The Ledger

You Have Options With Innovation

When it comes to innovation, there is no “one size fits all” approach. At its core, innovation is all about solving problems, and there are just as many ways to innovate as there are types of problems to solve. Leaders need to start treating innovation like other business disciplines- as a set of tools that are designed to accomplish specific objectives. An “Innovation Matrix” was created to help identify the right strategy to solve a problem by asking the questions, “how well can we define the problem?” and “how well can we define the skill domain(s) needed to solve it?”.

Read More at The Harvard Business Review >

Slower Innovation Can Be More Valuable

The business world today has adapted a fast culture that is often about rapid response to a new blip on the radar, leading to a win for companies who can mobilize and capitalize quickly. However, there is still a lot of value in a slow culture when it comes to innovation. Slow innovation focuses on changes that you see coming but that may not be ready to transform your business immediately.

“The major benefit of slow innovation is prescience; if you’re patient and committed, slow-innovation projects could alert you to an idea, trend, or gap in the market that would have otherwise appeared to “happen overnight.””

Read More At The Harvard Business Review >

Breaking Down Data Silos to Get the Full Picture

The finance function in any organization is constantly charged with tasks like budgeting, planning, forecasting, and reporting. However, many finance professionals only see bits and pieces of their data and struggle to see the full picture. The data they see usually comes from planned or projected revenue and expenditures, but they really want to see the data that tells the “how” and “why”. The solution lies in breaking down the data silos and combining data from other applications into an enterprise modeling platform.

Read More at the EPM Channel >

Don’t Let Forecasting Overshadow Your Planning

While forecasting is a vital practice, it can be misused and overshadow or replace business planning. Part of the problem is that finance professionals use forecasting and planning interchangeably, but they are completely different. Planning is about knowing where you are today and determining where you want to go, whereas forecasting is more about estimates and trying to figure out what the future will bring. It is important to understand the difference and to not overlook the value of forecasting, but also to know when it is useful.

Read More at Strategic Finance Magazine >