Tag Archives: Deloitte
The need for transformation has reached the tipping point
For more and more companies, the need for financial transformation has already reached a tipping point. Innovation Enterprise says a major driver for this is “the pressure on finance departments to become more strategic”. This has caused financial departments to embark “on transformational processes to bring the (finance) function in line with the needs of today’s business environment. Much of this has to do with the streamlining of IT processes and automating repetitive tasks that aid execution”.
At the same time, CFOs tell us that they want to improve the quality of financial and performance insights obtained from the data they produce. Gartner confirmed this by asking CFOs to identify where they see the need for technology improvement. Top areas for CFOs were Business Intelligence (BI), Analytics, and Performance Management. Gartner claims the organizations that it has talked to “are still struggling to make progress with BI and analytics”. And while many IT organizations have made initial investments here, they have tended to be, according to Gartner, tactically focused and therefore, have not addressing more fundamental issues including data quality and data consistency.
Gartner claims these issues have required CFOs and finance teams to work closely with BI specialists within the IT organization. Often quarterly reporting or profitability analysis requires manual pulls of data. Most finance departments are saddled with legacy environments. And the supporting processes for these systems remain difficult, manual, and time intensive. When I worked at very large computer manufacturer, we had to give the finance team at least 2 months to input product changes into the financial system. Clearly, once you move from the general ledger or general ledgers in more complex organizations, you find that much of what takes place within finance is still a manual process. According to a recent study, an amazing “51% of CFO survey respondents say that their collecting, storing, and retrieving financial and performance data at their company is primarily a manual and/or spreadsheet-based exercise” (The Intelligent Finance Organization, KPMG, page 16).
For those that are not in finance, this must be a shocker. But it should come as no shock that many financial organizations are undertaking timely and expensive financial transformations at this time. The goal for these transformations should not necessarily to replace their ERP and other financial systems but instead to improve their overall financial effectiveness and efficiency.
On the effectiveness side, CFOs tell us that they want to improve the quality and timeliness of data that they create so they can take on a more strategic role in the enterprise. I have already shared about how CFOs have a data trust issue.
On the efficiency side, CFOs want to create more efficient financial business processes. So what is holding them back in being more efficient? In most cases, it is the complexity of managing existing legacy financial and business systems and ensuring that everything is in synch between them. What financial organizations have told us is that they do not want to replace their legacy systems but they want instead to replace how they manage these systems so they can get the “head room” needed to be more efficient. What they want specifically is the ability to eliminate the complexity of these systems daily care and feeding.
A financial transformation project, therefore, should aim at improving the supporting financial processes and automate as much as possible around the financial processes that surround the general ledger. When asked what has driven these financial processes to become so cumbersome to manage, we have been told business change—reorganization, new businesses, acquisitions, new products, and new business process. It is managing the change to the financial structures, financial metadata, and hierarchies.
In talking with financial departments, we have heard that many components of the process are completely manual. Every change, for example, has to be managed across enterprises geographies, FP&A systems, accounting systems, and more than one business systems. It is a huge job making everything synch if done manually. One company that we talked said they needed for all of this not to be manual. Another said, automating from a single version of truth would be extremely valuable. Right now, we connect to multiple systems and it is difficult to maintain consistency between each source of truth. A number of things do not always tie together—“I admit it we have system inconsistencies”.
Financial departments are asking for a master of everything that touches financial systems including their SaaS systems. This capability would make the management of changes entire automated and over time system dampen out inconsistencies completely. For most medium to large organizations, this is a big deal. At the same time, they need the ability to test, schedule, and then recast financial results easily due to planned business change. So much of this today is managed in spreadsheets. With automation, financial departments want as well the ability to eliminate manual notifications and review processes for changes to entities and the general ledger. As well they want traceability and tractability for all changes made. One finance department said that they need an audit trail for their management of changes made. They said just think about the effort to maintain hierarchies that go into the expense report system alone. It easily touches as many as 20 systems. Finally, they said it would nice to have transparency to state before a change. This organization said that it is going to become more important to maintain lineage analysis for audit trail.
