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Mastering Dashboards To Build Value

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Dashboards have become a powerful tool for Financial Planning and Analysis (FP&A) professionals to share insight. When designed correctly, they deliver a clear message on what’s working and what’s not, and the actions to take to fix the issue. Technology now enables us to create dashboards in minutes, allowing us to share information in ways we could never before.

The big question has moved from “How do we create dashboards?” to “How do we harness this powerful tool to drive business behavior?”

Publicado en: Empresariales
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Mastering Dashboards To Build Value

  1. 1. CFOs frequently find themselves walking a tightrope between their traditional roles as financial steward and guardian of corporate assets and the newer demands of stakeholders for them to become strategic advisors and active business partners. Gary Simon ( UK’s top 10 business leaders in 2015)
  2. 2. …The nub of the problem is a profound lack of time and, worse still, not even enough time to invest in the activities that would break the mold Gary Simon ( UK’s top 10 business leaders in 2015)
  3. 3. Over 33% senior finance professionals said their organization’s decisions relied too much on gut feel rather than hard data Over 51% don’t spend enough time on business partnering 33% of CFOs are struggling to make the best use of technology available to them 66% CFOs admit they have too little time to spend on innovation and process improvements 66% CFOs believe an inability to master the variety and volume of new business data is a serious threat The Future of the Finance Function Survey 2016 (FSN survey)
  5. 5. Business Insight Generation Strategic Support Value Creation Data3. Strategy1.2. © FP&A Strategy Consulting LLC . ACTIVE PARTNERSHIPS PROACTIVE RESOLUTIONS INSIGHT DRIVEN STRATEGY
  6. 6. “The rate at which we're generating data is rapidly outpacing our ability to analyze it,” Professor Patrick Wolfe, Executive Director of the University College of London’s Big Data Institute
  7. 7. Known Knowns Known Unknowns Unknown Unknowns uk Looking beyond Known Knowns - • by Guy Cuthbert • February 3, 2013 . Description Know or accessible data Data that needs context and continually changes. Questions that have answers with a caveat: “This month it’s...” Data/Patterns that are unknown to the point that we are not looking for them Example Sales for last month Who are our most-profitable Customer Insight uncovered accidentally whilst looking for something quite different Reporting Standard Reports & Dashboards Visual Analytics which highlights insight Pattern uncovered were never explored because it went against conventional thinking Value Low (Vanity)/Medium (Actionable) – (Automated reporting) High – builds insight Highly valuable, and could have significant impact Reporting Insight Golden Nuggets Looking beyond Known Knowns - • by Guy Cuthbert • February 3, 2013
  8. 8. DATA
  9. 9. Master Data Implemented BI Tool and Dashboards Adoption that drives Behavior Change the game Value Maturity Aggregation: Single Source for all financial and operation data brought onto a single platform - acquiring data only from trusted source systems Accuracy: Standardized Data Dimensions and Rules consistently applied to all data to create a single source of trusted data. Data is validated and offline manipulation are brought into the system Access: User Friendly BI Tool to allow secure access to all data in a single platform for all users Actionable: Automated driver based metrics aligned to your strategy to drive business behavior Accountability: Next Generation of Predictive & Analytical - driving ownership Foundational Data Acquisition & Database Build Master Data Implemented BI Tool and Dashboards Adoption that drives Behavior Change the game
  10. 10. 1. Simplify 2. Design Thinking 3. Take Action 4. Tell a story
  11. 11. “The ability to simplify means to eliminate the unnecessary so that the necessary may speak.” - Hans Hofmann
  12. 12. 1. Focus on Key Metrics (3-4 max) 2. Reduce the noise 3. Align to your strategy
  13. 13. Reducing the Data Ink Ratio: Example based in work by Edward Tufte .
  14. 14. 1. Diagnosis What is the challenge 2. Guiding Policy Overall approach to overcoming or coping with the obstacle in the diagnosis 3. Coherent Actions Designed to carry out the guiding principle
  15. 15. Business Strategy: Become the leader by unit market share in our main product lines at Organic Market, which will position us for long term growth, while continuing strong relationships with our partners and customers
  16. 16. Above Average Below Average
  17. 17. Fred CCO: As the commercial officer, my objectives are to drive growth in the company. I would like to understand what’s holding us back: we need analytics to answer the questions of ‘why” and be able to uncover new opportunities. I feel that I don’t have the data at my finger tips and even a simple request can take days to answer because people don’t have access to the data, extraction tools, processing and analysis tools, pivot tables etc. We are also focused on shipments which I believe is a crude measure of demand. What I really want to know is what was consumed (our brand/others), why, where and when was it consumed. I would also like a standardized dashboard, similar to Yahoo Finance where all the data is in the same format and you can compare one company to another.
  18. 18. Action is the foundational key to all success – Pablo Picasso
  19. 19. Vanity metrics Measurements that give “the rosiest picture possible” but do not accurately reflect the key drivers of a business. Numbers or stats that look good on paper, but don’t really mean anything important. Actionable metrics A metric that can lead to informed business decisions and subsequent action that helps drive the mission and vision. “Vanity metrics are dangerous” Eric Ries author of the Lean Startup
  20. 20. Paid Growth: Investing in strategic products to drive market share Organic Growers: Gain understanding of growth, to see how it could apply to other products Under Invested: Decision to invest less than the competition for non strategic products Dead Ducks: Stop spending money on these products
  21. 21. • Drive growth • Predicting change • Focused on what’s next The Black Swan – Nassim Nicholas Taleb
  22. 22. For blogs – link in at: Could FP&A help your company survive a downturn? Why is the ROI of your FP&A team so hard to measure? 10 Productivity Hacks 4 Finance (Infographic)