The need for a COVID-19 vaccination “passport” has prompted some to suggest using blockchain technology as a means of reliably verifying an individual’s status at an international level. There are precedents: for example, until smallpox was eradicated, all international travelers were obliged to carry an immunization record for that disease on a standard paper form to gain entrance to a country. With the likelihood that COVID-19 will remain endemic for many years, a reliable digital record with universal accessibility would be a boon to everyone, especially to international travelers. Vaccination records are just one part of the broader topic of using blockchain technology for medical identity management.
Environmental, social and governance reporting by public corporations has become a top-of-mind issue for senior executives and boards of directors as countries increasingly consider or mandate its implementation in some form. The fundamental rationale for ESG reporting is rooted in the inability of purely financial measures to capture externalities (such as greenhouse gas emissions) or provide metrics that enable an objective assessment of management’s ability to properly determine trade-offs between short-term results and long-term sustainability. And, while in the United States the Sarbanes-Oxley Act mandates that auditors assess governance, the focus of this assessment is on preventing financial fraud as opposed to broader objectives that may be important to the functioning of the company as a sustainable entity.
A year of business uncertainty, lockdowns and operational disruptions forced finance and accounting organizations to adapt and change in many ways that are proving to be permanent. The need to operate virtually resulted in some organizations accelerating their adoption of technology, bringing them closer to achieving a transformation of the finance and accounting function: reshaping the department into an organization that is more forward-looking and strategic. Strategic in the sense of providing greater visibility into how the company and each of its business units is performing and insight into how to achieve better results going forward. Its focus is on what is happening next and not merely on what just happened. It does not only explain past results but uses that context to provide guidance about the choices executives and managers have, and the likely impact of those choices. To truly achieve this degree of transformation requires a different departmental structure, one that incorporates a Finance IT capability.
Topics: Office of Finance, Business Intelligence, Data Governance, Data Preparation, Business Planning, Financial Performance Management, ERP and Continuous Accounting, blockchain, robotic finance, Predictive Planning, AI and Machine Learning
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
“Straight-through processing” (STP) is a business process and data architecture methodology. Technology advances have made STP increasingly feasible for any business process, allowing companies to design and execute them from inception to completion in a more automated fashion, minimizing or eliminating human intervention in the process. The associated data also progresses automatically end-to-end through the process, preserving its integrity. Because there is no human intervention, data is more accurate and less prone to manipulation.
Topics: Sales, Customer Experience, Office of Finance, Recurring Revenue, Data Governance, Financial Performance Management, Digital Commerce, ERP and Continuous Accounting, Billing and Recurring Revenue
Workiva recently introduced Wdata, a cloud facility for centralizing financial and non-financial information from multiple sources. It frees up time for finance organizations, especially financial planning and analysis (FP&A) groups, to explore conditions and trends in their business because they need to spend less of it gathering data and preparing it for analysis and reporting. Ventana Research recently awarded Workiva our Digital Innovation award for Wdata because of its transformative potential.
Topics: Office of Finance, Recurring Revenue, Continuous Planning, Data Governance, Data Preparation, Financial Performance Management, Price and Revenue Management, Enterprise Resource Planning, ERP and Continuous Accounting, Sales Planning and Analytics, revenue recognition
Blockchains are attractive because their built-in security and trust factors make them useful for almost all business interactions involving organizations and individuals. Blockchains have two basic functions. One is as a method for handling transactions involving property such as land deeds, trademarks or other assets. The second involves exchanges of data such as identities of individuals or businesses, the location of an object at a point in time or weather conditions. All interactions involving property or assets include the transfer of data as well, of course, but some blockchain use cases are informational only.
Topics: Big Data, Data Science, Mobile, Marketing Performance Management, Office of Finance, Analytics, Business Intelligence, Cloud Computing, Data Governance, Data Integration, Data Preparation, Internet of Things, Digital Technology, Digital Marketing, Digital Commerce, Operations & Supply Chain
The proliferation of chief “something” officer (CxO) titles over the past decades recognizes that there’s value in having a single individual focused on a specific critical problem. A CxO position can be strategic or it can be the ultimate middle management role, with far more responsibilities than authority. Many of those handed such a title find that it’s the latter. This may be because the organization that created the title is unwilling to invest the necessary powers and portfolio of responsibilities to make it strategic – a case of institutional inertia. Or it may be that the individual given the CxO title doesn’t have the skills or temperament to be a “chief” in a strategic sense.
Topics: GRC, Office of Finance, Operational Performance Management (OPM), Chief Risk Officer, CRO, ERM, OpenPages, Business Analytics, Business Collaboration, Cloud Computing, Data Governance, IBM, Business Performance Management (BPM), compliance, Data, Financial Performance Management (FPM), Risk, financial services, FPM
Integrated risk management (IRM) was a major theme at IBM’s recent Smarter Risk Management analyst summit in London. In the market context, IBM sees this topic as a means to differentiate its product and messaging from those of its competitors. IRM includes cloud-based offerings in operational risk analytics, IT risk analytics and financial crimes management designed for financial institutions and draws on component elements of software that IBM acquired over the past five years, notably from Algorithmics for risk-aware business decisions, Open Pages for compliance management, SPSS for sophisticated analytics, Cognos for reports, dashboards and scorecards, and Tivoli for managing all of this in a Web environment. Putting its software in the cloud enables IBM to streamline integration and maintenance, offer more flexible deployment and consumption options and potentially lower the total cost of ownership.
Topics: GRC, Office of Finance, Operational Performance Management (OPM), Chief Risk Officer, CRO, ERM, OpenPages, Business Analytics, Business Collaboration, Cloud Computing, Data Governance, Governance, Risk & Compliance (GRC), IBM, Business Performance Management (BPM), compliance, Customer Performance Management (CPM), Data, Information Applications (IA), Information Management (IM), IT Performance Management (ITPM), Risk, Supply Chain Performance Management (SCPM), financial services, FPM
Informatica and Exterro have announced a partnership in the market for discovery of electronic data and documents (known as e-discovery). Exterro has made its reputation in e-discovery workflow and legal holds management while Informatica is a leader in data integration that our Value Index finds as the top and Hot rated provider. The partnership is designed to provide users of Exterro’s Fusion E-Discovery software with a single point of control for organizing and managing legal and preservation holds (that is, preventing electronic data from alteration or deletion) of unstructured and structured data that are held in Informatica’s Data Archive. Informatica specializes in the efficient management of information assets, which our benchmark research shows is not easy for most organizations to do because they have data spread across multiple applications and systems: Two-thirds of organizations said that this makes it difficult to manage information. By consolidating in a single repository the storage of information that is likely to be the subject of discovery, companies can simplify and cut the cost of the search process as well as reduce risk. Orchestrating legal and preservation holds can be complex since multiple people or groups within a company may be legally involved with the same data over an extended period of time. Moreover, it’s important to ensure that once the holds are no longer needed, all data that can be eliminated is eliminated.
Topics: Office of Finance, Operational Performance Management (OPM), eDiscovery, Exterro, Data Governance, Data Management, Governance, Risk & Compliance (GRC), Informatica, Business Performance Management (BPM), compliance, Data, Financial Performance Management (FPM), Information, Information Applications (IA), Information Management (IM), Risk, Sales Performance Management (SPM), Workforce Performance Management (WPM)