I was recently dragged through the LEGO movie. I must have had corporate performance management technology on my mind because apart from being an overwhelming experience, the plot reminded me of the different technology options available to businesses. You’ve got to worry!
We do a lot of work across the not for profit sector and there is a common pain, a theme to the observations and I think an untapped opportunity to deliver a transformational organisational win.
Last week I spent three days on the Gold Coast at the 2015 CFO Summit. It’s an intense round of presentations and education and I wasn’t alone in getting my thinking reframed.
Most finance teams engage in a regular and elaborate dance known as the period close. This involves the synchronisation of many steps to consolidate, validate and report financial data across the enterprise. The smart CFO strives for a faster and smoother close.
In my previous blog I discussed the four critical components needed to develop effective business forecasting and planning. When it comes to these components, and how effectively organisations are using these, I have seen three consistent scenarios within organisations.
How good would it be if, from a business and finance perspective, you were able plan with greater confidence?
Clean data is good data. There is no doubt about that. Every executive worth their salt knows better decisions stem from accurate and timely information. When information isn’t current, relevant and precise then the decisions arising are either lucky or bad.
The role of the finance department and, in particular, the CFO is changing fast. Against a backdrop of rapidly evolving technology, business leaders are expecting more from their finance executives.
In a recent gathering of CFOs one brave individual shared their pain. It was a familiar theme I have seen played out many times. The issue they faced was the relentless number of requests for a business forecast.
Across all areas of business, finance professionals are among the most sophisticated users of IT tools. The applications they build perform highly sophisticated data extraction and modelling as well as highly aggregated dashboard views; all using Excel!