Brandbuilder99

Brand Building. One word at a time.

To connect the dots, you have to see them.

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Imagine getting in your car and driving for eight straight hours staring through a dirty windshield. Your back window is pretty clear, but looking ahead, it’s always murky. It takes a tremendous amount of effort just to keep the car on the road. But you can’t stop, there are places you need to go.

Now imagine doing this day after day, week after week, and year after year.Over time you try a variety of windshield cleaning solutions. Some outrageously expensive. Others that seem to take forever to apply. None really work. You become resigned to the fact that the windshield will always be dirty.Unfortunately, this is the daily reality for many CFOs.

In fact, a survey* of over 1,500 financial decision makers found that over 46 percent of CFOs rely on “gut-feel” and instinct to make business decisions in lieu of fast access to accurate internal data…” It also revealed that an “inability to access the right financial data is having a direct impact on business performance and CFOs’ reputations.” Of those polled, nearly half said poor data hampers timely decision making, and inaccurate information is the main cause of organizational mistakes.In order to connect the dots, CFO’s need better visibility which comes from accurate and reliable data and the tools that can quickly and easily extract that data.

Visibility

Without visibility, you can’t see what’s right in front of you. Sometimes that’s all it takes. But to seize an opportunity, you have to see it.

As a member of the senior leadership team, the CFO plays a key strategic role in the stewardship of the company. As such, the CFO must have real-time visibility and insight – a high level view, but also the ability to identify problem areas and opportunities at any level. The data to offer proactive solutions to improve financial performance and mitigate risk.

As such, CFO’s need quick access to timely KPI’s and the ability to drill down to get answers to any question. Visibility requires the capability to run “What if” scenarios and ad hoc reports whenever needed. To improve corporate performance, you need a clear understanding of the 20% of your business that accounts for 80% of the revenues.

But for many companies, that’s simply not the case. Their reporting systems can’t easily provide timely and reliable data. Mid-course corrections, however, need to be made at mid-course.

Accuracy

According to a recent FEI article, “Five Financial Reporting Priorities for the Modern CFO”, the #1 priority is Accurate, Actionable Data.

As business systems become more and more complex and large amounts of data are pulled from so many databases, many CFO’s live in fear that the data is not reliable and may be reluctant to share the information or make decisions based on the data.

In many companies, data is often siloed and it becomes nearly impossible to find a single point of data-based truth. Finance, marketing and operations may be operating on different software platforms and databases that for practically purposes don’t play well together. A common problem we call “data splatter”.  With data splatter, it’s often too difficult or time consuming to reconcile between systems and impossible to know which one bests represents reality.

As CFO’s move into more strategic roles, there is a greater need for a “single source of the truth” defined by InformationWeek as the “one source [of data] that everyone in a company agrees is the real, trusted number for operating data.”

A single source of the truth will promote confidence and allow for a more holistic and effective  actions by senior management. Problems can be addressed sooner and opportunities can be acted upon quickly.

“CFOs need to enhance organizational alignment by integrating planning and reporting to create “one version of the truth” that unifies all decision makers…an organization’s ability to survive and thrive depends on having instant access to data that’s accurate, reliable, and up to date.” – Paul Sharman, Strategic Finance, April 2016 “More Strategic CFOs?”

Technology & Tools

“Technology is changing so rapidly and arriving so fast, there is a certain motivation to be cautious and take a wait-and-see approach. You might think, ‘I’m going to be smart and sit back a little bit and see what happens before I make a decision.’ The problem is that the change is so significant and the new capabilities so advantageous, that if you take a wait-and-see approach, you run the risk of being put at a severe competitive disadvantage.” – Tony Klimas, EY Global Finance Performance Improvement Advisory Leader

It’s no longer a luxury. Taking advantage of the latest reporting tools can do more than reduce planning and reporting cycles, they are increasingly becoming necessary to compete effectively. How? Many of the latest CPM systems can provide the timely and accurate data needed in today’s hyper-competitive business environment.

