Prepare for tomorrow today
Stay agile in times of uncertainty
The modern business landscape is constantly in flux. The way we work and the challenges we face are always changing—and no more so than in finance. It’s a pivotal time for chief financial officers (CFOs) as they look for ways to work more efficiently and become more agile than ever while continuing to drive the financial success of their business.
New regulations are emerging on what can seem like a monthly basis. From industry-specific reporting on sustainability and emissions to new insurance frameworks such as Solvency II—not to mention existing reporting requirements to Her Majesty’s Revenue and Customs (HMRC) and Companies House in the UK—businesses are being put under increasing strain.
This pressure isn’t helped by inefficient processes. For example, a lot of businesses still use Microsoft Excel more than they would like to for staying on top of things. The latest C-Suite study from IBM revealed that two-thirds of businesses still use spreadsheets and, more frighteningly, intuition to complete reporting. Considering that many reports require input from executives across numerous areas of a business, compiling this intelligence to meet regulations can become chaotic.
Solutions such as IBM Cognos TM1 help organizations ensure that planning and reporting cycles are highly rigorous and secure, while IBM Cognos Disclosure Management provides a collaborative application-based environment that enables organizations to integrate insights from across their business into their reports.
If businesses want to become more agile and react quicker amid rising volatility and uncertainty than they are able to currently, they must be able to manage risk effectively through insights gleaned from data. Cognos TM1 enables finance teams to run their planning, forecasting and analytics in a controlled environment. The solution offers powerful analytics and flexible modeling capabilities that help businesses adapt to changing markets, manage risk and capitalize on new opportunities. Read about capabilities for planning, budgeting, analysis and keeping scorecards that help you improve alignment and drive dynamic decision making across the organization in this white paper.
The rate of technological change is such that businesses and industries need to constantly reinvent themselves to cater to the changing needs of their audiences. Being prepared to adapt to this high-speed change is the most crucial element of ongoing success in any organization.
Measuring performance in this new environment and ensuring that you’re prepared for new challenges and opportunities through accurate forecasting and planning is also paramount. Find out new ways of preparedness using advanced analytics at the IBM Finance Forum 2015, June 9 at IBM South Bank, London. Register today for this event, and join fellow finance professionals to learn how to become future ready by leveraging the latest analytics solutions and best practices in strategic performance management.