Today’s C-suite and board have access to a forest of data regardless of business size. Navigating and determining what to use and how to use it at precisely the right time is a challenge experienced by many business leaders and managers. The mountain of data is only too often a problem that exists in tandem with disparate systems. Having too much information scattered in too many places and a lack of processing power then simply becomes useless for predicting business outcomes.
Bringing systems together has been a solutions offering of BOARD since 1994. In that time BOARD has gained 3,500 plus customers globally. The solution BOARD presents is simple enough, to tie together siloed and disparate systems and provide a single view of a business.
This is a bigger deal today since according to research by BOARD, 53 per cent of CFOs don’t have a view of the entire business and 76 per cent are still using Excel as a monthly reporting tool.
The platform allows organisations to better visualise information pulled from various systems across a business and is leading decision makers to better strategise and plan for both the short and long term.
BOARD acts primarily as a “finance toolbox” where different components can be combined to create standalone application for finance and management reporting requirements. Perhaps the finest example of where Board is making a difference is at Groupe SEB, owner of iconic brands such as Tefal, Moulinex and Krups to name a few.
According to Philippe Martelo, VP, Finance Information Systems at Groupe SEB, “We wanted to start by bringing value to parts of our operations and then add more and more tools within this toolkit to create a snowball effect.”
Groupe SEB has created three standalone applications to date and in a recent press event, Martelo praised Board’s agility and ability to provide the visualisation tools necessary for Martelo and his teams to build and model future events using ten years of historical data.
Mark Sands, General Manager APAC, BOARD reinforced the importance of not only having access to information, but being able to interpret and make sense of it especially in a time where experts are noting a lack of data scientists with the right capabilities.
This sentiment was echoed in a recent announcement from RMIT Centre For Information Discovery And Data Analytics (CIDDA) Director Associate Professor Shane J. Culpepper who said manipulating and finding useful information in massive volumes of complex data increasingly presents challenges for individuals and organisations.
A helping hand however, will come from BOARD. Martello explained that his teams now have the ability to build a variety of scenarios that look at 3-6 months in the short term and a capability to model and simulate 5 plus years all using 10 years of historical data.
For Martello and Groupe SEB, BOARD is enabling digital transformation across their brands and business units by letting managers at various levels in the organisation make more informed decisions.
RMIT’s goal is to connect and work with organisations to help transform data into knowledge. See their recent announcement here.