Learn how corporate performance management (CPM) can seamlessly integrate many techniques including strategy maps, a balanced scorecard, and the alignment of KPI’s to identify and track your organization’s critical success factors. Gain insights into how to convert “too much data” into useful information and how to use metrics to create flexible budgets and rolling forecasts.
DESIGNED FOR
Financial professionals who are, or aspire to be, chief financial officers. The discussions are targeted at those in midsize organizations.
BENEFITS
- Learn how to identify and track your organization’s critical success factors.
- Discover how to convert “too much data” into useful information.
- Explore ways to use metrics to create flexible budgets and rolling forecasts.
- Find out why “What causes cost?” is the most important question in management accounting.
- Understand how Business Intelligence (BI) and Business Analytics (BA) can help you make sense of your organization's data.
- Learn how managerial accounting can become managerial economics.
HIGHLIGHTS
Corporate performance management
- Poor strategy execution frustrates many executives as their organizations struggle with performance improvement, making decisions using intuition in the absence of hard data. Corporate performance management (CPM) seamlessly integrates many techniques including strategy maps and a balanced scorecard. Together they align manager and employee behavior, actions, and priorities using key performance indicators (KPIs) with specific targets to enable accountability.
Business intelligence and data analytics
- Volatility and complexity are the new normal. Most organizations are drowning in data but starving for information. The finance and accounting function has the opportunity to leverage Big Data and the continuum of analytics – descriptive, diagnostic, predictive, and prescriptive. All are useful for better decision making. Collecting, validating, and reporting data is not the same thing as analyzing information where we can glean valuable, actionable insights. In some ways the finance function is many years behind other disciplines such as marketing, sales, and supply chain managers, in applying analytics. How can the CFO’s function catch up?
Driver-based budgeting
- The annual budgeting process is often criticized as a fiscal exercise done by the accountants that is obsolete soon after it is published, prone to gamesmanship, cumbersome, not being volume sensitive, and disconnected from the strategy and needed risk mitigation spending. You can resolve these deficiencies using capacity-sensitive driver-based expense projections. Driver-based budgeting allows for quick scenario planning and far easier analysis of a growing organization whose future may look nothing like today. The budget can be periodically refreshed to create rolling financial forecasts extending beyond the fiscal year end.
Effective management accounting
- Critics have claimed that traditional managerial accounting is at best useless and at worst dysfunctional and misleading. Most line managers do not trust their management accounting data.
21st Century management accounting develops cost/unit metrics that are useful for budgeting, cost analysis and control. Current methods bring truly accurate fact-based costing visibility, tracing costs and identifying cause-and-effect relationships rather than broadly allocating overhead. This information provides the ability to reveal the true profit margins for products as well as for specific sales channels and customers.
Removing the barriers caused by your current management accounting techniques can provide huge rewards.
COURSE LEVEL
Intermediate
PREREQUISITES
Experience preparing or reviewing accounting processes and reports preparing or reviewing financial performance reports; and working with internal clients or external clients and business leaders.
ADVANCE PREPARATION
Bring a laptop.