It’s a common question to inquire what SAP module is the most popular. In this post we will explore about SAP FICO and SuccessFactors module and will try to find out, which is popular.
About SAP SuccessFactors
SAP SuccessFactors is a cloud-based human capital management (HCM) platform including capabilities for recruitment, performance management, talent management, and other employee-centric solutions. In the Employee Central module, it also provides essential employee management functions.
Learn about SAP SuccessFactors with the help of SAP Success Factors Online Training and establish a reminiscing career for yourself.
When firms want to shift aspects of their HR and payroll procedures to the cloud, a staged approach is often the best option. Either the firm migrates some elements of its HCM operations to the cloud (for example, recruiting) while keeping the core operations on-premise, or they opt to migrate their whole HCM solution to the cloud in stages, based on specific locations. In any situation, seamless and tight integration between cloud and on-premise operations is crucial.
Components
The SAP SuccessFactors HCM suite’s key components are:
- Payroll
- Mobile
- Learning
- Recruiting
- Succession
- Variable Pay
- Development
- Compensation
- Employee central
- Time Management
- Reporting and Analytics
- Onboarding/Off boarding
- Workforce planning and Analytics
- Performance & Goals Management
Key features
The following are key characteristics of SAP SuccessFactors software:
- Competence on a global scale
- Reporting on payroll timesheets
- Position is changed and transferred
- Integration of compliance and auditing
- Aids in the management of vacation time
- Allows for HR transactions during recruiting
- Allows you to run queries at a predetermined time
- All SuccessFactors objects are subjected to crude operations
- Allows for a wide range of learning and development opportunities
- Provides a comprehensive human capital management (HCM) solution
Career Scope
SAP SuccessFactors is a credible HR solution with a strong market position. It has nearly surpassed SAP’s HR software-based solution. As a result, SAP HR consultants have a simple transition into SAP SuccessFactors solution consulting.
About SAP FICO
SAP FICO stands for Finance and Cost Controlling in SAP ERP, with FI denoting Financial Accounting and CO denoting Controlling. SAP FICO is a very powerful module that covers practically all business operations in a variety of sectors. It is one of SAP’s most significant and commonly utilized modules.
SAP FI:
SAP FI allows a corporation to combine many modules into a single system. This program includes all of the tools needed to manage financial transactions and accounts. Banks, tax authorities, managers, and stakeholders all rely on the reports provided by SAP FICO. Financial statements are also generated by the program. Profit and loss statements, as well as balance sheets, are examples. SAP FICO and SuccessFactors.
SAP FI has the following sub-modules, each with its own set of features.
- Bank Ledger
- Consolidation
- General Ledger
- Asset Accounting
- Accounts Payable
- Funds Management
- Accounts Receivable
- Travel Management
- Special Purpose Ledger
SAP CO:
This module helps with business process monitoring, control, and optimization. It comes with features for handling master data. Cost centers, cost components, internal orders, and other areas are included in this data. The major goal of this session is to teach you how to plan. Companies can examine variations by comparing planned and actual business data.
The Different SAP CO Sub-modules and Their Functionality Are Listed Below.
- Profit Centers
- Cost Elements
- Internal Orders
- Product Costing
- Profitability Analysis
- Cost Centers Accounting
Key Features
- SAP FI allows businesses to manage their funds across borders.
- SAP FICO software helps businesses improve their financial processes.
- Cost planning, monitoring, and reporting are all made easier with SAP CO.
- Credit management and collections may be automated with the SAP FI module.
- It gathers all of a company’s accounting data in one location for financial management.
- SAP CO provides techniques for reviewing and monitoring financial reporting overheads.
- SAP FI improves the accounts payable and receivable procedures by making invoice payments simple.
- The Financial Accounting modules may post any transactions generated in the logistics department in real time.
- For making key choices, other SAP modules such as Material management and Production planning can be connected with SAP FICO.
Career Scope
Employees who have a strong understanding of SAP FICO can better manage reporting and financial accounting. Learning about the financial planning, corporate environment, and asset accounting is critical. A SAP FICO Consultant is someone who has a thorough understanding of SAP FICO and its sub-modules. They will be able to become a successful SAP FICO consultant if they have 2 to 3 years of experience working with SAP FICO modules. SAP FICO and SuccessFactors.
The SAP FICO Online Training in India is appropriate for both beginners and intermediate users. This SAP FICO fundamentals training for beginners will teach you how to use the SAP FI and SAP CO modules.
Conclusion
Both the SAP modules have wide range of opportunities and are being used largely all over the globe. To decide which module to choose there are various factors that need to be considered. When selecting a SAP module, three aspects must be considered.
- Your Professional and Personal Objectives
- Job Openings in the Module of your choice
- Your educational background and professional experience
