Sections

Five Key Benefits Big Data Can Deliver For Finance: Part 2

Nilly Essaides

Part 2 in a series. Read Part 1 here.

Finance professionals and experts interviewed by the Association for Financial Professionals (AFP) for its upcoming FP&A Guide, How Finance Can Get Ready for Big Data, releasing April 12, pointed out five key benefits finance can achieve from adopting Big Data strategies.

  1. Improved forecasting. The key benefits for incorporating Big Data strategies into FP&A is improving predictability. Big Data validates the assumptions that go into the business forecast, and therefore allows FP&A to come up with a more accurate view of how events in the market and internally will impact the company’s performance, and thus its competitive position. A data-driven finance department can better look forward and identify leading indicators. With that information, the CFO can make more educated decisions.
  1. Better KPIs. FP&A can take also take advantage of Big Data when identifying and understanding value drivers, and then managing and monitoring financial and non-financial KPIs against these value drivers. By nature of its job and role, FP&A is in the right position to examine that and assess whether core planning and reporting models represent the right driver relationships and related KPIs.
  1. More predictable working capital. An existing example for an area where Big Data can play a role is in analyzing and predicting working capital. Traditionally, finance would look up 15 factors that drive working capital and monitor them to come up with a forecast. Now, instead, an analyst can seek statistical correlations between working capital and any number of data points to arrive at a forecast for the organization.
  1. Identification of growth opportunities. One of the areas that CEOs identified as the best thing CFOs can do, according to KPMG’s The View from the Top 2015 survey, is in best leveraging financial data and analytics to identify growth opportunities. While marketing is clearly involved, finance is actually in a much better position – and has better access to data – to analyze the cost to serve across multiple dimensions (products, customers, services, channels) and then analyze pricing strategies and where to optimize profitability and growth.
  1. A stronger strategic role for FP&A. Finally, FP&A already has the basic multidisciplinary thinking and analytical approach. Using Big Data and getting comfortable with some ambiguity allows FP&A professionals to more quickly adjust their thinking, and recommendations, in reaction to changes in the business environment, today and looking forward. Many FP&A groups are already moving their focus from what happened to what’s going to happen and why. In this role, they are becoming a strategic partner to the business and senior management.

According to Allan Frank, chief IT strategist and co-founder of The Hackett Group, Big Data and related new tools present a tremendous opportunity for finance to take the lead, given its core fiduciary responsibilities. “The challenge for finance is how to develop an enterprise view of analytics,” he said. “The first thing is to realize you can find out more. You can ask questions you couldn’t ask before and frame them in the form of business outcomes.”

Over time there will likely be an evolution of the FP&A business analyst into the business data scientist, according to Philip Peck, vice president of finance transformation at Peloton. “FP&A practitioners will review and analyze all of the forward-looking KPIs and data available, dynamically adjust forecasts, make tactical recommendations, and effectively drive that information into operations,” he said.

Peck added that as finance and FP&A continue to extend and expand their business partnering activities across the organization, they have a unique opportunity to spearhead or at least guide Big Data and analytics efforts and become the go-to experts in this area. “Similar to the evolution we experienced when business intelligence became more prevalent, we are starting to see the emergence of analytic centers of excellence or competency centers,” he said.

To benchmark your organization’s forecasting methods and other FP&A processes, take the AFP FP&A Benchmarking Survey, in partnership with IBM. You can also connect with me on LinkedIn or follow me on Twitter.

Comments

Nilly Essaides

About Nilly Essaides

Nilly Essaides is senior research director, Finance & EPM Advisory Practice at The Hackett Group. Nilly is a thought leader and frequent speaker and meeting facilitator at industry events, the author of multiple in-depth guides on financial planning & analysis topics, as well as monthly articles and numerous blogs. She was formerly director and practice lead of Financial Planning & Analysis at the Association for Financial Professionals, and managing director at the NeuGroup, where she co-led the company’s successful peer group business. Nilly also co-authored a book about knowledge management and how to transfer best practices with the American Productivity and Quality Center (APQC).

