transfer all the information to the e-Way bill portal and the GST portal. This system reduces human efforts and a lot of paperwork. These e-Invoices are specially simplified with web apps while still allowing for SAP systems to process them easily.
The documents that are valid for e-Invoicing are invoices by a supplier, credit notes by a supplier, debit notes by a recipient. In the SAP system it is extremely easy to determine if the customer is eligible for e-Invoicing. Currently, the SAP solution is valid for B2B customers. If a customer has a registered GSTIN (goods and services tax identification number), the standard SAP solution determines if the customer is eligible for e-Invoicing or not.
How to generate an e-Invoice under GST?
Here is a look at the steps involved in generating e-Invoices:
- e-Invoices must be generated in the standard format prescribed by the GST network.
- After generating the e-Invoice, it will be updated on the IRP and sent through an asynchronous call.
- The IRP will then assign an IRN to the e-Invoice and digitally sign it.
- Then, IRP will generate a unique QR code that contains vital information on the invoice.
- Lastly, the e-Invoice is emailed to the recipient of the document.
The e-Invoice process and its advantages
The e-Invoice system aims to avoid data mismatch errors by addressing various challenges and enabling better data reconciliation. The generation process allows for interoperability, thus minimizing data entry error. It allows you to track the e-Invoices prepared by suppliers in real-time. As the relevant data of the invoices are auto populated when filing different returns, it makes the tax return filing process much simpler and easier.
How SAP rose to the occasion
With most aspects of the business being digitized, the government process is not far behind. This approach towards digitization by the government has generated a need for electronic tax compliance. The e-Invoice system with regulatory obligations has become mandatory for businesses in most countries, including India. In order to cater to the need for a country-specific legal requirement integration, SAP developed its own SAP document compliance solution for S/4 HANA systems and SAP ECC for India users.
Benefits of navigating e-Invoicing through SAP document compliance
- A Global platform: SAP e-documentation is a globally used platform to generate e-Invoices and real-time reporting.
- Live status update: It offers a live status update for each e-Invoice.
- Health check: By validating transaction data, it ensures an error-free payload to the IRN and NIC portal.
- Three solutions in one platform: It consists of e-Way bill, e-Invoice, and SAP digital compliance service of India.
SAP document compliance can offer businesses real-time generation of e-Invoices, auto-generate part-A of the e-Way bill while creating an e-Invoice, smoothen reconciliation between the e-Way bill and IRN and make cancellation of IRN possible.
How Fingent can help you stay compliant with GST India e-Invoicing
Being a Silver Partner of SAP, Fingent offers e-Invoicing integration for SAP ERP users in India. We provide:
- API integration to authenticate, generate, cancel, print, and track e-invoice as per the prescribed format
- Follow SAP billing transactions to generate e-invoices directly
- MIS Reporting, Reconciliation, Status, Alerts, and Dashboards
- Extensive configuration options and easy-to-manage customizations
- No conflict with any of the existing SAP functionalities
- SLA-driven support under AMC
- On-demand support to handle any statutory changes made by the Govt.
Read our case study: Automated Integration between SAP SuccessFactors-Employee Central and SAP S/4HANA– How Fingent helped the customer gain real-time insights for improved decision-making
The right implementation of e-Invoicing has the potential to transform the transactional landscape of the Indian commercial economy into a transparent digital system. It is an opportunity to create an automated e-trail and the SAP solution is designed to help you make this smoother and keep a tight control over legal requirements and compliances.
Future-proof your business by giving it the edge it needs with our customized SAP solutions, which will help you with your e-Invoicing as well as offer you a host of other competitive advantages. We at Fingent are experts at creating intelligent business solutions with SAP. Give us a call and let us get you started.