Business process reengineering was a consulting fashion in the early 1990s that spurred many companies to purchase their first ERP systems. BPR proposes a fundamental redesign of core business processes to achieve substantial improvements in market and customer responsiveness, productivity, cycle times and quality. ERP systems support business process reengineering by guiding the step-by-step execution of the redesigned process to ensure that it is performed consistently. They also automate the handoffs between individuals and departments to accelerate completion of that process.
Topics: Big Data, data science, Mobile, Customer Analytics, Customer Experience, Machine Learning, Office of Finance, Wearable Computing, cloud computing, Continuous Planning, Business Intelligence, Data Integration, Internet of Things, analytics, Financial Performance Management, digital technology, Digital Marketing, Mobile Marketing, Digital Commerce, Operations & Supply Chain, Enterprise Resource Planning, Machine Learning and Cognitive Computing, ERP and Continuous Accounting, Sales Planning and Analytics
More businesses are using software to implement and support a strategic pricing strategy designed to optimize revenue and margins in business-to-business (B2B) transactions because it can help improve results at the bottom line. “Optimize” in this instance means managing the trade-off that usually exists between revenue and profitability objectives in order to support a company’s strategy and capabilities in a given market. Business-to-business pricing management is Ventana Research’s term for such processes and applications. Software built for this purpose centralizes control and enforces consistency in pricing while assisting sales agents in negotiating prices that achieve desired business objectives. It enables agents to use techniques that can increase the revenue from a transaction, the margin on the sale or the probability of closing the sale.
Topics: Big Data, data science, Office of Finance, cloud computing, Sales Performance Management, analytics, Financial Performance Management, sales, Price and Revenue Management, Pricing and Promotion Management, Sales Enablement and Execution, ERP and Continuous Accounting
Workforce management is a key topic of expertise for Ventana Research. We define workforce management as the set of activities and processes organizations use to manage their hourly and salaried workforce for maximum productivity. It involves not only scheduling, tracking and paying for time worked but also aligning that work to the tasks and objectives of the organization. Workforce management is a critical component of every company’s operations, human resources and overall human capital management processes, as I recently pointed out. It helps organizations manage their workforces efficiently in such areas as scheduling, time and attendance, absence tracking and clocking work time, and ensures compliance with regulations and efficient payroll processing. Thus effective support of workers, managers, management and the operations and administration of the total workforce is at the heart of workforce management.
Human capital management (HCM) offers a prime opportunity for organizations and their human resource professionals to make employee-related processes effective in engaging and retaining the workforce. Manual administrative processes often hampered HR in focusing on the workplace experience and employee satisfaction. Modern HCM applications can help them manage members of the workforce as critical assets and make continuous investment in people-related processes, deriving insights on issue such as health and benefits through analytics applied to HR information. This year we will examine attitudes and changes in how organizations approach HCM through a new research endeavor using our latest research product. We will further deepen the knowledge across six essential aspects of HCM as discussed below and outlined in our HCM agenda for 2017.
Senior finance executives and finance organizations that want to improve their performance must recognize the value of technology as a key tool for doing high-quality work. Consider how poorly your organization would perform if it had to operate using 25-year-old software and hardware. Having the latest technology isn’t always necessary, but it’s important for executives to understand that technology shapes a finance organization’s ability to improve its overall effectiveness.
Topics: Big Data, data science, Mobile, Mobile Technology, Office of Finance, cloud computing, Continuous Planning, revenue recognition, Business Intelligence, Collaboration, analytics, Financial Performance Management, recurring revenue, Price and Revenue Management, Inventory Optimization, Billing and Recurring Revenue, Operations & Supply Chain, Enterprise Resource Planning, Sales and Operations Planning, Machine Learning and Cognitive Computing, ERP and Continuous Accounting, Collaboration for Business