A core objective of my research practice and agenda is to help the Office of Finance improve its performance by better utilizing information technology. As we kick off 2014, I see five initiatives that CFOs and controllers should adopt to improve their execution of core finance functions and free up time to concentrate on increasing their department’s strategic value. Finance organizations – especially those that need to improve performance – usually find it difficult to find the resources to invest in increasing their strategic value. However, any of the first three initiatives mentioned below will enable them to operate more efficiently as well as improve performance. These initiatives have been central to my focus for the past decade. The final two are relatively new and reflect the evolution of technology to enable finance departments to deliver better results. Every finance organization should adopt at least one of these five as a priority this year.
Topics: Big Data, Performance Management, Planning, Predictive Analytics, forecasting, Budgeting, close, dashboard, PRO, Tax, tax data warehouse, Analytics, Business Analytics, Business Collaboration, CIO, In-memory, Accounting, Business Performance Management (BPM), CFO, Customer Performance Management (CPM), Financial Performance Management (FPM), pricing, Sales Performance Management (SPM), Supply Chain, Supply Chain Performance Management (SCPM), CEO, demand management, Financial Performance Management, FPM, price and profitability optimization, scorecard, S&OP
People who don’t spend much time analyzing the software market may have trouble understanding the differences between products in a given software category or the difference between two categories. This happens because vendors and commentators use the same words to describe different depths of functionality and degrees of comprehensiveness in one type of application. As well, there can be multiple categories of software that address the same general business issues but are designed for different specific uses. Not only is it worth the effort to sort through the labels and understand what does what best, but different categories of software that are sold and deployed separately can provide even greater value when used together.
Topics: Performance Management, Operational Performance Management (OPM), dashboard, PRO, Business Analytics, Business Performance Management (BPM), CFO, Financial Performance Management (FPM), pricing, Sales Performance Management (SPM), Supply Chain, Supply Chain Performance Management (SCPM), CEO, demand management, FPM, price and profitability optimization, scorecard, S&OP