Much is written about the significance of metrics on tracking the execution of strategy and operational effectiveness. However, many executives find the plethora of metrics to be overwhelming and costly to track. “What key metrics should I track and why?” is one of the commonly asked questions. Although there is no such easy answer to this issue, the principle of “less is more” usually holds true.
To cloud, or not to cloud, that is the question. For enterprise applications, “cloud” is no longer a buzzword but increasingly becoming a prominent trend. Cloud-based ERP (Enterprise Resource Planning) solutions, offered as Software-as-a-Service (SaaS), offer significant advantages over other legacy on-premise solutions, which are locally installed on companies’ servers and computers.
The role of modern CFOs in today’s business is much broader than it used to be. They are expected to use technology and their “number-crunching” capability to give other functions as well as the whole business better information to make decisions and move ahead. One key area in particular where CFOs should get involved more is sales forecasting.
Companies are adopting innovative enterprise solutions to help them stay ahead of their competitors. Nevertheless, many still rely on spreadsheets to perform vital financial functions. It is not a promising way for companies to remain relevant in this new digital economy. An EPM (Enterprise Performance Management) application could be the ultimate alternative to using spreadsheets.
Dynamic Enterprise Performance Management (d/EPM), is a next-generation analytics platform that unites Business Intelligence (BI) and Enterprise Performance Management (EPM). d/EPM is a purpose-driven in design and development, united platform that runs on a single system and can harmonise with enterprise application data in real-time. This product provides customers access to the latest performance management needs such as integrated social collaboration, mobility, cloud, and big data via an architecture that is modern, elegant, and simple.
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.
It should have been fun to run a business and profit from it. Business is still a great way for some entrepreneurs to create a legacy and profit from a system larger than one person. Yet, business has its risks. Whole you can work with some risks and mitigate them; some others are beyond our control. It’s the kind of risks that we can control what business owners have to think about.
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.