CFOs globally are looking to transform their organizations, their processes, and their standing within the corporate culture – not too few aim at the CEO seat. This does come at a high price as they’d need to change the charter of their organization and extend into guiding the business to success.
An easy way to describe this is the following:
So in addition to core functional duties (meaning the finance operational side of the organization), twenty-first century CFOs also need to step up to blue skies (aka “drive business innovation).
Today’s finance department is responsible for securing funding of the company’s operations, sustainability, and processes of an organization. These responsibilities include financial operations / transactions, finance analytics, decision making, communication, and collaboration across the enterprise.
Finance experts are requested in a wide range of business operations, including the:
Development of the corporate business strategy for an organization,
Establishment of the policies, plans, and budgets that guide operational and ultimately, tactical, financial decisions, not to forget
Assurance of compliance and business performance.
According to leading analysts like Brian McDonough, Innovations in Analytics, finance organizations are urged to lead with innovation. “Three technologies — analytics, mobility, and in-memory — all play key roles in enabling finance personnel to collect, analyze, and take action on front-line information,” notes McDonough.Visualization and Predictive Analytics Will Be Highlighted at SAPinsider Financials 2014Talking about analytics leaves me with trending topics around visualization and predictive analytics, both of which are new to finance experts for two reasons – visualization was done via MS Excel in form of simple graphics and everything else but appealing, and predictive analytics was “this Ph.D thing” that nobody really understood.Both innovative processes will find prominent appreciation in Nice at the European SAP Insider Financials 2014 event which, by the way, also hosts the BI 2014 and are keynoted by Christian Rodatus and Irfan Khan. Who knows what great announcements in the analytics and finance space are awaiting the audience…And Finance Analytics is the base for any transformational undergoing regardless of industry, size and type of organization.Top 7 Sessions for SAP’s Analytics solutions for Finance at SAPinsider
If you’re interested in a one-on-one, please let me know. You can reach me via email or @hschliebs. I am more than happy to share customer successes about how they leveraged technology to achieve financial excellence and shape the finance function of tomorrow…