Do you want to hear more
Deloitte and eBay will jointly present on the solution that they have put together for financial transformation on Tuesday the 12th at 2:40 p.m. in Las Vegas at Informatica World. Their presentation will include their vision for Financial Transformation. As well it will include how to put together a data led approach, their design decisions, and their leading practices. Finally, they will discuss how they built their solution to manage SAP data on top of the Informatica MDM solution.
My post today will take you through a more detailed look at the free pre-conference MDM Day on May 12th at Informatica World 2014 (May 13-15). These day-long events are so popular that we’ve even had to turn away attendees in past years. Prospective customers, clients and partners tend to find these presentations and panels extremely valuable.
To get an idea of the type of presentations you will see, view these videos from our last sold-out MDM Day in New York. The presentations, Q&A sessions, and breakout discussions provide rich insight into real-world experience with MDM and Informatica solutions.
The Las Vegas MDM Day will include presentations by customers on their MDM experience, best practices presentations, demonstrations of our latest release functionality, an overview of our planned roadmap of future releases, and breakout sessions for in-depth discussions.
Below is a more detailed look at some of the agenda highlights:
- Ginny Walker, chief enterprise architect at GE Aviation will present their multi-year journey to improve their installed-base asset data management. A panel discussion among experts from Thomson Reuters, HP, and Accenture will follow.
- The Sr. MDM Manager from St. Jude Medical, Andrew Urbanski, will discuss how their MDM program drove up business value inside their organization from initial use case through follow-on solutions. A discussion among panelists from EMC, Jones Lang LaSalle, and Wipro will follow.
- Michael Delgado, Information Management Director at Citrix, will present “Citrix MDM Case Study: From Partner 360 to Customer 360,” which takes us through the Citrix multi-domain MDM and data governance journey for channel partner, hierarchy and customer data. The follow-up panel will include experts from AutoTrader, McAfee-Intel Security , and Deloitte.
- John Poonnen, the Infosario Data Factory Director at Quintiles, will present how his company leverages a tailored, multi-domain MDM platform to gain a holistic view of business-critical entities such as investigators, research facilities, clinical studies, study sites and subjects. A discussion among panelists from Abbvie, Infoverity and CapGemini will follow.
- Dale Denham, CIO at Crestline/ Geiger, will present how product information improved Geiger’s ecommerce ability to promote and sell products. Later, he will be joined for a panel discussion with experts from Deloitte, LumenData and Ideosity.
- The afternoon will feature presentations and breakout sessions led by Informatica product teams giving demonstrations of new product features, business and use cases and roadmaps. Each session is addressed to specific audiences to provide the most relevant information.
- Our “Ask the Experts” session closes the day with 11 tables hosted by Informatica employees willing to have discussions with anyone in attendance. Lots of great questions are raised after a day of new in-depth information.
- Networking breaks and lunches also provide a chance for more casual discussion among Informatica experts, customers and partners.
Don’t miss this power-packed day of valuable MDM insight. Register today for the Informatica World Conference and make sure to reserve your spot at the free MDM Day Pre-conference. Learn more online, or contact me if you have any questions. I hope to see you there!
Today, it is not uncommon for retailers to have multiple brands and several channels through which they sell their products. Due to changes in social behavior, consumers are demanding retailers provide relevant and interactive experiences at every touch point.
The Retail Path at Informatica World 14 is your chance to engage with the world’s leading retail brands and industry experts. The retail path covers topics such as expanding product assortment, introducing new products and reducing supply chain costs. It will focus on driving customer loyalty using social, local, mobile and customer feedback. You will learn about unique customer experiences with relevant information, analytics and relationships between data and people.
These sessions are great for leaders in ecommerce, marketing, supply chain retail and product management. They’ll be held during the MDM pre-conference (May 12) and Informatica World Retail Path (May 13-15).
