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Best Practice for financial budgeting and planning

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iBusiness solutions webinar on financial reporting best practices with a focus on budgeting and planning and how to achieve better results through implementation of the Intelligent Business programs

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Best Practice for financial budgeting and planning

  1. 1. Improve your Financial Planning, Budgeting, and Reporting Online Workshop
  2. 2. Today’s agenda <ul><li>To begin increasing your organization’s profitability , productivity , and predictability by helping you communicate what has happened, influence what is happening, and anticipate what will happen </li></ul><ul><li>Align your planning and budgeting process and your financial data to your organization’s strategic goals and objectives </li></ul><ul><li>Break through the “ceiling of data complexity” by transforming your manual planning, budgeting and reporting into high-value processes </li></ul><ul><li>See planning, budgeting and financial reporting as integral parts of the capture  manage  analyze data continuum </li></ul><ul><li>Design planning and budgeting processes to enable driver-based year end forecasting </li></ul><ul><li>Apply real-world case studies from various business segments </li></ul><ul><li>About: </li></ul>
  3. 3. Today’s Speaker <ul><li>Timothy Brands – CEO – iBusiness Solutions </li></ul><ul><li>As the founder and chief executive officer, Tim focuses on creating opportunities for iBusiness Solutions to become a trusted advisor to executives and customer-facing decision-makers, a strategic business partner to our clients, and a recognized thought-leader within our industry </li></ul><ul><li>Created The i ntelligent Business Program TM , encompassing more than a decade of hands-on experience, tools, techniques, and best practices used to create innovative solutions for capturing, managing, and analyzing data </li></ul><ul><li>Has helped dozens of organizations, from Minnesota State Colleges and Universities, McKesson, Motorola, and Wells Fargo, to many small to mid-sized, privately-held companies, become world class examples of The i ntelligent Business TM </li></ul>
  4. 4. Objective <ul><li>To begin increasing your organization’s profitability , productivity , and predictability by helping you communicate what has happened, influence what is happening, and anticipate what will happen </li></ul>
  5. 5. Go Farther, Faster <ul><li>In the midst of unprecedented uncertainty, confusion, and change, achieve a higher level of profitability, productivity, and predictability for your organization with: </li></ul><ul><li>Financial planning, budgeting, and analytics </li></ul><ul><li>Sales, expense, labor, and other forecasting </li></ul><ul><li>Customer experience analytics and CRM </li></ul><ul><li>Sales force and pipeline analytics and SFA </li></ul><ul><li>Executive, operational scorecards and dashboards </li></ul><ul><li>and more to achieve your business goals. </li></ul>
  6. 6. Leverage Customer Experiences and Behaviors <ul><li>Every organization has unique customer experience moments and a unique continuum of processes and systems that interact with customers in those experience moments. </li></ul><ul><li>Implement customer-facing analytics with self-service portals to increase the loyalty, sales, and profitability or your best customers </li></ul><ul><li>Replicate the behaviors of your most profitable customers across the rest of your customer base </li></ul><ul><li>Identify new customers with the demographics and behaviors of your best customers </li></ul>A Business Services Customer Experience Continuum A Financial Services Sales Continuum
  7. 7. Change the Budgeting and CRM Paradigms <ul><li>We offer a unique perspective on and a distinct approach to financial budgeting and CRM applications. </li></ul><ul><li>We start with the metrics and information you need to manage profitability, productivity, and predictability </li></ul><ul><li>Planning, budgeting and CRM business processes and applications must support decision-making all year </li></ul><ul><li>These applications must facilitate relevant, timely, and on-going reporting, analysis, and reforecasting </li></ul><ul><li>Capture, manage, and analyze financial and customer data critical to strategic performance management </li></ul>
  8. 9. The Vision Expander TM
