What is approval process in SAP EPM-BPC - Business Planning and Consolidation?

SAP Term: approval process

• Component: EPM-BPC

• Component Name: Business Planning and Consolidation

• Description: The workflow that allows users to review data or a workflow step, and then assign a status, for example, approved, rejected, or completed,to indicate that it meets, or fails to meet, certain criteria.

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• Key Concepts: 
  Approval process in SAP EPM-BPC Business Planning and Consolidation is a workflow that allows users to review and approve documents, such as financial plans, budgets, and forecasts. It is designed to ensure accuracy and consistency in the data that is used for planning and reporting. The approval process can be configured to include multiple levels of approval, with each level requiring a different set of users to review and approve the document.
  
  How to use it: 
  To use the approval process in SAP EPM-BPC Business Planning and Consolidation, users must first create an approval template. This template defines the steps in the approval process, including who needs to review and approve the document at each step. Once the template is created, users can then assign it to a document or plan. When the document or plan is submitted for approval, it will follow the steps defined in the template until it is approved or rejected.
  
  Tips & Tricks: 
  When creating an approval template, it is important to consider who needs to be involved in the approval process. It is also important to consider how long each step should take, as this will affect how quickly documents can be approved or rejected. Additionally, it is important to ensure that all users involved in the approval process have access to the necessary documents and information they need to make an informed decision.
  
  Related Information: 
  For more information on using the approval process in SAP EPM-BPC Business Planning and Consolidation, please refer to the official documentation provided by SAP. Additionally, there are many online resources available that provide tips and tricks for using this feature effectively.