And yet, my organization is moving from 22 separate Oracle, AS400!, and other legacy ERP systems to SAP. This plan has been going for years and will continue for at least the next 5-7 (already in the plan).

SAP sucks
ERP sucks

When companies commit to doing it right, they make business suck less.

What is of a primary INVESTMENT concern are products and professional services. Much of SAP's model depends on paying some $400/hr person to do the thing. With the advent of modern data platforms and systems, much of this integration and enablement work can be insourced or minimized or provided by yet a different group of consultants.

SAP are doing all the right things, but their moat is crumbling and the sign of that hinge on rise and fall of professional services.