Imagine if your competitors have quicker access and insight into their operation efficiency and product performance by being able to drill down into any level of the business or create ad hoc reports to quickly adjust their sales forecast, product mix, pricing etc. They’ll be able to make informed decisions in real time and reap the benefits in greater profit and sales – possibly at your expense.

Connecting the Dots

To be competitive today, CFO’s need the visibility and capability to see what’s down the road to find hidden opportunities and manage risks. Tools that can transform companies and boost performance by helping to predict outcomes, provide better information faster to key stakeholders and more forward looking insights.

Imagine having the knowledge and perspective to make informed strategic recommendations that will improve performance and keep your company on track. To finally be able to take the guesswork out decision making and rely on facts, not your gut instincts.

You need a CPM that can easily extract KPIs. One that everyone can use, but no one can break. One that provides a single source of the truth and infinite aha! moments. One that is user-friendly and budget-friendly. One that unlocks your data and unleashes your ROI. A turnkey solution that can transform the company.

Which brings us back to our story…

Finally, one day you hear about a product that claims to quickly and easily clean the data splatter from your windshield and provide visibility every day. It’s not from a company you’ve ever heard of. It’s not even expensive. It’s easy to apply and works right away and only needs to be applied once. It can’t possibly work.

You try it anyway.

And now, for the first time, you can see what’s ahead! The ability to see things in a way you never could before. You can see what’s coming, the bumps in the road, the opportunities, and more.

Now you can begin to connect the dots…and start going places.

*Epicor, 2015

What if you could easily slice & dice your data to quickly reveal opportunities?

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If it’s EBM Catalyst, then it’s not a matter of “if”, but when.

With Catalyst, you’ll see how you can easily can drill down to any level of your business and instantly answer any question. Information you can rely on because Catalyst pulls all of the data from your ERP systems into one place to provide a single source of the truth.

Slice and dice your data any way you want. Identify risk. Uncover problems. Discover opportunities. Gain insight into KPI’s and the ability to see what your ERP system could not provide because it would take too long or the data could not be relied on. Imagine creating ad hoc reports and “what if” forecasts in minutes instead of days. Think of what you could do with a tool like that!

What if you’re still not convinced after the demo? Then you walk away. There’s no charge unless you want to continue to leverage Catalyst to provide insights to accelerate growth. And it’s not just financial insights, you’ll also gain operational understanding that could boost corporate performance with more efficient inventory management, optimal product mixes and more.

What if you could unlock your data and unleash your company’s growth potential?

It’s not smoke and mirrors. EBM Catalyst software has provided insights to help drive performance for many companies. We have many case studies you can review.

What if you’re ready for a demo?

Schedule a free Proof of Concept.

 

EBM Catalyst

Better insight –> Smarter decisions –> Stronger performance

Why online grocery shopping may never catch on.

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Despite optimistic forecasts, consumers aren’t biting for online grocery shopping. In fact, dissatisfaction increased for first time online buyers from 17% last year to 27% this year according to a survey by Morgan Stanley.

Why? 84% decided against ordering groceries online because they preferred to physically see and choose their groceries – the same percentage as the previous year.

Why online grocery shopping may be slow to catch on:

  • Delivering fresh high quality fruit and produce consistently will be a tall order, even for Amazon.
  • Even if the grocer can deliver quality produce, it may never seem as good as what shoppers would choose for themselves.
  • Millennials are driving the increases in produce sales and over half of them prefer shopping at brick and mortar.
  • Online ordering is still new for many grocery stores and first-time online buyers may not come back if their experience is bad.

What can grocers do to make sure that initial experience is positive?

eMarketer asked industry experts to share the top six expectations customers have when grocery shopping online:

  1. Shoppers want the same full selection online that’s offered in store and at the same price point.
  2. They want to edit their online grocery cart anytime from anywhere. (Customers of online grocery delivery service Peapod update their orders an average of six times.)
  3. The option to order via mobile device or desktop. Although most consumers prefer ordering groceries on a desktop computer.
  4. Ordering online must save them time.
  5. Satisfy their growing demand for meal kits.
  6. Win their trust. As noted above this may be the biggest obstacle. Successful online sales will require grocers to consistently deliver high quality fresh produce and meat – at least comparable to the level shoppers would choose for themselves.

