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Moneyball Marketing: Becoming An Analytics-Driven Business

Moneyball Marketing: Becoming An Analytics-Driven Business With the baseball post-season in full swing, and as businesses start planning for next year, it seems as good a time as any to talk about Moneyball and how it can apply to business.  For those who haven’t read the book or seen the movie, Moneyball is a story about how a Major League Baseball team, the Oakland A’s, applied data, analytics and statistics to gain a competitive advantage to win games. It’s not hard to draw the parallels between baseball and business: in baseball it’s about winning championships where in business it’s about winning customers.  [...]

How Artificial Intelligence Will Play a Role in Corporte Performance Management

The internet, 3D printing, autonomous vehicles, single cup coffee machines – all examples of disruptive technology. In the last few decades we, as users of such technology, have seen fiction become reality. What’s next? Artificial Intelligence (AI) certainly makes the list. AI, as defined by Schatsky, Muraskin and Gurumurthy (2015), are the “cognitive technologies (that) extend the power of information technology to tasks traditionally performed by humans.” AI falls into three categories: Product, Process and Insight. From a Corporate Performance Management (CPM) perspective, the ability to cognitively utilize mass amounts of data in the execution of cause and effect analysis, in [...]

All About Business Analytics

All About Business Analytics Gone are the days or more appropriately “era”, when businesses used to operate or prosper based on decisions, taken purely on hunch! Now, we are in the era, where each business decision needs to be advanced analytics augmented by data and facts.  Especially due to easy availability of big data and technological advancement, every business executive is supposed “know” the facts to take decisions instead of “feeling strong or weak” while taking decisions. More importantly, there is a “cost” associated with decisions taken by hunch instead of facts. One more reason, to have trusted and intelligent “Business [...]

Outsourcing CPM Implementation – Best Practices To Ensure a Successful Implementation

Outsourcing CPM Implementation – Best Practices to ensure a successful Implementation Without question, your business will benefit from improved data integrity, reduced manual processing and the wonderful, enhanced business analytics delivered by a solid Corporate Performance Management (CPM) solution.  Now, the big question – should the implementation be outsourced?  Recognize the risks Resource availability – Does your team have the bandwidth to successfully manage a CPM implementation project?  Technical expertise – Although your subject matter experts are top-notch, can they confidently align CPM functionality with business needs? Project management experience – documenting tasks and scheduling meetings is nice. Supporting user adoption [...]

Looking for a Lease Accounting Software to comply with ASC 842 or IFRS 16? Here are Six Important Factors to Consider.

A major change in lease accounting standards, effective as of January 1, 2019, has left many public companies scrambling to adjust their operating lease accounting practices. Operating leases include all leases related to business operations, including office space, factories, warehouses, ships, planes, and automobiles. In the past, operating leases were simply recorded as expenses in the financial statement. A lease would have been accounted for in a company’s balance sheet only if it could have turned into a future purchase of that leased asset. However, with ASC 842 and IFRS16 regulations coming into effect, companies are required to record all operating [...]

CPM Platform Implementation – Should You Outsource or Implement In-house?

Getting the most from your investment into a Corporate Performance Management (CPM) solution heavily relies on a successful platform implementation. While a lacklustre implementation limits the platform’s true scope and utilization, it also fails to inspire user adoption due to potential gaps in product training, improper or incomplete template, report, and process design, and inefficient user on-boarding processes. Organizations sometimes question whether or not they need outside support to help them deliver a CPM project. But with so much riding on successful implementation, it is critical to evaluate whether your organization has the skillsets and resources required to ensure project success [...]

CPM Solution Implementation Potholes – Lessons Learned on the Road to Success

Implementing a new Corporate Performance Management (CPM) solution is not a simple task. Significant attention must be paid in multiple areas to ensure that the promise of workflow automation, data integrity, auditable processes, and greater financial planning flexibility are realized once the platform goes live. A successful implementation isn't a product of chance. By carefully coordinating a strong implementation process, potential project pitfalls can be avoided, resulting in a smoother implementation and a better solution.  We've compiled a few key factors to watch out for during a CPM implementation and provided some tips to help along the way. Choosing The Right [...]

What to look for in a Corporate Performance Management solution?

What factors should organizations consider when selecting a Corporate Performance Management solution for their budgeting, forecasting, and reporting needs? This is a very subjective question as the answer is different based on each company’s unique requirements. You must know the right questions to ask software vendors when looking to enhance your financial planning processes. These questions will help narrow down the platform options you should consider, save time and cost throughout the lifecycle of the solution, and most importantly, enable you to select the ideal software partner to meet your organization’s unique needs. Below are just a few key areas every [...]

Cloud or On-Premise… What’s Right For You?

An important step when selecting a Corporate Performance Management (CPM) solution is deciding whether to use a cloud-based or an on-premise solution. They both have their benefits and perceived drawbacks but, with the increasing availability, flexibility, and scalability of cloud services, on-premise solutions are becoming a less preferred option. However, that doesn’t mean you should opt for a cloud solution every time. There are several factors to consider and, given the requirements, an on-premise solution can be the better fit. Cloud vs On-Premise Implementation A SaaS platform offers many benefits when it comes to implementation. The low initial investment required for [...]

Best practices for implementing leading Budgeting, Forecasting and Reporting solutions like CCH Tagetik, Adaptive Insights and Vena

Leading budgeting solutions like CCH Tagetik, Adaptive Insights and Vena help businesses optimize their budgeting practices with automation and process enhancement. Successful implementation of a budgeting solution requires strategic planning, skillful resources and meticulous execution. You should start the implementation by first understanding the existing business process and what you are looking to achieve in your implementation. This includes gathering functional/technical requirements, defining the scope of the project and prioritizing immediate needs while also identifying the roadmap for future growth. Here are some highlighted best practices for implementing budgeting solutions: Train Your Users Early Once the plan has been created, you [...]