There’s never been a more exciting time to be a business leader. If you’re thinking, “reporting on the past, closing the books, and creating process controls is not my definition of exciting,” you’ll love the changing role of the office of the CFO.
Given the increased importance companies worldwide are putting on big data analytics, it should come as no surprise that demand for “Data Analysts” is nearing a frenzy. BusinessDay is even calling it the “choice job of the 21st century”.
While more data-driven decision-making is a largely positive shift for organizations, the growing popularity and demand for data analysts – financial data analysts in particular – has put more of a maintenance burden on IT teams. As analysts adopt new data discovery tools, IT is often left “holding the bag” – charged with solving difficult technical issues when integrating new tools with existing applications and scaling use of those tools throughout the organization. Quelling this conflict is at the core of the new Adaptive Insights 2014.2 release.
New technology that’s transforming financial strategy, management, and information collection has business information traveling faster than ever. It’s a trend that has helped to position corporate finance teams to better help the CEO and Board set corporate strategies.
But there’s one thing every finance executive should know if they want to take advantage of the opportunity to become a strategic authority within their company: The level of leadership and influence finance can provide is directly associated with how quickly the team can produce valuable financial metrics to influence business decisions.
Guest blog by Daniel Caringi, National Solutions Manager, BDO Canada LLP Solutions
By now, most have heard of cloud computing. Many of us use it every day, and for the most part we have a general idea of what it can do and how it can help us more efficient, successful businesses.
What many still struggle to understand is how cloud computing has quickly become to the “Yin” to traditional, on-premise software’s “Yang.” Cloud computing and on-premise software could not be more different, in both purpose and design. In true Yin-Yang fashion, however, these two opposite technologies are beginning to form a balanced symbiosis to give solutions for many businesses.
Adaptive Planning and Adaptive Consolidation have several features to streamline finance processes within companies using multiple currencies. Auto detection of the user’s locale. Auto recognition of accented and ideographic characters that are not part of the ASCII (A to Z) set. Numbers in sheets and reports displayed in the proper format according to the user’s locale. Dates displayed in the geographically correct manner.
The list goes on. And today, we’ll briefly run through how Adaptive simplifies three otherwise complex components for companies budgeting, planning, and consolidating using multiple currencies.
Before Rob Hull became founder & Chairman of Adaptive Insights, he was a CFO like so many of Adaptive’s worldwide customers. His path to becoming a CFO was an nontraditional one, having come from a managerial background rather than an accounting one.
Throughout the various roles in his career, from coder to analytical services management, Rob’s process management acumen helped ease his transition into a finance leadership position.
It’s a reasonable first reaction for any department leader, including those in finance.
More heads = more production.
Of course there are times when hiring and adding headcount makes sense for your organization. For example, you’ll need finance teams at new remote locations as your business expands into regions and you add more offices. You need CFOs and controllers and other experienced finance professionals to analyze the data and provide strategic guidance to the rest of the business.
But some of today’s most efficient finance teams are leveraging new business intelligence and performance management technology to create productivity-boosting processes while maintaining the same headcount. They’re not growing their teams or getting current employees to work harder. They’re instead helping employees to work smarter, and they’re doing it with financial automation technology.