SAP SE Launches Cost and Revenue Allocation for Financial Products Application
June 24, 2015
SAP (News - Alert) SE, a company most known for its work with databases, is getting into the financial market in a significant way with the release of its Cost and Revenue Allocation for Financial Products application. The new release will leverage SAP HANA to give executives proper access to financial information and corporate data.
The Cost and Revenue software means to take advantage of the mountains of data that now affects banks, insurers, and other market entities. With the ability reach corporate data quickly, bankers can extend their services to customers with more clarity and readily adapt to market changes. This allows bankers to assure that the return on their investments is as high as possible while also providing clients with the peace of mind that they are getting products and services backed by the most up-to-date market data.
Ross Wainwright, the global head of financial services industries at SAP, frames this situation as one of cost management and discusses the benefit of data processing that his company's products can bring its clients.
“Profitability and cost management are becoming increasingly important as the industry becomes more competitive,” Wainwright said. “Having the ability to process core data points quickly across the entire organization gives banks and insurers the insight they need to stay ahead of their competitors and increase their return on investment.”
TMC (News - Alert) has noted reports, which show that the business intelligence market is growing and poised to reach more than $26 billion by 2020. SAP's Cost and Revenue is just one part of that puzzle. It should have a defining effect on financial markets because it brings together stores of data and provides information to market professionals in a usable format.
SAP states simply that its software will allow entire financial entities to process more data and therefore create more detailed pictures of financial scenarios. This can be everything from basic consumer loans to insurance packages for fleets of vehicles. Cost and Revenue could access information about a consumer's or enterprise's history and the current state of lending markets to make timely offerings of all types of services. It replaces what once was done by hand and what has been, until now, largely a guessing game limited by the functionality of IT software. This software wants to be the next jump forward.
Edited by Maurice Nagle