CFOs Need Mavericks to Boost Data Analytics

first_imgWe are moving from an era of data scarcity to an era of data abundance. This is being driven by the Digital age we live in. But data is not made equal, some of it is far less useful or trustworthy than other data. This is a huge challenge for society and our education systems. Zooming in on what I know best – the finance function in corporations – big data can become a curse, if you allow yourself to drown in it. To turn it into a blessing, CFOs need to change a few things, starting with the kind of talents they hire …We live a data paradox. We feel submerged by data which is all around us and omnipresent, whereas those data could make our lives so much easier are much harder to find and identify. The real problem is most data is not useful. You need to figure out where data analytics can provide you with real insights instead of bringing more complexity or setting people going off in tangents. This is not an easy task. As a CFO, I try to stay focused on the basics (revenues, costs and profits) and build up from there starting with simple data analytics that gives me more clarity on the market opportunities, the go-to-market costs and the different scenarios to allocate business profits. It is only when I feel I have a strong understanding of these scenario’s that I then move to look at big data analytics and outputs to try and validate the scenario’s that have been identified.I know this is easier said than done. Another good ploy is to surround yourself with the right people.I recently stumbled across an article in Healthcare Finance, referring to a survey by WorkDay, which perfectly summarizes the promise of big data for the finance functions: data-driven decision-making (rather than intuitions) that makes the CFOs and their teams more resilient and intelligent, delivering quality insights and strategic advantages for the whole organization. But the report also indicates that many corporate finance functions are still unable to deliver these insights, due largely to:difficulty integrating finance and non-finance datalack of relevant skills within finance teams, andineffective collaboration among C-suite peers on data-driven decision-making.My previous blogs were about point 3 and, indeed, the need for partnerships, specifically between the CFO and the CIO, which is key to aligning on the right data sets.Regarding point 1, I do not think that access to non-financial data is a problem, as such. The difficulty is to get data in a trustworthy format that you can easily embed into your own CFO story. There are so many different templates and subsets across departments and business units. This is also where a strong CFO-CIO can help getting everyone in tune.Where I think CFOs have still a long way to go is, indeed, point 2 and the access to skills.Chalk and cheeseTo refresh the knowledge inside your finance department, I strongly encourage you to search for less traditional profiles. Besides accounting and finance champions, attract some nerdy data scientists and make them feel comfortable in your team. They are so scarce on today’s market that you had better offer these mavericks a motivating challenge, as well as a suitable infrastructure to start getting value out of artificial intelligence. Otherwise, like in this testimonial, they will not stay long in your team.The infographics here illustrate that data scientists and business analysts are like chalk and cheese. They do not naturally work together. But it is your task, as CFO, to show leadership and make the best of both worlds.A tactical tip? Introduce some job rotation so that each group of skilled people understands the benefits brought by the other one. There is a kind of trade-off to be found here.If you keep data scientists and business analysts separated, the risk is that your own exploitation of Big Data may go too behind the wall, disconnected from the business realities. Data science just for the sake of it.Conversely, if you keep them together all the time, you restrict the power of data scientists to think out of the box and to provide real insights once their job is combined with the skills of the business analysts.In conclusion, there is not one silver bullet to make your finance department smarter and more resilient, but investing in a good mix of new talents while increasing the data analytical skills of the existing teams… is definitely a sound decision. Though, I must confess, it is based on my own intuition and experience more then on machine learning.Always happy to read your comments!last_img read more

Set up for success: Endicott IT company offers work from home tips

first_img“Phishing scams are at the highest level we’ve ever seen and they’re very sophisticated. So if you get an email or someone sends you a web link that you’re unsure of, ask your IT professional,” he said. “In a matter of a week we probably sold more VPN licenses and set people up to work from home than we probably have in the last ten years,” said ICS President Kevin Blake. While your routine should stay stagnant, how you seal with security should too. “When you’re at home you can get in a rhythm with your tools and working, you know all of a sudden you blink and it’s six or seven o’clock. It’s more important to have those routines built in, have your breaks scheduled, get up and go for a walk, the mental health aspect of this, the work-life balance is very important,” said Blake. Blake says you can use this time to take advantage of communication. “We put a lot of technology and software to limit exposure when you take a work PC home, so don’t let people use those computers,” he said. Endicott IT company, Integrated Computer Solutions, or ICS, has been busier than ever, trying to make the transition smooth. “We’re finding, at least I’m finding, we’re doing more team calls with everybody in my company. People in Ithaca, people in Syracuse, than I did when we were all in the offices,” he said. It says success starts with setting boundaries for yourself. Blake says when you are bringing company technology home, sharing is not caring.center_img The company understands what it’s like first-hand, having majority of its workforce home too. For more on the coronavirus, click here. It’s also suggested to create strong passwords and use multi-factored authentication if it’s available. While change is hard, it’s not necessarily a bad thing. Blake also suggests being extra cautious. ENDICOTT (WBNG) — People around the country and here in the Southern Tier are working from home, making for quite the change in their daily routine. All to make the best of a new normal. “Today’s day and age, it’s really important,” said Blake.last_img read more

