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I recently attended Vision 2012, IBM’s conference for users of its financial governance, risk management and performance optimization software. From my perspective, two points are particularly worth noting with respect to the finance portion of the program. First, IBM has assembled a financial performance management suite capable of supporting core finance processes as well as more innovative...
Read MoreTopics: Performance Management, close, closing, IFRS, Analytics, IBM, Uncategorized, GAAP
JDA Software is an established vendor of (among other categories) accounting software for the retail sector. So it is a bit ironic that the company is in the process of restating its earnings for 2008 through 2010 because of revenue recognition practices that led it to book some revenue sooner than it should have. The issue centers on certain transactions the company linked to service agreements...
Read MoreTopics: Performance Management, Customer Experience, Human Capital Management, Office of Finance, end-to-end, IFRS, JDA Software, Business Analytics, Financial Performance, Governance, Risk & Compliance (GRC), GAAP
For at least a couple of decades completing the financial close within five or six business days after the end of the period has been accepted as a best practice. As such, that creates an expectation that finance organizations that take longer should work to reduce their closing intervals. In updating our last benchmark research on the closing process, Ventana Research has found this not to be...
Read MoreTopics: Office of Finance, close, Consolidation, Controller, XBRL, Business Analytics, Financial Performance, Governance, Risk & Compliance (GRC), Information Management, CFO, Data, Document Management, Financial Performance Management
I recently attended the 2012 Global Pricing Forum hosted by Nomis Solutions, a provider of software and services to banking and finance companies. This annual event brings together thought leaders and practitioners in the area of pricing and revenue optimization (PRO). This technique uses analytics to sift through large data sets to tease out customer behavior characteristics, identify customer...
Read MoreTopics: Sales, Sales Performance, Supply Chain Performance, Office of Finance, credit, financial analytics, Nomis Solutions, PRO, Operational Performance, Analytics, Business Analytics, Financial Performance, banking, Financial Services
One of the new products that Infor announced at its recent Inforum user conference (which I covered here) is Local.ly, which is designed to facilitate localization of its applications (that is, adapting them for languages, units of measure, statutory requirements, customary processes and other specific features of the places where they will be used). Local.ly is scheduled to be released in the...
Read MoreTopics: ERP, Office of Finance, Local.ly, Tax, Analytics, Business Analytics, Financial Performance, Governance, Risk & Compliance (GRC), Infor
Infor described this year’s Inforum user group meeting as a coming-out party for a large startup company. Such a debut was necessary because Infor had been operating in something of a stealth mode for the past three years: a limited marketing presence, no unified message and a weak, sometimes inconsistent brand identity. It also needed to formally introduce Infor to customers of Lawson, the ERP...
Read MoreTopics: Performance Management, Sales Performance, Salesforce.com, SAP, Social Media, Supply Chain Performance, Sustainability, ERP, Human Capital Management, Marketing, Epiphany, expense management, Lawson, IT Performance, Operational Performance, Business Analytics, Business Collaboration, Business Intelligence, Business Mobility, Cloud Computing, Customer & Contact Center, Financial Performance, Governance, Risk & Compliance (GRC), IBM, Information Applications, Information Management, Location Intelligence, Operational Intelligence, Oracle, Workforce Performance, CRM, finance, Infor, Supply Chain, Financial Performance Management
I’ve been advocating more intelligent use of spreadsheets for the better part of a decade. Ventana Research coined the term “enterprise spreadsheet” in 2004 to describe software applications that marry a Microsoft Excel user interface with a business rules server and a relational or multidimensional data store. This approach offers the best of both worlds in the sense of taking advantage of...
Read MoreTopics: Planning, Sales Performance, Social Media, Supply Chain Performance, Sustainability, Reporting, Budgeting, IT Performance, Operational Performance, Analytics, Business Analytics, Business Collaboration, Business Intelligence, Business Mobility, Business Performance, Cloud Computing, Customer & Contact Center, Financial Performance, Governance, Risk & Compliance (GRC), Information Applications, Information Management, Workforce Performance, Data, Financial Performance Management, Microsoft Excel, Spreadsheets
Host Analytics has added new analytics and reporting resources to its cloud-based performance management suite. Business Analytics will offer a broad set of built-in analytics and reporting capabilities or, for companies with an existing business intelligence infrastructure (from vendors such as IBM, Infor, Oracle or SAP), the option of a self-service approach. I believe these new analytics and...
Read MoreTopics: Planning, Sales Performance, Reporting, Budgeting, closing, Consolidation, Host Analytics, XBRL, Operational Performance, Analytics, Business Analytics, Business Collaboration, Business Mobility, Business Performance, Cloud Computing, Financial Performance, Workforce Performance, Data, benchmark, Decision Hub, Financial Performance Management, SEC
The mandate by the U.S. Securities and Exchange Commission (SEC) that requires its filers to apply eXtensible Business Reporting Language (XBRL) tags to their financial statements has been in effect for several years. (XBRL is a core element of our Office of Finance Research Agenda for 2012.) One of the most important ideas behind this “interactive data” requirement was to make it as simple as...
Read MoreTopics: Office of Finance, extended close, US-GAAP, XBRL, Analytics, Business Analytics, Business Collaboration, Business Intelligence, Business Performance, Financial Performance, Governance, Risk & Compliance (GRC), Information Applications, Information Management, CFO, compliance, financial reporting, SEC, Digital Technology
The evolution from United States Generally Accepted Accounting Standards (US-GAAP) to International Financial Reporting Standards (IFRS) has been under way for more than a decade. I’ve commented on IFRS adoption before. It’s a hot topic for accountants and auditors because it goes to the heart of how companies keep their books.