Real-Time Analysis Tools Critical To Improving Finance Performance [INFOGRAPHIC]

Viki Ghavalas

The majority of finance executives agree that real-time analysis tools are key to making better business decisions, according to a report by CFO Research and SAP titled “The Future of Financial Planning and Analysis.” However, executives polled also believe that their current systems still need more improvement to be able to make a positive impact on the business. Executives surveyed point to four main priorities for their FP&A tools.

Finance executives surveyed expect the demand for real-time analysis tools to grow in the coming years. However, the survey also shows that having these tools is not enough and that stakeholders also expect analysis and insights from finance that are simple and actionable.

Data in financial planning and analysis

Learn more about what finance executives are projecting for FP&A by downloading the “The Future of Financial Planning and Analysis” report.

Are you monitoring business performance in real time? If not, read Boosting Efficiency For CFOs And The Finance Function.

Comments

Viki Ghavalas

About Viki Ghavalas

Viki Ghavalas is worldwide program manager for the finance line of business at SAP.

Why Banks Should Be Bullish On Integrating Finance And Risk Data

Mike Russo

Welcome to the regulatory world of banking, where finance and risk must join forces to banking executiveensure compliance and control. Today it’s no longer sufficient to manage your bank’s performance using finance-only metrics such as net income. What you need is a risk-adjusted view of performance that identifies how much revenue you earn relative to the amount of risk you take on. That requires metrics that combine finance and risk components, such as risk-adjusted return on capital, shareholder value added, or economic value added.

While the smart money is on a unified approach to finance and risk, most banking institutions have isolated each function in a discrete technology “silo” complete with its own data set, models, applications, and reporting components. What’s more, banks continually reuse and replicate their finance and risk-related data – resulting in the creation of additional data stores filled with redundant data that grows exponentially over time. Integrating all this data on a single platform that supports both finance and risk scenarios can provide the data integrity and insight needed to meet regulations. Such an initiative may involve some heavy lifting, but the advantages extend far beyond compliance.

Cashing in on bottom-line benefits

Consider the potential cost savings of taking a more holistic approach to data management. In our work with large global banks, we estimate that data management – including validation, reconciliation, and copying data from one data mart to another – accounts for 50% to 70% of total IT costs. Now factor in the benefits of reining in redundancy. One bank we’re currently working with is storing the same finance and risk-related data 20 times. This represents a huge opportunity to save costs by eliminating data redundancy and all the associated processes that unfold once you start replicating data across multiple sources.

With the convergence of finance and risk, we’re seeing more banks reviewing their data architecture, thinking about new models, and considering how to handle data in a smarter way. Thanks to modern methodologies, building a unified platform that aligns finance and risk no longer requires a rip-and-replace process that can disrupt operations. As with any enterprise initiative, it’s best to take a phased approach.

Best practices in creating a unified data platform

Start by identifying a chief data officer (CDO) who has strategic responsibility for the unified platform, including data governance, quality, architecture, and analytics. The CDO oversees the initiative, represents all constituencies, and ensures that the new data architecture serves the interests of all stakeholders.

Next, define a unified set of terms that satisfies both your finance and risk constituencies while addressing regulatory requirements. This creates a common language across the enterprise so all stakeholders clearly understand what the data means. Make sure all stakeholders have an opportunity to weigh in and explain their perspective of the data early on because certain terms can mean different things to finance and risk folks.

In designing your platform, take advantage of new technologies that make previous IT models predicated on compute-intensive risk modeling a thing of the past. For example, in-memory computing now enables you to integrate all information and analytic processes in memory, so you can perform calculations on-the-fly and deliver results in real time. Advanced event stream processing lets you run analytics against transaction data as it’s posting, so you can analyze and act on events as they happen.

Such technologies bring integration, speed, flexibility, and access to finance and risk data. They eliminate the need to move data to data marts and reconcile data to meet user requirements. Now a single finance and risk data warehouse can be flexible and comprehensive enough to serve many masters.