  9. 10. Examples of Dangers <ul><li>Falling behind competitors:  A business management consulting firm risked falling behind their newer, larger, and better-funded competitors in terms of the web-based, timely, and interactive delivery of information. </li></ul><ul><li>Data is outdated before we get it: A retail company’s nightly data processing and report generation was taking in excess of 21 hours, resulting in management receiving daily operational results on the second business day after the performance occurred. </li></ul><ul><li>No consistent way to calculate cost of doing business: A pharmacy company could not accurately and consistently calculate the costs for drugs and labor, which combined for more than 85% of their operational expenses </li></ul><ul><li>Losing customers: A outsourcing company lost its single largest client, accounting for more than 30% of their revenue, because they were not able to define and present the value and cost savings they were delivering </li></ul>
  10. 11. Marketing Services <ul><li>Customer satisfaction survey results </li></ul><ul><ul><li>Structured, quantified survey ratings </li></ul></ul><ul><ul><li>Unstructured content in the form of verbatim comments </li></ul></ul><ul><ul><li>Predict customer buying behavior based on survey responses </li></ul></ul><ul><ul><li>Tie customer survey responses to major business processes to identify areas for business improvement </li></ul></ul><ul><li>Briefing book design </li></ul><ul><ul><li>Web-based, hosted solution </li></ul></ul><ul><ul><li>Custom-designed graphics not available off-the-shelf </li></ul></ul><ul><ul><li>Leverage red-yellow-green visual experience with descriptors </li></ul></ul><ul><ul><li>Include relevant text in all levels </li></ul></ul>
  11. 12. Examples of Opportunities <ul><li>Improve sales productivity: The wealth management division of a major financial services firm discovered 50% underachievement in overall sales goals and 70% underachievement in cross-selling goals. Our solution provided visibility to a single source of truth while reducing annual labor costs by $255K and eliminating fields sales force and management waste by $1.6M. </li></ul><ul><li>Reduce operational costs: A wireless network provider reduced its call center labor expense by 15,000 hours per month while increasing quarterly service revenue by 32%.  </li></ul><ul><li>Increase operational effectiveness: Utilizing location intelligence, we helped a branch of the military cut time to engagement of new recruits by up to 75%, while providing new insights into marketing campaigns. </li></ul>
  12. 13. Wireless Telecommunications <ul><li>Contact center dashboard </li></ul><ul><li>Decision data includes key customer background information </li></ul><ul><li>Calculated time savings of more than 15,000 hours per month </li></ul><ul><li>Supported Nextel in accelerating service revenues, which increased 32% over </li></ul><ul><li>the prior year's </li></ul><ul><li>third quarter to </li></ul><ul><li>$445.2 million </li></ul>
  13. 14. Examples of Strengths <ul><li>Leverage data for competitive advantage: A business management consulting company made its industry-leading data available to customer in Web-based, interactive dashboards to leap frog the competition’s capabilities, retain their existing customers, and entice new customers away from the competition. </li></ul><ul><li>Utilize expertise and knowledge of staff: A professional services organization upgraded several back-end and client-facing applications by using a combination of consulting and coaching services to leverage the knowledge and skills of their staff while also getting them up-to-speed on the new technologies. </li></ul>
  14. 15. Financial Services <ul><li>Coach producers </li></ul><ul><li>Ideal sales funnel mix </li></ul><ul><li>Improve sales velocity </li></ul><ul><li>Increase close rate </li></ul><ul><li>Drive utilization of CRM to manage relationships </li></ul><ul><li>Analyze compensation to incent actions necessary to meet goals </li></ul><ul><li>Enhance management and coaching of sales force and channels </li></ul>
  15. 16. Examples of Value Creation <ul><li>Enhance customer experience:  An outsourcing division of a Fortune 50 company retained 100% of its customers over the fiscal year by demonstrating to its customers $56 million in cost savings.  </li></ul><ul><li>Greater alignment between strategy and execution: A statewide education system was propelled to the national forefront of driving greater accountability by making its performance to goal transparent to policy makers, administrators, educators and the public. </li></ul><ul><li>Capture a 360-degree view of a customer: Integrating the many points of customer-related data, a professional services organization was able to more effectively manage their relationship with their customers and streamline internal processes. </li></ul>
