Ventana Research recently awarded Workday a 2016 Technology Innovation Award for its newly released application, Workday Planning, because it simplifies and streamlines the budgeting and planning processes while facilitating collaboration, deepening visibility into spending and enabling tight fiscal control. These capabilities can help a variety of user organizations in several ways.
Topics: Budgeting, CFO, Controller, Financial Performance Management, financial reporting, FPM, In-memory, Integrated Business Planning, Marketing, Workday, Office of Finance, Big Data, demand management
The imperative to transform the finance department to function in a more strategic, forward-looking and action-oriented fashion has been a consistent theme of practitioners, consultants and business journalists for two decades. In all that time, however, most finance and accounting departments have not changed much. In our benchmark research on the Office of Finance, nine out of 10 participants said that it’s important or very important for finance departments to take a strategic role in running their company. The research also shows a significant gap between this objective and how well most departments perform. A large majority (83%) said they perform the core finance functions of accounting, fiscal control, transaction management, financial reporting and internal auditing, but only 41 percent said they play an active role in their company’s management. Even fewer (25%) have implemented a high degree of automation in their core finance functions and actively promote process and analytical excellence.
Topics: Analytics, Big Data, Budgeting, Business Analytics, Business Collaboration, Business Performance, CEO, CFO, CIO, close, Cloud Computing, Continuous Accounting, Continuous Planning, CPQ, end-to-end, Financial Performance, Financial Performance Management, FPM, Governance, GRC, Human Capital, In-memory, Mobile Technology, Planning, Predictive Analytics, Risk, Social Media, Tax, Tax-Datawarehouse, Uncategorized, Office of Finance
The big data market continues to expand and enable new types of analyses, new business models and new revenues streams for organizations that implement these capabilities. Following our previous research into big data and information optimization, we’ll investigate the technology trends affecting both of these domains as part of our 2016 research agenda.
Ventana Research recently released the results of our Next-Generation Business Planning benchmark research. Business planning encompasses all of the forward-looking activities in which companies routinely engage. The research examined 11 of the most common types of enterprise planning: capital, demand, marketing, project, sales and operations, strategic, supply chain and workforce planning, as well as sales forecasting and corporate and IT budgeting. We also aggregated the results to draw general conclusions.
Topics: Big Data, Budgeting, Business Analytics, Business Performance, capital spending, CFO, Cloud Computing, Controller, Customer Performance, Financial Performance, Financial Performance Management, financial reporting, FPM, In-memory, Integrated Business Planning, Marketing, Operational Performance, Planning, Predictive Analytics, Reporting, Sales, Sales Performance, Social Media, S&OP, Supply Chain, Supply Chain Performance, Workforce Performance, Human Capital Management, Office of Finance, demand management
Last year Ventana Research released our Office of Finance benchmark research. One of the objectives of the project was to assess organizations’ progress in achieving “finance transformation.” This term denotes shifting the focus of CFOs and finance departments from transaction processing toward more strategic, higher-value functions. In the research nine out of 10 participants said that it’s important or very important for the department to take a more strategic role. This objective is both longstanding and elusive. It has been part of the conversation in financial management circles since the 1990s and has been a primary focus of my research practice since its inception 12 years ago. Yet our recent research shows that most finance organizations struggle with the basics and few companies are even close to achieving this desired transformation.
Topics: Analytics, Big Data, Budgeting, Business Performance, CEO, CFO, CIO, close, CPQ, end-to-end, Financial Performance, Financial Performance Management, FPM, Governance, GRC, In-memory, Planning, Predictive Analytics, Risk, Tax, Tax-Datawarehouse, Office of Finance