Join our webinar with Risk.net on 7 October, 2015 to learn best practices and benefits of deploying an integrated finance and risk platform.

Comments

Mike Russo

About Mike Russo

Mike Russo is senior industry principal, Financial Services, with SAP. Mike has 30 years of experience in the financial services/financial software industries. This includes stints as senior auditor for the Irving Trust Co., New York; manager of the International Department at Barclays Bank of New York; and 14 years as CFO for Nordea Bank’s New York City branch – a full-service retail/commercial bank. Mike also served on Nordea’s Credit, IT, and Risk Committees. Mike’s financial software experience includes roles as a senior banking consultant with Sanchez Computer Associates and manager of Global Business Solutions (focused on sale of financial/risk management solutions) with Thomson Financial. Before joining SAP, Mike was a regulator with the Federal Reserve Bank in Charlotte, where he was responsible for the supervision of large commercial banking organizations in the Southeast with a focus on market/credit/operational risk management.

Is Personalization Killing Your Relationships With Customers?

Christopher Koch

 

Customers Want Personalization…

 

Customers expect a coordinated, personalized response across all channels. For example, 91% expect to pick up where they left off when they switch channels.

Source: “Omni-Channel Service Doesn’t Measure Up; Customers Are Tired of Playing Games” (Aspect Blog, January 29, 2014)

laptop_phone

 


 

… And they Want it Now

 

Customers also want their interactions to be live – or in the moment they choose. For example, nearly 60% of consumers want real-time promotions and 48% like online reminders to order items that they might have run out of.

realtime

That means companies need to become a Live Business – a business that can coordinate multiple functions in order to respond to and even anticipate customer demand at any moment.

Source: “U.S. Consumers Want More Personalized Retail Experience and Control Over Personal Information, Accenture Survey Shows” (Accenture, March 9, 2015)

 


 

But There’s a Catch: Trust

 

73percent

Customers are demanding more intimacy, but there’s only so far companies can go before they cross over the line to creepy. For example, facial-recognition technology that identifies age and gender to target advertisements on digital screens is considered creepy by 73% of people surveyed.

Source: “In-Store Personalization: Creepy or Cool?” (RichRelevance, 2015)

 


 

How to Earn Their Trust and Keep It

 

Here are some ways to improve trust while moving forward with omnichannel personalization.

trustfall

1-01

Customers Want Value for Their Data

An Accenture study found that the majority of consumers in the United States and the United Kingdom are willing to allow trusted retailers to use some of their personal data in order to present personalized and targeted products, services, recommendations, and offers.

Source: “U.S. Consumers Want More Personalized Retail Experience and Control Over Personal Information, Accenture Survey Shows” (Accenture, March 9, 2015)

 

2-01

Don’t Take Data, Let Customers Offer It

Customers who voluntarily provide data are less likely to be annoyed by personalization that’s built around it. Mobile apps are a great way to invite customers to share more data in a relationship that they control.

 

3-01

Be Clear About How You Will Use Data

Companies should think about the customer data transaction – such as what information the customer is giving them, how it’s being used, and what the result will be – and describe it as simply as possible.

 


 

download arrowTo learn more about how to personalize without destroying trust, read the in-depth report Live Businesses Deliver a Personal Customer Experience Without Losing Trust.

 

Comments

Christopher Koch

About Christopher Koch

Christopher Koch is the Editorial Director of the SAP Center for Business Insight. He is an experienced publishing professional, researcher, editor, and writer in business, technology, and B2B marketing. Share your thoughts with Chris on Twitter @Ckochster.

Tags:

Donuts, Content Management and Information Governance

Ina Felsheim

I was on vacation for two weeks, which was awesome, and my girls mainly wanted to do two things:

I had my own list of projects, too. The big one was installing glass tile on the kitchen backsplash. (Grout everywhere. That’s all I’m saying.)

