IBM Unveils New Tool to Manage Finance Function
According to the recent 2008 IBM Global CFO Study, one-third of CFOs and senior finance executives stated they are ineffective at measuring and monitoring business performance. The study of 1,200 CFOs suggests that current financial management models lack the effectiveness and flexibility to accommodate the needs of global enterprises. The Financial Transformation Workbench tool has been designed to address the CFO agenda and help improve effectiveness of the finance function.
IBM announces an analytical financial transformation tool to help companies more effectively analyze and manage the performance of a company's finance function. Developed by IBM Research in conjunction with IBM Global Business Services, the Finance Transformation Workbench tool uses IBM patented software and service methodologies to help chief financial officers and other senior finance executives identify underperforming finance functions within their company and identify new opportunities to transform and improve the finance function.
Analysis has shown that traditional methods that companies employ to improve their finance functions are often lacking in their ability to effectively and accurately identify exactly where pain points and redundancies occur within the finance organization. Finance functions need to have access to key metrics and benchmarks in order for companies to gain optimal financial performance. CFOs and other senior finance executives need to have simple and standardized finance processes to make fact-based decisions reduce finance costs and effectively partner with business units to enhance growth opportunities through integrated reporting and analytical capabilities.
IBM announces an analytical financial transformation tool to help companies more effectively analyze and manage the performance of a company's finance function. Developed by IBM Research in conjunction with IBM Global Business Services, the Finance Transformation Workbench tool uses IBM patented software and service methodologies to help chief financial officers and other senior finance executives identify underperforming finance functions within their company and identify new opportunities to transform and improve the finance function.
Analysis has shown that traditional methods that companies employ to improve their finance functions are often lacking in their ability to effectively and accurately identify exactly where pain points and redundancies occur within the finance organization. Finance functions need to have access to key metrics and benchmarks in order for companies to gain optimal financial performance. CFOs and other senior finance executives need to have simple and standardized finance processes to make fact-based decisions reduce finance costs and effectively partner with business units to enhance growth opportunities through integrated reporting and analytical capabilities.