Analytics has long been a core discipline of Finance, applied to analysis of balance sheets, income statements and cash-flow statements. However, as I’ve noted, most finance departments have not kept up with recent advances. Our recent research in finance analytics shows that few organizations are realizing the potential of more advanced analytic methods and tools such as predictive analytics and driver-based modeling. One reason for this sluggishness is that they have not looked past yesterday’s requirements to see what possible. Another is that they are distracted by the difficulties they face in simply doing tried-and-true analysis, which is the result of difficulties in accessing the necessary data and inadequate tools. A third reason is that people receive too little training in the application of analytics to business and the use of more advanced analytic tools and methods.
In the realm of technology that matters for business and IT, our firm as part of our responsibility continually assesses the latest technology and how it can impact organizations’ efficiency and effectiveness. Our benchmark research in technology innovation found that 87% of participants indicated the importance of increasing the organization’s value through technology innovation. Every year we take our knowledge from research and technology briefings to focus on our Technology Innovation Awards and determine the vendors and products that have the potential to drive change in the market, the competitiveness of an organization’s business and sometimes just how efficiently a company operates. Our firm believes that Innovation can come from any size technology vendor from the smallest to the largest that are measured on a spectrum of attributes that contribute to the specific impact of the technology.
Topics: Analytics, Big Data, Business Analytics, Business Collaboration, Business Intelligence, Business Mobility, Business Performance, CIO, Cloud Computing, Collaboration, Contact Center, Customer, Customer & Contact Center, Datameer, Datawatch, ESRI, Financial Management, Financial Performance, Globoforce, Governance, Risk & Compliance (GRC), GRC, HCM, Hortonworks, IBM, Informatica, Information Applications, Information Builders, Information Management, Information Optimization, IT Performance, Johnson Controls Panoptix, Kronos, KXEN, Kyriba, Location Analytics, Location Intelligence, Marketing, Mobile, NetBase, Office of Finance, Operational Intelligence, Operational Performance, Oracle, Overall Operational Leadership, Peoplefluent, Planview, Roambi, Sales, Sales Performance, Service & Supply Chain, Social Media, SQLstream, Supply Chain Performance, Sustainability, Upstream Works, Vertex, VMWare, VPI, Workforce Performance, IT Analytics & Performance, Xactly, Information Technology
I have commented before on the movement to adopt International Financial Reporting Standards (IFRS) by the United States to replace US-GAAP (Generally Accepted Accounting Principles). Most recently I discussed the drive toharmonize the significant differences between US-GAAP and IFRS on revenue recognition and lease accounting. To those who are interested in but not intimately involved with the subject, I suspect the current situation is a bit confusing, since there are multiple groups involved in the discussions on how best to proceed, each with its own agenda. The full adoption issue remains in flux, but let me weigh in the matter.
Topics: Business Analytics, Business Collaboration, Business Performance, Consolidation, Financial Management, Financial Performance, financial standards, FPM, IFRS, Reporting, US-GAAP accounting, XBRL, audit
While Europeans have long had to adapt to working in many languages, currencies and legal jurisdictions, a generation ago most midsize companies in the United States did all their business in their home country and in U.S. dollars. Today, though, the relentless globalization of the world economy means that an increasing number of midsize companies in North America are functionally multinational and face the challenges of managing a more complex and demanding accounting and financial management function.
IBM has announced its intention to acquire OpenPages, a privately held, Massachusetts-based software company focused on governance, risk and compliance (GRC). I noted that after the deal finishes, the business will reside within IBM’s analytics group rather than in document management; this arrangement signals IBM’s intention to integrate its collaboration and communications around performance management (and achieve a fusion of text and data) and sharpen the ability of OpenPages to get an audience with finance and IT organizations, which are mainstays of IBM’s business analytics efforts after its acquisitions of Cognos, SPSS and others.