After two weeks of glorious holiday, I sat down to take stock. The old technical writer in me came creeping out, and I began to count how many sets of instructions we followed over the course of the two weeks—more than 15, definitely. And the amazing thing? They were all right. Every. Last. One. From proper application of fabric paint to proper frying temperature for homemade donuts, to putting together a shoe rack that came in 20 pieces.

I’m pretty sure this wouldn’t have happened five years ago. The difference comes from an increased awareness in the importance of great user assistance. Without successful “use,” who’s going to evangelize your product?

Information Governance: Part of a Larger Food Pyramid

In EIM, we have a well-seasoned group of information developers. They apply information governance principles every day:

  • Create a single source of master information (in this case, product step-by-step instructions)
  • Manage versioning of master information (as product updates happen)
  • Survey end-users of the information to gauge quality, freshness, and applicability of master information
  • Establish master information Responsible, Accountable, Consulted, or Informed (RACI) models for owners, reviewers, and informed stakeholders.

Sometimes, we group this knowledge management work into other categories, like content management. However, information governance needs to also be inclusive of these activities; otherwise, how can we be successful? No one can live on donuts alone!

Does your information governance program include content management? Do you have comments about the quality of EIM user assistance (online help, PDFs, printed documentation, etc.)?

Comments

Dr. Achim Krüger

About Dr. Achim Krüger

Dr. Achim Krüger is Vice President of Operational Excellence (EAM and EH&S) at SAP. After starting his career as an officer with the German Air Force, he held several positions in the areas of maintenance of helicopters and transport aircraft as well as systems engineering, before he worked in higher commands as a logistics general staff officer. Joining SAP in 2002, Dr. Krüger first served as a consultant before establishing the SAP for Defense & Security industry portfolio and later assumed several other duties in Solution Management and Development,

Tags:

awareness

Donuts, Content Management and Information Governance

Ina Felsheim

I was on vacation for two weeks, which was awesome, and my girls mainly wanted to do two things:

I had my own list of projects, too. The big one was installing glass tile on the kitchen backsplash. (Grout everywhere. That’s all I’m saying.)

After two weeks of glorious holiday, I sat down to take stock. The old technical writer in me came creeping out, and I began to count how many sets of instructions we followed over the course of the two weeks—more than 15, definitely. And the amazing thing? They were all right. Every. Last. One. From proper application of fabric paint to proper frying temperature for homemade donuts, to putting together a shoe rack that came in 20 pieces.

I’m pretty sure this wouldn’t have happened five years ago. The difference comes from an increased awareness in the importance of great user assistance. Without successful “use,” who’s going to evangelize your product?

Information Governance: Part of a Larger Food Pyramid

In EIM, we have a well-seasoned group of information developers. They apply information governance principles every day:

  • Create a single source of master information (in this case, product step-by-step instructions)
  • Manage versioning of master information (as product updates happen)
  • Survey end-users of the information to gauge quality, freshness, and applicability of master information
  • Establish master information Responsible, Accountable, Consulted, or Informed (RACI) models for owners, reviewers, and informed stakeholders.

Sometimes, we group this knowledge management work into other categories, like content management. However, information governance needs to also be inclusive of these activities; otherwise, how can we be successful? No one can live on donuts alone!

Does your information governance program include content management? Do you have comments about the quality of EIM user assistance (online help, PDFs, printed documentation, etc.)?

Comments

Marcell Vollmer

About Marcell Vollmer

Marcell Vollmer is the Chief Digital Officer for SAP Ariba (SAP). He is responsible for helping customers digitalize their supply chain. Prior to this role, Marcell was the Chief Operating Officer for SAP Ariba, enabling the company to setup a startup within the larger SAP business. He was also the Chief Procurement Officer at SAP SE, where he transformed the global procurement organization towards a strategic, end-to-end driven organization, which runs SAP Ariba and SAP Fieldglass solutions, as well as Concur technologies in the cloud. Marcell has more than 20 years of experience in working in international companies, starting with DHL where he delivered multiple supply chain optimization projects.

