By itself, data isn’t useful for business; the application of analytics is necessary to transform data into actionable information. Data analysis of one sort or another has long been a core competence of finance departments, applied to balance sheets, income statements or cash flow statements. Today, however, Finance must go beyond these basics by expanding the scope of the data being examined to include all financial and operational information that can yield actionable insights. Analysis thus should include, for example, data from the systems that manage sales operations, human resources and field service and that data must be available to all departments and applications that need it.
Topics: Customer Experience, Human Capital Management, Marketing, Voice of the Customer, business intelligence, embedded analytics, Learning Management, Analytics, Collaboration, Data Governance, Data Lake, Data Preparation, Information Management, Internet of Things, Contact Center, Data, Product Information Management, Sales Performance Management, Workforce Management, Financial Performance Management, Price and Revenue Management, Digital Technology, Digital Marketing, Digital Commerce, ERP and Continuous Accounting, blockchain, natural language processing, robotic finance, Predictive Planning, candidate engagement, Intelligent CX, Conversational Computing, Continuous Payroll, AI and Machine Learning, revenue and lease accounting, collaborative computing, mobile computing, subscription management, agent management, extended reality
Ventana Research has awarded IBM its 2019 Digital Innovation Award. This award recognizes the vendor’s support for identity management using blockchain technology through IBM Verify Credentials. The application is a first, small step in establishing a blockchain-enabled system for decentralized identity management, a technology that ultimately will enable point-to-point exchange of information about people, organizations or things. This form of identity management has considerable potential in the following areas:
Workday will acquire Adaptive Insights for $1.55 billion in cash, with the transaction scheduled to close in the third quarter of this year. The combination adds Adaptive Insight’s well-developed cloud-based financial performance management software to Workday’s workforce and financial management suite. Workday says Adaptive will operate as a standalone business and continue with its current product strategy.
Workday recently presented a technology summit for industry analysts. The presentations focused on Workday’s ongoing product advancements as well as its approach to employing emerging technologies. These technologies include artificial intelligence (AI) and machine learning (ML), robotic process automation (RPA) and bots utilizing natural language processing. Ventana Research uses the term “robotic finance” to refer to these technologies when used in the office of finance. In our view, they will have a profound impact on the nature of white-collar work over the coming decade. Financial management and ERP software vendors are focusing on these technologies because they will disproportionately affect finance and accounting departments: I estimate that their adoption has the potential to eliminate one-third of the accounting department’s workload within a decade.
Prophix is an established provider of financial performance management (FPM) software for planning and budgeting, forecasting, analysis and reporting, and managing the financial close and consolidation process. Its eponymous software is designed specifically for midsize companies or midsize divisions of larger corporations. These organizations are a distinctive segment of the market in that they have almost all the functional requirements of large enterprises but have fewer resources to apply to these critical tasks. Fortunately, the evolution of information technology over the past decade has been especially beneficial to midsize customers, bringing them expanded capabilities, substantially better performance and greater automation of routine tasks at an affordable total cost of ownership.
Topics: Planning, Office of Finance, Reporting, Budgeting, Consolidation, Continuous Planning, Analytics, Business Intelligence, Collaboration, Financial Performance Management, Integrated Business Planning, accounting close, Price and Revenue Management, Work and Resource Management, Sales Planning and Analytics, Midsize
In 2016 Unit4 acquired Prevero, a financial performance management software company. The acquisition reflects a trend toward the convergence of transactional and analytical business applications. ERP and financial management software vendors increasingly are adding analytic capabilities – especially in financial performance management (FPM) – to the core functions of transaction processing and accounting in order to broaden the scope of their offerings. The integration of transaction processing and analytical software is especially valuable to Unit4’s core customer base of midsize organizations, which we define as those with 100 to 1,000 employees. Midsize entities have almost the same systems requirements as larger ones but lack the resources the latter enjoy.
Topics: Marketing, Office of Finance, Continuous Planning, Analytics, Business Intelligence, Cloud Computing, Collaboration, Workforce Management, Financial Performance Management, FPM, Work and Resource Management, Operations & Supply Chain, Sales Planning and Analytics
Anaplan recently held Anaplan Hub, its annual user group meeting. The company offers a cloud-based business planning platform that incorporates a modeling and calculation engine. The tool makes it relatively easy to add or expand the scope of plans that can be connected and monitored as a central source. Companies typically use Anaplan software for financial planning or budgeting, sales, workforce, marketing and IT planning. These are the types of plans in which companies often need to create models that incorporate their specific requirements, their strategy and their business systems.
Topics: Customer Analytics, Human Capital Management, Marketing, Marketing Performance Management, Office of Finance, Recurring Revenue, Continuous Planning, Analytics, Business Intelligence, Cloud Computing, Collaboration, HRMS, Sales Performance Management, Workforce Management, Financial Performance Management, Price and Revenue Management, Work and Resource Management, Operations & Supply Chain, Sales Enablement and Execution, ERP and Continuous Accounting, Sales Planning and Analytics
Ventana Research recently announced the results of its latest Benchmark Research, Next-Generation ERP. The enterprise resource planning (ERP) system is at the core of nearly every company’s record-keeping and management of business processes. Its smooth and uninterrupted functioning is essential to an organization’s accounting and finance functions. In manufacturing and distribution, ERP manages inventory and logistics. Some companies use it to handle human resources functions like tracking employees, payroll and related costs.
Topics: Big Data, Mobile, Human Capital Management, Office of Finance, Cloud Computing, Collaboration, Inventory Optimization, Work and Resource Management, Enterprise Resource Planning, ERP and Continuous Accounting
Senior finance executives and finance organizations that want to improve their performance must recognize the value of technology as a key tool for doing high-quality work. Consider how poorly your organization would perform if it had to operate using 25-year-old software and hardware. Having the latest technology isn’t always necessary, but it’s important for executives to understand that technology shapes a finance organization’s ability to improve its overall effectiveness.
Topics: Big Data, Data Science, Mobile, Human Capital Management, Mobile Technology, Office of Finance, Continuous Planning, Analytics, Business Intelligence, Cloud Computing, Collaboration, Financial Performance Management, Price and Revenue Management, Inventory Optimization, Operations & Supply Chain, Enterprise Resource Planning, Sales and Operations Planning, Machine Learning and Cognitive Computing, ERP and Continuous Accounting
SYSPRO is a 35-year-old software vendor that focuses on selling enterprise resource planning (ERP) systems to midsize companies, particularly those in manufacturing and distribution. In manufacturing, SYSPRO supports make, configure and assemble, engineer to order, make to stock and job shop environments. The company attempts to differentiate itself through vertical specialization and its years of ongoing development, which can reduce the need for customization and cut the cost of initial and ongoing configurations to suit the needs of companies in these industries, thereby reducing the total cost of ownership. Worldwide its targeted verticals include electronics, food, machinery and equipment and medical devices; in the United States, SYSPRO adds automotive parts (original equipment and after-market) and energy. The company’s development efforts follow a design philosophy that balances its target customers’ need for software capabilities that are on par with larger enterprises with their resource constraints (chiefly limited financial resources and technical staffs). Its software can be deployed on-premises or in the cloud.