Only nine months after the launch of its Simple Finance product, SAP has revealed than 42 per cent of the company's existing clients want to move to the cloud-based finance platform in order to streamline their financial processes.
Additionally, 30 per cent of SAP's customers say the real-time insights offered by Simple Finance will help them make better business decisions about their company.
“Considering that SAP Simple Finance has only been available since the start of the year, it is interesting to see that many organisations are already looking to implement it. It appears that SAP’s simplification mantra is starting to resonate with customers,” said Philip Adams, chairman of the UK & Ireland SAP User Group.
However, the report also revealed some of SAPs other customers were not planning on implementing Simple Finance was because they could not justify the cost of the software over its benefits at this time.
19 per cent of companies surveyed said they were unable to move to Simple Finance because they would need to update their entire landscape, while 14 per cent wanted to see more real-life case studies before making the jump.
Adams said these stats show "there is still work to be done to help customers overcome these obstacles and take advantage of the latest product innovation from SAP.”
SAP's UK and Ireland managing director, Cormac Watters, added it is critically important that businesses have the right tools in place to help them thrive in the digital world. As a result, the company will be working more closely with the User Group to ensure any concerns are addressed.
The most in-demand feature of Simple Finance is automation. 86 per cent of the survey's respondents said they need it to make their invoicing function more efficient, while 72 per cent said they had already automated their systems.
"We are committed to working closely with the User Group to help our customers and prospects understand the potential of new technologies such as Simple Finance, and to help them make an effective business case for investment.
"This is particularly challenging in industries such as Financial Services that have significant legacy systems in place. We urge User Group members to work with our Line of Business experts in this area to support their digital transformation," he said.