Tags:

awareness

Donuts, Content Management and Information Governance

Ina Felsheim

I was on vacation for two weeks, which was awesome, and my girls mainly wanted to do two things:

I had my own list of projects, too. The big one was installing glass tile on the kitchen backsplash. (Grout everywhere. That’s all I’m saying.)

After two weeks of glorious holiday, I sat down to take stock. The old technical writer in me came creeping out, and I began to count how many sets of instructions we followed over the course of the two weeks—more than 15, definitely. And the amazing thing? They were all right. Every. Last. One. From proper application of fabric paint to proper frying temperature for homemade donuts, to putting together a shoe rack that came in 20 pieces.

I’m pretty sure this wouldn’t have happened five years ago. The difference comes from an increased awareness in the importance of great user assistance. Without successful “use,” who’s going to evangelize your product?

Information Governance: Part of a Larger Food Pyramid

In EIM, we have a well-seasoned group of information developers. They apply information governance principles every day:

  • Create a single source of master information (in this case, product step-by-step instructions)
  • Manage versioning of master information (as product updates happen)
  • Survey end-users of the information to gauge quality, freshness, and applicability of master information
  • Establish master information Responsible, Accountable, Consulted, or Informed (RACI) models for owners, reviewers, and informed stakeholders.

Sometimes, we group this knowledge management work into other categories, like content management. However, information governance needs to also be inclusive of these activities; otherwise, how can we be successful? No one can live on donuts alone!

Does your information governance program include content management? Do you have comments about the quality of EIM user assistance (online help, PDFs, printed documentation, etc.)?

Comments

Tags:

awareness

Donuts, Content Management and Information Governance

Ina Felsheim

I was on vacation for two weeks, which was awesome, and my girls mainly wanted to do two things:

I had my own list of projects, too. The big one was installing glass tile on the kitchen backsplash. (Grout everywhere. That’s all I’m saying.)

After two weeks of glorious holiday, I sat down to take stock. The old technical writer in me came creeping out, and I began to count how many sets of instructions we followed over the course of the two weeks—more than 15, definitely. And the amazing thing? They were all right. Every. Last. One. From proper application of fabric paint to proper frying temperature for homemade donuts, to putting together a shoe rack that came in 20 pieces.

I’m pretty sure this wouldn’t have happened five years ago. The difference comes from an increased awareness in the importance of great user assistance. Without successful “use,” who’s going to evangelize your product?

Information Governance: Part of a Larger Food Pyramid

In EIM, we have a well-seasoned group of information developers. They apply information governance principles every day:

  • Create a single source of master information (in this case, product step-by-step instructions)
  • Manage versioning of master information (as product updates happen)
  • Survey end-users of the information to gauge quality, freshness, and applicability of master information
  • Establish master information Responsible, Accountable, Consulted, or Informed (RACI) models for owners, reviewers, and informed stakeholders.

Sometimes, we group this knowledge management work into other categories, like content management. However, information governance needs to also be inclusive of these activities; otherwise, how can we be successful? No one can live on donuts alone!

Does your information governance program include content management? Do you have comments about the quality of EIM user assistance (online help, PDFs, printed documentation, etc.)?

Comments

Nic Smith

About Nic Smith

Nic Smith leads the global product marketing organization for business intelligence and cloud analytics at SAP. As a data-driven marketing leader, his experience in enterprise and business consumer marketing strategies supports customer innovation and consistently drives growth targets. Nic brings a unique blend of experience in product marketing, field marketing, product management, digital marketing, and customer experience with a proven record of leading great teams and initiatives for companies such as SAP, Microsoft, and Business Objects.

Tags:

awareness

Donuts, Content Management and Information Governance

Ina Felsheim

I was on vacation for two weeks, which was awesome, and my girls mainly wanted to do two things:

I had my own list of projects, too. The big one was installing glass tile on the kitchen backsplash. (Grout everywhere. That’s all I’m saying.)

