Knowledge is power. Knowledge is everything to make things happen, and eventually, going smooth and strong, straight to success! For many years, knowledge has been an eternal goal and target of mankind, not to mention businesses. Without knowledge, which in this context is business visibility and business insights, companies cannot know if they are succeeding or failing, and may get lost forever.
Changes in industry and global market provide an opportunity for CFOs to re-evaluate the capabilities and responsibilities of the finance function, align new models and processes to the business, set stages and SMART objectives for more accurate planning, budgeting and forecasting, as well as improve strategic decision making for growth. In the last post, we discussed about four evolving roles of the modern CFOs, which are changed from traditional tasks of financial governance and control to a more strategic and entrepreneurship role in the organisation. But no matter what the roles are, the ultimate goal of CFOs is delivering the most effective decision that will lead the organisation into the future.
Operating in a continuous developing business world, companies need to do everything to maintain their competitive advantages, enhance performance as well as improve their reputation and position in the market. In our previous post on ways to improve your BI solutions, we discussed 3 among 5 ways to improve organisation’s BI solution. The remaining ways are to manage big data effectively and integrate your BI solution with your existing system to achieve best business results.
Being a small business owner, you perfectly know how important it is to choose a right marketing strategy. There is no entrepreneur who would not be happy to expand his customer base or grow his brand's awareness. However, sometimes it happens that your marketing strategy does not work for your small business, even if you do everything possible to make it right. Why does it happen so?
Business intelligence (BI) is no longer a new concept today as it has been commonly used for the last 30 years. Business intelligence or Business Insights solution is known as a set of processes, analysis methods and tools to simplify the transforming and transferring process; henceforth, improve business performance as a whole. However, despite the rising need of business insights and its maturity, best practices only appeared in the last 5 years. Why?
As the world is heading towards a slow recovery, businesses can expect some unexpected events along the way. Therefore, agility needs to be embedded in every business process, including corporate financial planning.
To effectively bridge the gap between strategy and execution, it is vital that companies address 4 areas: corporate goal clarification, process alignment, measuring and monitoring, integration and communication. The Balanced Scorecard, created by Robert Kaplan and David Norton, has emerged to be a powerful strategy management tool as it makes strategy become “everyone’s everyday job”.
In the last post, we outlined the alarming issue of a strategy gap in businesses nowadays and how it can be undesirably widened by failures in strategic planning and budgeting. To gain a competitive advantage and increase business resilience, companies need to bridge this gap between strategy and execution, the task that requires serious dedication from everyone in an organisation. There are four factors of an effective strategy and execution alignment, from conveying what corporate goals really mean to identifying how they should be achieved.