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.
We all think about trying to fulfill our short-term needs. It’s simply part of human pre-disposition. It’s ingrained in how we think, how we act, and how we interact with the world around us.
But short-term thinking can be extremely detrimental to your business, especially if you act on all of those near-sighted impulses.
Take hiring for example. Yes, you’re trying to find someone to fill an immediate need and to complete a more immediate task. But the more you hire based solely on today’s requirements, the less you’re investing in the lasting success of your business.
Recently, I heard Adaptive Advisor and former Oracle CFO Jeff Epstein outline his 5 secrets to success for modern CFOs. To explain one of his five tips, Jeff used his previous experience as EVP and CFO of DoubleClick, the digital marketing technology provider that was eventually purchased by Google. He noted that, of the original 11 DoubleClick employees, there were:
4 Future CEOs
4 Future CFOs
3 Future SVPs or COOs
In a fast-growing company, hire for talent and ambition.
The more active Adaptive users within your company, the more value you’ll ultimately derive out of your Adaptive model. The goal is to get as many business users into Adaptive as possible, so that more people across the organization are collaborating on key business metrics, sharing information, and focusing more time on the most revenue-generating business projects.
As you find new, motivated users within the company, it’s critical to give them quick and proper access to financial plans, budgets, and reports. You risk killing any enthusiasm for participating in the financial process if you make people wait several days or weeks before giving them access. On the other hand, you don’t want to rush the process and give users improper access to data they shouldn’t be able to view or edit.
So today we cover three preliminary steps to take as you expand use of the Adaptive Suite throughout your organization.