After two weeks of glorious holiday, I sat down to take stock. The old technical writer in me came creeping out, and I began to count how many sets of instructions we followed over the course of the two weeks—more than 15, definitely. And the amazing thing? They were all right. Every. Last. One. From proper application of fabric paint to proper frying temperature for homemade donuts, to putting together a shoe rack that came in 20 pieces.

I’m pretty sure this wouldn’t have happened five years ago. The difference comes from an increased awareness in the importance of great user assistance. Without successful “use,” who’s going to evangelize your product?

Information Governance: Part of a Larger Food Pyramid

In EIM, we have a well-seasoned group of information developers. They apply information governance principles every day:

  • Create a single source of master information (in this case, product step-by-step instructions)
  • Manage versioning of master information (as product updates happen)
  • Survey end-users of the information to gauge quality, freshness, and applicability of master information
  • Establish master information Responsible, Accountable, Consulted, or Informed (RACI) models for owners, reviewers, and informed stakeholders.

Sometimes, we group this knowledge management work into other categories, like content management. However, information governance needs to also be inclusive of these activities; otherwise, how can we be successful? No one can live on donuts alone!

Does your information governance program include content management? Do you have comments about the quality of EIM user assistance (online help, PDFs, printed documentation, etc.)?

Comments

Jayne Landry

About Jayne Landry

Jayne Landry is the global vice president and general manager for Business Intelligence at SAP. Ms. Landry joined Crystal Decisions in 2002 and came into SAP through the Business Objects acquisition in 2007. A seasoned executive with 20+ years of experience in the technology sector, Jayne has held leadership roles in high-tech companies in the CRM, mobility, and cloud applications space. Ms. Landry holds a Bachelor of Commerce degree from the University of Auckland, and has continued executive development with Queen’s University, Ontario, and through work with the Sauder School of Business at the University of British Columbia.

Tags:

awareness

Donuts, Content Management and Information Governance

Ina Felsheim

I was on vacation for two weeks, which was awesome, and my girls mainly wanted to do two things:

I had my own list of projects, too. The big one was installing glass tile on the kitchen backsplash. (Grout everywhere. That’s all I’m saying.)

After two weeks of glorious holiday, I sat down to take stock. The old technical writer in me came creeping out, and I began to count how many sets of instructions we followed over the course of the two weeks—more than 15, definitely. And the amazing thing? They were all right. Every. Last. One. From proper application of fabric paint to proper frying temperature for homemade donuts, to putting together a shoe rack that came in 20 pieces.

I’m pretty sure this wouldn’t have happened five years ago. The difference comes from an increased awareness in the importance of great user assistance. Without successful “use,” who’s going to evangelize your product?

Information Governance: Part of a Larger Food Pyramid

In EIM, we have a well-seasoned group of information developers. They apply information governance principles every day:

  • Create a single source of master information (in this case, product step-by-step instructions)
  • Manage versioning of master information (as product updates happen)
  • Survey end-users of the information to gauge quality, freshness, and applicability of master information
  • Establish master information Responsible, Accountable, Consulted, or Informed (RACI) models for owners, reviewers, and informed stakeholders.

Sometimes, we group this knowledge management work into other categories, like content management. However, information governance needs to also be inclusive of these activities; otherwise, how can we be successful? No one can live on donuts alone!

Does your information governance program include content management? Do you have comments about the quality of EIM user assistance (online help, PDFs, printed documentation, etc.)?

Comments

Roger Noia

About Roger Noia

Roger Noia is the director of Solution Marketing, SAP Jam Collaboration, at SAP. He is responsible for product marketing and sales enablement for our dedicated sales team as well as the broader SAP sales force selling SAP Jam.

Tags:

awareness

Donuts, Content Management and Information Governance

Ina Felsheim

I was on vacation for two weeks, which was awesome, and my girls mainly wanted to do two things:

I had my own list of projects, too. The big one was installing glass tile on the kitchen backsplash. (Grout everywhere. That’s all I’m saying.)