East entrance to Woods Park to be closed today

first_imgSumner Newscow report — BNSF will be replacing track panels over the east entrance to Woods Park today and will be closing a section of the road near the Wellington Municipal Golf Course maintenance building for most of the day.  Entrance to Woods Park will only be open on the west end.Follow us on Twitter. Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. There are no comments posted yet. Be the first one! Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new commentslast_img read more

Player of the Week: Baser Amer continues clutch heroics for Meralco

first_imgGov’t to employ 6,000 displaced by Taal Will you be the first P16 Billion Powerball jackpot winner from the Philippines? Down the stretch has been “Hammer Time” with Amer no stranger to thriving in the endgame.The heady point guard was clutch again in lifting Meralco over No. 2 Phoenix, 108-103, in overtime in a knockout duel on Friday, burying back-to-back triples in overtime that put the Fuel Masters away and propelled the seventh-seeded Bolts into the semifinals.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSJapeth Aguilar wins 1st PBA Finals MVP award for GinebraSPORTSGolden State Warriors sign Lee to multiyear contract, bring back ChrissThe 26-year-old Amer finished with 26 points two nights after having an all-around game of 14 points, four rebounds and six assists in a 90-74 rout of Phoenix that forced the rubber match.The former San Beda star sustained his form in the semifinals after putting up 14 points, four rebounds, three assists and one steal to help Meralco beat No. 3 Alaska, 97-92, in Game 1 of a best-of-five on Sunday in Antipolo. Allen Durham has been a given and others have stepped up during Meralco’s hot streak but no local has played a bigger role in the Bolts’ last three games than Baser Amer.ADVERTISEMENT Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award LATEST STORIES Kings hold on to end 14-game losing streak to Spurs MOST READ Don’t miss out on the latest news and information. Japeth Aguilar embraces role, gets rewarded with Finals MVP plumcenter_img Amer, who earned the Cignal-PBA Press Corps Player of the Week citation, averaged 18 points, 4.2 rebounds, 4.2 assists and 1.6 steals the past week.He edged teammate Chris Newsome, Magnolia’s Paul Lee, Barangay Ginebra’s Japeth Aguilar and Alaska’s Vic Manuel for the weekly award.Sports Related Videospowered by AdSparcRead Next Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college Tim Cone, Ginebra set their sights on elusive All-Filipino crown Nadine Lustre’s phone stolen in Brazil Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Allen Durham still determined to help Meralco win 1st PBA title Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew View commentslast_img read more

Transfer rumours and paper review – Tuesday, May 19

first_imgHere’s the top transfer-related stories in Tuesday’s newspapers…Liverpool target James Milner looks set to snub a mega £34m offer from Manchester City in favour of joining Arsenal. (Daily Star)The Reds are also keen on City’s Edin Dzeko, who has been linked with Chelsea. The Bosnian is expected to leave the Eithad at the end of the season. (Daily Mail)Scott Sinclair is set to make his loan move to Aston Villa from Manchester City permanent now that the Midlands club have guaranteed their Premier League status. (Daily Express)And here are the latest transfer tales…TRANSFER SHOCK! Raheem Sterling tells Liverpool he wants to leaveExclusive – Petr Cech’s future is ‘not in my hands’, admits Chelsea boss Jose MourinhoExclusive – David De Gea not leaving Manchester United for more money, insists former Red DevilExclusive – Spanish football expert insists Man United would be ‘nuts’ to not push for Gareth Bale this summerMan United Transfer Update – If you lose David De Gea make sure you get Gareth Bale, insists Stuart PearceExclusive – Former Arsenal star reveals his Gunners shopping list for the summerReal Madrid lure may be too much to keep David De Gea, claims Man United’s Victor ValdesPSG reportedly to offer Angel di Maria an escape route from Manchester United nightmareManchester United transfer news: HUGE double swoop and World Cup winner targeted?Liverpool set to land in-demand defender this summer?No Arsenal deal! Paulo Dybala is joining Juventus, reveals Palermo bossPSG star urges Manchester City and Chelsea target to join him in Paris this summerLigue 1 Player of the Year admits he could leave Lyon this summer amid Arsenal and Liverpool interestArsenal reportedly beat Manchester United to French teen sensationArsenal and Liverpool do battle over signature of ‘new Paul Pogba’Reports – Arsenal scouts in France to monitor Lyon starBlow for Liverpool! La Liga boss rubbishes Reds links to his top starLiverpool and Bournemouth set sights on Everton youngsterItalian giants could hijack West Ham’s plans to secure Alex Song on a permanent basis‘Five new faces’! West Ham set to splash the cash this summer, says David GoldInter Milan hotshot snubs new contract offer amid Chelsea and Manchester City interestSerbian defender to snub Southampton in favour of Besiktas movelast_img read more