SNEAK PREVIEW OF RETAIL PATH SESSIONS, MAY 13th
NIKE: Creative Uses of Informatica Data Quality and Data Services Nike has pushed the limits of Informatica Data Quality and Data Services by re-imagining uses for reference tables, scorecards with associated metadata, web services, and more. Learn how Nike adds value to its business customers and increases ROI by adding virtualization through data services. Speakers: Teresa Mains, Corbett Oliver, Udaya Vepakomma
Point of Sale: Retrieving your POS data in Near Real TimRetailers know that capturing Point of Sale (POS) data in a timely manner can drive customer loyalty and merchandising efficiencies. In this session, Intricity shares how the powerful Informatica Platform has enabled it to capture POS data in near real time — enabling its retailers to share brick and mortar inventory with web stores, drive intraday targeted marketing, and provide customers with the convenience of in-store pickups. Speaker: Arkady Kleyner
Nordstrom: Customer Service at its best – How Information Powers Nordstrom’s Customer Centricity Strategy
Known for its quality products and customer service, Nordstrom never stops innovating. Learn how Nordstrom uses “personal book” to drive revenue through customer personalization. Speakers: Vaidyanathan Seshan; Gopinath Raghavan
Avnet: Using Informatica B2B Data Exchange and B2B Data Transformation to Expand Your Trading Partner Portfolio
Business to Business (B2B) transaction automation is pursued by companies of all sizes due to the efficiencies and message integrity inherent to transactional automation. This session will explain how Avnet’s use of Informatica B2B Data Exchange and Data Transformation empowered its business to establish B2B integrations with small and medium size trading partners. Speakers: David Crowell, Anthony Daniel
SNEAK PREVIEW OF PRE-CONFERENCE MDM DAY, MAY 12th
Keynote: Deloitte’s Digital Influence – The New Digital Divide
The growing gap between the needs and expectations of shoppers and the digital experience brands and retailers are offering them.
Speaker: Jeff Simpson, Director, Deloitte
Best Practice: Transforming your business for tomorrow’s commerce – best practice with product information management
Geiger is the largest privately held promotional products distributor in the world and is the only distributor ranked in the “Top 10” for the last 30 straight years. In this energetic information-packed session, “The Selling CIO”, Dale Denham will talk about the role of product information in ecommerce and how it improved Geiger’s ability to promote and sell promotional products. Attendees will learn how to achieve business goals by identifying the critical steps involved in implementing a Product Information Management (PIM) system. Additionally, this session will cover how to use data and technology to support agility in sales and marketing operations.
Speaker: Dale Denham, CIO, Geiger
Panel discussion with sponsoring partners and speaking customers:
The global digital revolution: How vendors, distributors, retailers and individuals interact in the always on and connected world.
Moderator: Ben Rund, Sr. Director Product Marketing PIM & Procurement, Informatica
Innovations Connecting Buyers and Suppliers – What’s new in PIM and Procurement, Roadmap
Speakers: Stefan Reinhardt, Product Manager PIM, Jakki Geiger, Sr. Director Product Marketing MDM
Holistic Data Governance: A Framework for Competitive Advantage
Speaker: Rob Karel, VP Marketing & Strategy MDM
Four high value workshops, presented by domain experts and industry specialists:
- Workshop “Future of commerce use cases”: How recommendation, targeting, ecommerce, social and mobile need to leverage product information. Moderators: Nagesh Kanumury, Principle Product Manager & Rich Dase, Ideosity
- Workshop “Business use cases of collaboration and Business Processes Management”: Product information and beyond. Moderators: Daniel Walter, Product Manager PIM & Nimish Mehta, LumenData
- Workshop “Why business users required quality data”: use cases, rules, roles, dashboards and important KPIs. Moderators: Stefan Reinhardt, Product Manager PIM & Matt Wienke, Infoverity
- Workshop “Connecting the dots”: Business use cases leveraging the relations of different master data. Commerce Relevancy: Customer segmentation and product personalization. Supplier spend management and supplier catalogs. Moderators: Markus Schuster, Sr. Director Product Management PIM & Procurement & Naveen Sharma, Cognizant
Save your chair at this high value pre-conference day by signing up HERE.
Please feel free to contact me (email@example.com, +1 650 385 5151) or Cathy Wright (firstname.lastname@example.org, +1 650 385 5151) if you have any questions, or if you would like us to consider additional topics for the agenda. We look forward to seeing you at the MDM Day meeting on 12th May in Las Vegas.