After two weeks of glorious holiday, I sat down to take stock. The old technical writer in me came creeping out, and I began to count how many sets of instructions we followed over the course of the two weeks—more than 15, definitely. And the amazing thing? They were all right. Every. Last. One. From proper application of fabric paint to proper frying temperature for homemade donuts, to putting together a shoe rack that came in 20 pieces.

I’m pretty sure this wouldn’t have happened five years ago. The difference comes from an increased awareness in the importance of great user assistance. Without successful “use,” who’s going to evangelize your product?

Information Governance: Part of a Larger Food Pyramid

In EIM, we have a well-seasoned group of information developers. They apply information governance principles every day:

  • Create a single source of master information (in this case, product step-by-step instructions)
  • Manage versioning of master information (as product updates happen)
  • Survey end-users of the information to gauge quality, freshness, and applicability of master information
  • Establish master information Responsible, Accountable, Consulted, or Informed (RACI) models for owners, reviewers, and informed stakeholders.

Sometimes, we group this knowledge management work into other categories, like content management. However, information governance needs to also be inclusive of these activities; otherwise, how can we be successful? No one can live on donuts alone!

Does your information governance program include content management? Do you have comments about the quality of EIM user assistance (online help, PDFs, printed documentation, etc.)?

Comments

Tags:

awareness

Donuts, Content Management and Information Governance

Ina Felsheim

I was on vacation for two weeks, which was awesome, and my girls mainly wanted to do two things:

I had my own list of projects, too. The big one was installing glass tile on the kitchen backsplash. (Grout everywhere. That’s all I’m saying.)

After two weeks of glorious holiday, I sat down to take stock. The old technical writer in me came creeping out, and I began to count how many sets of instructions we followed over the course of the two weeks—more than 15, definitely. And the amazing thing? They were all right. Every. Last. One. From proper application of fabric paint to proper frying temperature for homemade donuts, to putting together a shoe rack that came in 20 pieces.

I’m pretty sure this wouldn’t have happened five years ago. The difference comes from an increased awareness in the importance of great user assistance. Without successful “use,” who’s going to evangelize your product?

Information Governance: Part of a Larger Food Pyramid

In EIM, we have a well-seasoned group of information developers. They apply information governance principles every day:

  • Create a single source of master information (in this case, product step-by-step instructions)
  • Manage versioning of master information (as product updates happen)
  • Survey end-users of the information to gauge quality, freshness, and applicability of master information
  • Establish master information Responsible, Accountable, Consulted, or Informed (RACI) models for owners, reviewers, and informed stakeholders.

Sometimes, we group this knowledge management work into other categories, like content management. However, information governance needs to also be inclusive of these activities; otherwise, how can we be successful? No one can live on donuts alone!

Does your information governance program include content management? Do you have comments about the quality of EIM user assistance (online help, PDFs, printed documentation, etc.)?

Comments

Stephen Cloughley

About Stephen Cloughley

As part of the global Life Sciences Business Unit at SAP, Stephen Cloughley drives supply chain solutions with a special focus on serialization in the wholesales, consumer, and pharmaceutical industries. Stephen is a chemical engineer from University College Dublin and has over 20 years experience in the software industry in Europe, South Africa, and the United States.   

Tags:

awareness

Donuts, Content Management and Information Governance

Ina Felsheim

I was on vacation for two weeks, which was awesome, and my girls mainly wanted to do two things:

I had my own list of projects, too. The big one was installing glass tile on the kitchen backsplash. (Grout everywhere. That’s all I’m saying.)

After two weeks of glorious holiday, I sat down to take stock. The old technical writer in me came creeping out, and I began to count how many sets of instructions we followed over the course of the two weeks—more than 15, definitely. And the amazing thing? They were all right. Every. Last. One. From proper application of fabric paint to proper frying temperature for homemade donuts, to putting together a shoe rack that came in 20 pieces.

I’m pretty sure this wouldn’t have happened five years ago. The difference comes from an increased awareness in the importance of great user assistance. Without successful “use,” who’s going to evangelize your product?

