Advice for CFOs: Invest in New Technology

Top Technology Trends for Today’s CFO’s” is another insightful post from a blogger we frequently feature, Timo Elliott. In it he admits that the CFO relationship with the CEO and other business executives leaves something to be desired.  He recommends that CFOs invest in the latest technology, which will increase productivity with real-time updates and continuous forecasting.

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{Image from Timo’s post, link to http://timoelliott.com/blog/2015/07/top-technology-trends-for-todays-cfos.html}

Elliott mentions a combination of new technology including: in-memory computing, big data, the cloud, and mobile.

He homes in on a key point—that finance staff at large companies are extremely bogged down with just the basics of maintaining their financial reports. As Elliott puts it, “Staff have to spend too much time on basic duties and have no time to improve their understanding of the operational measures that drive and impact financial measures.” This lack of insight or understanding of how the operational measures drive and impact financial measures is the root of the relationship problem between CFOs and other business executives.

Elliott suggests new in-memory computing technology because, “they reduce complexity by combining real-time actuals with budgeting and analysis in a single, integrated system. Financial data is stored just once, making almost every aspect of financial operations faster, simpler, cheaper, and more effective.” We couldn’t agree more, as developers of a new in-memory technology ourselves.

The result of improved systems, improved speed, and better data is ultimately a better working relationship between business executives, and a more productive, effective workplace.

Read Timo Elliott’s post here

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3 Reasons Everything in Business is About to Change

Business technologies today

There are three important patterns happening in the world that will ultimately change business in fundamental ways: where it is done, how it is done, and who does it.  An article from McKinsey Quarterly, Management Intuition for the Next 50 Years, documents these patterns in detail.  The patterns are: the aging of the baby boomer population, the inevitable climb of emerging markets, and the continuing technological changes that disrupt industries.

To give an idea of how big and how fast things are changing we can highlight just a couple of the graphs from this article. First, the estimated amount of computing capacity added in the world  in 2008 was 5 exaflops (more information on the concept of exacomputing here).  By 2012, there were 20 more, and this year it is projected that the number of exaflops will reach about 40.

{Image sourced from McKinsey Article}

The graph illustrates the sheer mass of data and computing capacity that we are heading toward.  Naturally, our ability to digest, manage, and use that information will also need to increase. According to the McKinsey article, new business management intuition must acknowledge that new businesses will start up and gain scale faster and with less money. Additionally, decision-making will need to happen at lightning speed for companies to stay competitive.

Another graph from this article illustrates the population decline that is happening worldwide.  The inevitable implication is that the world will need a major increase in productivity because the workforce will be smaller and more constrained.

{Image sourced from McKinsey Article}

What it comes down to is this: the business leaders who come out on top of this change will be those who recognize it is happening and have the strength to adapt to meet the coming changes. Change is often hard, especially for people or companies or leaders whose intuitions are well-engrained and who have, up to this point, had success.

Read the full article

 

How analytics can help communities visualize the future

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Image Courtesy of Stuart Miles/FreeDigitalPhotos,net

An urban development initiative in Austin, Texas is using enormous amounts of data pulled from various agencies to create astonishing 3D simulations of what communities would look like based on certain assumptions and inputs contributed not only by engineers and city planners but pretty soon by citizens themselves.

For years businesses have been using analytics software to predict the outcome and measure the performance of campaigns and projects but the City of Austin is using new analytics data visualization tool create interactive and collaborative images of the future.

Read Full Post: How analytics can help communities visualize the future

Source: Canadian IT News

BI for Sales: Pipeline Analysis

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Image Courtesy of: ArtJSan/FreeDigitalPhotos.net

Although it is sometimes said that sales is an art, the reality is that sales is a process. This process requires specific skills and activities that can be measured and managed to improve a salesperson’s performance. Unfortunately, front line sales management has a tendency to operate at the individual opportunity level instead of the process level. Consequently, reps don’t have the required skills to be successful and sales managers have to act as “Super Sellers” at the end of each quarter to bring deals home, which makes it hard to scale. Furthermore, lack of focus on the entire sales/pipeline process means large deals can’t take their natural course and are frequently discounted to bring in “the number” for the quarter.

Read Full Article: BI for Sales: Pipeline Analysis

Source: Dashboard Insights