Read MoreTopics: Office of Finance, closing, Controller, FASB, IASB, IFRS, XBRL, financial performance, Analytics, Business Analytics, Business Intelligence, Business Performance, Financial Performance, Governance, Risk & Compliance (GRC), CFO, financial statement, GAAP, SEC
Ventana Research recently completed an update to our last benchmark research on the financial closing process. It shows that many companies are taking longer to close today than they did five years ago. Whereas nearly half (47%) were able to close their quarter or half-year period within six business days five years ago, just 38 percent are able to do so in our latest benchmark. Similarly, five...
Read MoreTopics: Office of Finance, close, Consolidation, Controller, XBRL, Business Analytics, Business Mobility, Business Performance, Cloud Computing, Financial Performance, CFO, Data, Document Management, Financial Performance Management
Ventana Research’s new financial close benchmark research reveals that many companies are taking longer to close today than they did five years ago. Whereas nearly half (47%) were able to close their quarter or half-year period within six business days five years ago, just 38 percent are able to do so in our latest benchmark. Similarly, five years ago 70 percent of companies were able to complete...
Read MoreTopics: Office of Finance, close, Consolidation, Controller, XBRL, Operational Performance, Business Analytics, Business Performance, Financial Performance, Workforce Performance, CFO
The most intractable issues that face finance departments are those that “everyone” knows must be addressed but somehow never muster the collective urgency to do so. Many couch potatoes know they need to watch their diet and exercise regularly. If asked, they would say it’s important or even very important. Yet there they sit. Based on our newly completed benchmark research “Trends in Developing...
Read MoreTopics: Office of Finance, close, Consolidation, Controller, XBRL, Operational Performance, Business Analytics, Business Performance, Financial Performance, Workforce Performance, CFO
For me, the most significant announcement to come out of the recent SAPinsider conference was the company’s formal release of Business Planning and Consolidation (BPC) running on HANA, SAP’s in-memory computing appliance. For me, HANA is a potential “game changer” for planning, statutory consolidation and other analytics-supported financial processes because of the substantial reduction it...
Read MoreTopics: Big Data, Mobile, Planning, Sales Performance, SAP, Social Media, Supply Chain Performance, Customer Experience, ERP, GRC, Office of Finance, Budgeting, IFRS, XBRL, Operational Performance, Analytics, Business Analytics, Business Collaboration, Business Mobility, Business Performance, Cloud Computing, Financial Performance, In-memory, Workforce Performance, finance, Financial Performance Management, GAAP, HANA
Financial analysts typically classify real estate as a fixed cost. Strictly speaking, that’s correct, but looking at it this way leads many organizations to overlook and miss opportunities to more carefully manage their real estate and other occupancy expenses. In industries where occupancy or ownership costs account for more than 20 percent of total business expense, taking a more active...
Read MoreTopics: Performance Management, Customer Experience, Office of Finance, Operational Performance, Business Analytics, Business Performance, Financial Performance, CFO, Financial Performance Management
One trend in business software that’s still in its early stages but gathering momentum is the availability of modeling tools that fill the gap between desktop spreadsheets and enterprise systems. Granted this “early stage” has been under way for quite some time, but the technology has finally progressed to the point where I expect it to get increasing market traction.
Read MoreTopics: Big Data, Database, Planning, Sales Performance, Forecast, Office of Finance, Essbase, Quantrix, Operational Performance, Analytics, Business Analytics, Business Collaboration, Business Intelligence, Business Performance, Financial Performance, In-memory, Workforce Performance, finance, analysis, analytical application, business model, business plan, financial model
As this year begins, “finance transformation” is a trend gaining favor with strategic consultants. The term is associated with the objective of shifting the focus of CFOs and finance departments from transaction processing toward more strategic and higher-value functions. This objective is hardly new – it has been the purpose of my practice for the past nine years. Our research confirms that most...
Read MoreTopics: Social Media, Business Analytics, Business Collaboration, Business Mobility, Business Performance, Cloud Computing, Financial Performance, Workforce Performance
The melding of the world’s two main financial accounting standards – United States Generally Accepted Accounting Standards (US-GAAP) and International Financial Reporting Standards (IFRS) – continues apace. Initially, the idea was to converge the two into a single, global standard. Although there was general agreement that the concept was a noble one, there were enough differences to produce...
Read MoreTopics: Office of Finance, Controller, FASB, IASB, IFRS, XBRL, Financial Performance, CFO, financial statement, GAAP, SEC
I recently got an update from Workday that focused mostly on its Financials software. This part of the company’s business management suite has received less development attention than the HR aspects since the company’s founding in 2005. The bulk of Workday’s development investment has aimed at making its human capital management applications an industry leader and adding related capabilities such...
Read MoreTopics: ERP, Office of Finance, expense management, financial, PSA, Operational Performance, Analytics, Business Analytics, Business Mobility, Business Performance, Cloud Computing, Financial Performance, Oracle, Workforce Performance, Infor, Tidemark, Workday, Professional Services, Project Management
One of the major issues IT executives face is how to charge their departmental costs back to each part of the business according to their usage. It’s a touchy issue that can be the source of end-user disenchantment with the performance and contribution of the IT organization. Ultimately, charge-back friction can hobble IT’s ability to make necessary investments in new capabilities and become the...
Read MoreTopics: Performance Management, Office of Finance, Budgeting, Operational Performance, Analytics, Business Analytics, Business Intelligence, Business Performance, CIO, Enterprise Software, Financial Performance, CFO, CEO