Information Governance: Part of a Larger Food Pyramid

In EIM, we have a well-seasoned group of information developers. They apply information governance principles every day:

  • Create a single source of master information (in this case, product step-by-step instructions)
  • Manage versioning of master information (as product updates happen)
  • Survey end-users of the information to gauge quality, freshness, and applicability of master information
  • Establish master information Responsible, Accountable, Consulted, or Informed (RACI) models for owners, reviewers, and informed stakeholders.

Sometimes, we group this knowledge management work into other categories, like content management. However, information governance needs to also be inclusive of these activities; otherwise, how can we be successful? No one can live on donuts alone!

Does your information governance program include content management? Do you have comments about the quality of EIM user assistance (online help, PDFs, printed documentation, etc.)?

Comments

Dr. Ravi Prakash Mathur

About Dr. Ravi Prakash Mathur

Dr. Ravi Prakash Mathur is Senior Director of Supply Chain Management (SCM) and Head of Logistics and Central Planning at Dr. Reddy’s Laboratories Ltd. He heads the global logistics, central planning, and central sourcing for the pharmaceutical organization. Winner of the 2015 Top 25 Digitalist Thought Leaders of India award from SAP, Dr. Mathur is an author, coach, and supply chain professional with 23 years of experience and is based in Hyderabad. He is also actively involved in academic activities and is an internal trainer for DRL for negotiation skills and SCM. In 2014, he co-authored the book “Quality Assurance in Pharmaceuticals & Operations Management and Industrial Safety” for Dr. B. R. Ambedkar University, Hyderabad. He is also member of The Departmental Visiting Committee (DVC) for Department of Biotechnology, Motilal Nehru National Institute of Technology (MNNIT) Allahabad. Professional recognitions include a citation from World Bank and International Finance Corporation for his contribution to their publication “Doing Business in 2006” and the winner of the Logistics-Week Young Achiever in Supply Chain Award for 2012.

Tags:

awareness

Donuts, Content Management and Information Governance

Ina Felsheim

I was on vacation for two weeks, which was awesome, and my girls mainly wanted to do two things:

I had my own list of projects, too. The big one was installing glass tile on the kitchen backsplash. (Grout everywhere. That’s all I’m saying.)

After two weeks of glorious holiday, I sat down to take stock. The old technical writer in me came creeping out, and I began to count how many sets of instructions we followed over the course of the two weeks—more than 15, definitely. And the amazing thing? They were all right. Every. Last. One. From proper application of fabric paint to proper frying temperature for homemade donuts, to putting together a shoe rack that came in 20 pieces.

I’m pretty sure this wouldn’t have happened five years ago. The difference comes from an increased awareness in the importance of great user assistance. Without successful “use,” who’s going to evangelize your product?

Information Governance: Part of a Larger Food Pyramid

In EIM, we have a well-seasoned group of information developers. They apply information governance principles every day:

  • Create a single source of master information (in this case, product step-by-step instructions)
  • Manage versioning of master information (as product updates happen)
  • Survey end-users of the information to gauge quality, freshness, and applicability of master information
  • Establish master information Responsible, Accountable, Consulted, or Informed (RACI) models for owners, reviewers, and informed stakeholders.

Sometimes, we group this knowledge management work into other categories, like content management. However, information governance needs to also be inclusive of these activities; otherwise, how can we be successful? No one can live on donuts alone!

Does your information governance program include content management? Do you have comments about the quality of EIM user assistance (online help, PDFs, printed documentation, etc.)?

Comments

Michael Brenner

About Michael Brenner

Michael Brenner is a globally-recognized keynote speaker, author of  The Content Formula and the CEO of Marketing Insider GroupHe has worked in leadership positions in sales and marketing for global brands like SAP and Nielsen, as well as for thriving startups. Today, Michael shares his passion on leadership and marketing strategies that deliver customer value and business impact. He is recognized by the Huffington Post as a Top Business Keynote Speaker and   a top  CMO influencer by Forbes.

Tags:

awareness