 

Related articles:

http://www.fooddive.com/news/grocery–study-dissatisfaction-with-online-grocery-shopping-increasing/505123/

https://retail.emarketer.com/article/top-six-things-customers-want-online-grocery-stores/58d3e05eebd4000e20e0fcc1

https://qz.com/1077743/people-dont-buy-groceries-online-because-they-prefer-to-pick-things-out-in-stores/?mc_cid=2cc06b36a7&mc_eid=4404986bea

https://toughnickel.com/frugal-living/Pros-and-Cons-of-Online-Grocery-Shopping

http://www.retaildive.com/news/most-millennials-especially-younger-ones-still-prefer-stores/445090/

Is your old reporting system becoming a competitive disadvantage?

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Do your competitors have insights and visibility that your company does not?

Without visibility, you can’t see what’s right in front of you. Sometimes that’s all it takes – being able to identify a problem or an opportunity. But to seize an opportunity, you have to see it. Without visibility, you rely on your gut. Unfortunately, your gut is not reliable.

Are you flying blind?  

Does your reporting system provide timely and reliable reports? Does it provide quick access to KPI’s and the ability to drill down to get answers to any question? Visibility requires the capability to run “What if” scenarios and ad hoc reports whenever needed.

You may have accepted your outdated reporting system as normal and learned to live with it – using spreadsheets to fill the gaps. But when used on a wide scale, spreadsheets are cumbersome and frequent errors make them unreliable.

So here’s the bigger issue: Is your reporting system becoming a competitive disadvantage?

It’s possible your competition has an updated CPM solution. If so, they may be able to better serve your customers by providing more optimal product attributes, assortments and availability. It’s not just financial reporting, the right CPM solution can also provide critical customer and operational insights.

In today’s hyper competitive world, your company needs every advantage to survive. Better visibility is not a luxury, it’s a necessity.

EBM Catalyst

Better insight –> Smarter decisions –> Stronger performance

Talent Trumps Knowledge

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Why hiring managers shouldn’t put knowledge before talent.

Obviously knowledge is important, but for most marketing and copywriter positions, my advice is to hire the most talented candidate regardless of their background in a particular industry. Knowledge of the company, industry, media, management system, etc., can be quickly learned.

Talent can’t be taught.

You cannot train someone to become an effective marketer or writer. They come with the ability or they don’t.

Let’s be clear. I’m not talking about knowledge of marketing or copywriting. A prerequisite for talent is extensive knowledge of your craft.

But in many cases, the hiring manager seems to be more interested in whether you have a background in XYZ industry or experience with a particular medium than your ability to achieve marketing objectives.

Trust me, an experienced and talented marketer or copywriter can quickly come up to speed. Yes, they may take a little longer than someone already familiar with the industry, but in the end, the marketing strategy and communications will be more effective.

OK, so how do you identify a highly talented marketer or copywriter?

Closely examine their track record of marketing successes – not project management or administrative work, but actual marketing achievements. Did they simply ride a wave of product popularity or the coattails of talented team members? Did they help the company grow faster than the market by taking market share away from competitors – the true measure of marketing prowess.

In today’s slow growth, hyper-competitive world, clients need real help, not hyperbole. So drill down into a candidate’s particular contributions; what they did, their thought process and how it helped achieve objectives. There should be numerous examples from a variety of situations.

Here’s a simplified example, but may illustrate my point. Imagine you’re recruiting for a running back for the Canadian Football League. They play on a larger field and have different rules than the NFL. Would you pass up an NFL star running back not familiar with the CFL for someone less talented, but who has played in the CFL?

Like football, marketing is about winning. Winning takes talent.