Monthly Archives: March 2018
Challenges of Relying on Your Legacy Tools
Data management is often an enormous task for many companies, and it becomes increasingly difficult with outdated legacy systems. Finance teams require a “single source of truth” in order to be accurate and predictive. But as companies grow, many are beginning to realize that existing tools rely on legacy systems that don’t communicate with each […]
Mastering Predictive Analytics: Analyze, Predict, Act
In order to have strong predictive analytics, finance teams need to start by shifting their data conversations from data quantity to data quality. The focus on data-driven decision making leads these teams to gather all the data they possibly can without determining if it fits into their strategy. “We must follow the mantra: analyze, predict, […]
ImpactECS In-Depth: System Events Overview
Actions, commonly called “events”, occur when activities like clicking the save button or pressing a key, and system-generated activities like logging error messages during model recalculations are performed. This functionality – known as event handling – gives developers the ability to “handle” or react to events in ImpactECS. ImpactECS System Events enables developers to execute […]
Skeptics vs. Enthusiasts of Big Data Analytics
There are a few telltale signs of skeptics and enthusiasts of analytics. Skeptics tend to be over the age of 50 and have never needed predicative analytics in their business finance processes. Today, skeptics recognize that the world has changed. It is much more volatile. But they still challenge the need to embrace deep or […]
Key Elements for a Functional Finance Strategy
The finance strategy creates the foundation and framework for transformation of the finance function. Functional finance strategies deal with external and internal requirements for the finance team. They consider external megatrends and innovation and make specific what the vision and mission should be, and make what areas will create value for the business clear the […]
Untapped Potential for FP&A Through Data Visualization
For companies engaged in financial planning and analytics (FP&A) programs, the presentation of data often plays a significant role in the quality of business decisions made. Strong FP&A practices include attributes that are challenging to achieve – timely data, a single version of the truth, and integrated data and planning processes. An article from The […]
Harnessing Data for Real-Time Operational Reporting
CFOs are increasingly shifting to business partnering and strategy. Getting a clear perspective of the key drivers for the business as they happen is increasingly important, from classical finance measures around income, expenses, days sales outstanding, and profitability to operational measures like customer satisfaction or sales pipeline health. Providing real-time access for operational departments, rather than […]
Put Your Money Where Your Strategy Is
“Managing strategy is learnable. It is important to include and protect planned spending for strategic projects and initiatives and risk mitigation spending in budgets and driver-based rolling financial forecasts. The three types of projects (capital, strategy, risk) lead to long-term sustainable yet safe value creation. Driver-based operational expense planning assures that the correct level of […]
Transforming Data to Fulfill Your Mission
Business and IT executives are increasingly looking to technology not only to improve cost control through efficiency and productivity gains, but also to drive revenue, accelerate innovation, and improve the ability to fulfill their missions. The key to doing this is to treat data as you would any other asset. Companies must invest in technology […]