All too often, software vendors view analytics as the end rather than the beginning of a process. I’m reminded of some of the advanced math classes I’ve taken in which the teaching process focused on a few key aspects of a mathematical proof or solution, leaving the rest of the exercise to be worked out by the students. In other contexts, you may hear people say the numbers speak for themselves.
From Analytics to Action Requires Collaboration
Posted by
David Menninger on Sep 20, 2018 8:35:24 AM
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Topics: data science, Machine Learning, business intelligence, Analytics, Collaboration, Data Governance, Information Optimization, digital technology, collaboration for business
PROS Holdings is a software vendor with two distinct but related sets of products. The company began in 1985 offering revenue management software to airlines, hospitality and rental car companies. More recently it added price and revenue management software focusing on B2B services, chemicals and energy, consumer goods manufacturers, food and beverage, healthcare, insurance and technology. This note focuses on the B2B portion of the business.
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Topics: Big Data, Sales, Customer Experience, Marketing, Office of Finance, Analytics, Data Preparation, Sales Performance Management, Financial Performance Management, Price and Revenue Management, Digital Marketing, Digital Commerce, Pricing and Promotion Management, Sales Enablement and Execution
Was accounting ever cool? Well, yes, in a nerdy sort of way. Double-entry bookkeeping, codified in the 15th century by Fra Luca Pacioli, a Franciscan friar and pal of Leonardo Da Vinci, was essential for the expansion of trade and the creation of the modern corporation. Bookkeeping and accounting were as important to economic development as two other financial inventions – insurance and fractional reserve banking. Double-entry bookkeeping is an elegant system, simple yet powerful. It supports the accurate recording of transactions and the economic condition of a business as well as analyses of its performance. That’s cool.
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Topics: Big Data, Office of Finance, Continuous Planning, business intelligence, Analytics, Financial Performance Management, Enterprise Resource Planning, ERP and Continuous Accounting
A quarter century after a “fast, clean close” became a key measure of a finance and accounting department’s effectiveness, companies continue to take too long to close their books. Our Office of Finance research finds that 60 percent of companies take more than six business days to complete their close despite widespread agreement that it should be done within a business week. Closing sooner provides executives with financial and management accounting data sooner. A faster close also promotes agility in responding to markets and competitors, frees up departmental resources to enable CFOs to fix process issues that hamper the effectiveness of the department and allows extra time to concentrate on more valuable analytical tasks. Moreover, it’s likely that by focusing on issues that are delaying the close, the department will uncover the root cause of other issues that diminish its performance. “We’re too busy to figure out how to save time” is a common problem in these finance organizations.
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Topics: Office of Finance, Financial Performance Management, ERP and Continuous Accounting
OneStream XF from OneStream is a financial performance management (FPM) platform offering planning, budgeting and forecasting, statutory consolidations and reporting. The company was founded in 2010 and has been self-funded, which means that until recently its marketing and brand recognition efforts have been limited. I reviewed the company’s statutory consolidation capabilities earlier this year.
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Topics: Office of Finance, Recurring Revenue, Continuous Planning, Financial Performance Management, ERP and Continuous Accounting
