There is a lot of fat in SAP: people who spend their time just networking or creating confusing powerpoint, management travelling around the globe in business class for no outcome, etc. If Elliott can streamline SAP's organization, it will have a direct impact on bottom line.
SAP also needs to face the harsh reality: how many new products were developed internally in the last 15 years (before the M&A wave)? We could talk at length about SAP ByDesign, how much was invested, how many people worked on it and how many paying customers today........
All new SAP products have been coming from M&A, rightly or wrongly. And of course, it comes with issues as well like integration, UI, architecture, etc
Good post from @YQpmAaL-bhx.