  16. 17. Performance Management <ul><li>Increase institutional knowledge of customers across business functions and employees by utilizing CRM as the single point of capturing and managing all customer-related data </li></ul><ul><li>Proactively upsell, cross-sell, and extend current products and services to increase customer retention </li></ul><ul><li>Deliver and manage customer-facing analytics and reporting via an online customer portal integrating reports and analytics, proprietary systems, and third-party applications </li></ul><ul><li>Innovative solution design eliminated $100K in anticipated project costs </li></ul>
  17. 18. Expanding On Your Vision 1 2 3 1 2 3 1 2 3 1 2 3 1 2 3 “ If we were meeting here three years from today – and you were to look back over those three years to today – what has to have happened during that period, both personally and professionally, for you to feel happy about your progress?” Top 3 Dangers to be Eliminated Top 3 Opportunities to be Focused on and Captured Top 3 Strengths to be Reinforced and Maximized Top 3 Ways You Create Value for Your Customers
  18. 19. The Strategic Navigator TM
  19. 20. Organizational Performance to Strategic Plan <ul><li>Higher education through 37 institutions and online services </li></ul><ul><li>Illustrates typical evolution for BI </li></ul><ul><ul><li>Scheduled jobs producing static reports and charts </li></ul></ul><ul><ul><li>Introduce dashboards to provide interactivity to the masses with “not-so-easy-to-consume” dashboards </li></ul></ul><ul><ul><li>BI chaos ensues </li></ul></ul><ul><ul><li>Define key performance indicators, metrics, and measures </li></ul></ul><ul><ul><li>Address data challenges </li></ul></ul><ul><ul><li>Develop standards-based, template-driven performance management applications incrementally </li></ul></ul><ul><ul><li>Incorporate Web 2.0 capabilities for increased communication and collaboration </li></ul></ul>
  20. 21. The Data Transformer TM
  21. 22. High Tech Manufacturer <ul><li>CEO and direct reports </li></ul><ul><li>Able to view key performance indicators across business units </li></ul><ul><li>Enterprise-wide view of data </li></ul><ul><ul><li>Supply chain customer/quality </li></ul></ul><ul><ul><li>Sales </li></ul></ul><ul><ul><li>Finance expenses and cash </li></ul></ul><ul><ul><li>Human Resources </li></ul></ul><ul><li>Combined financial and non-financial data without having to pull the financial data out of the general ledger </li></ul><ul><li>Updated weekly </li></ul><ul><li>Included a “comments” feature with database write-back for executive collaboration </li></ul>
  22. 23. The Technology Accelerators TM
  23. 24. Healthcare Outsourcing <ul><li>Fortune 50 acute care pharmacy outsourcing division </li></ul><ul><li>Customer-facing value scorecards and analytics used across 100 locations, executive leadership, and internal operation teams </li></ul><ul><ul><li>Focusing on defining value of outsource services to customers </li></ul></ul><ul><ul><li>Initial release targeted value around contract purchasing, clinical intervention activity, and clinical initiatives </li></ul></ul><ul><ul><li>Subsequent releases targeted value around talent management, and internal operational benchmarks </li></ul></ul><ul><li>Aligned business operational measurements to achieving customer value </li></ul><ul><li>Defined over $56M in customer value which was critical in retaining 100% of existing customer base </li></ul>
  24. 25. The Visual Advantage TM
  25. 26. Release Plan
  26. 27. Hierarchy Diagram
  27. 28. Sourcing Flow Diagram
  28. 29. The Execution Disciplines TM
  29. 30. Cargo / Logistics <ul><li>International airline field and corporate sales support dashboard </li></ul><ul><li>Web application design </li></ul><ul><ul><li>Dashboard integrated with mainframe application </li></ul></ul><ul><ul><li>Synchronizes data from laptop to mainframe </li></ul></ul><ul><ul><li>Persistent dashboard leveraged when disconnected </li></ul></ul><ul><li>Used in pre- and post-sales call activity across the world supporting field sales and corporate management </li></ul>
  30. 31. The D.C.O. Model TM
  31. 32. Healthcare Outsourcing <ul><li>Fortune 50 acute care pharmacy outsourcing division </li></ul><ul><li>Customer-facing value scorecards and analytics used across 100 locations, executive leadership, and internal operation teams </li></ul><ul><ul><li>Focusing on defining value of outsource services to customers </li></ul></ul><ul><ul><li>Initial release targeted value around contract purchasing, clinical intervention activity, and clinical initiatives </li></ul></ul><ul><ul><li>Subsequent releases targeted value around talent management, and internal operational benchmarks </li></ul></ul><ul><li>Aligned business operational measurements to achieving customer value </li></ul><ul><li>Defined over $56M in customer value which was critical in retaining 100% of existing customer base </li></ul>
  32. 35. A Partial List of Companies Creating Value
  33. 36. Questions? Timothy Brands 612-730-7404 [email_address]

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