CFO Leadership

Enlightened CFOs can bring about a rebirth in how the boardroom and executive suite view the strategic value of the finance department To call someone “well-rounded” implies they know and pursue several different interests. A “jack of all trades,” suggests they are driven to take on many – often too many – different responsibilities. But what about the so-called “renaissance CFO,” a term that’s increasingly making headlines in finance circles as a new model of financial leadership? Even for the most experienced finance executives, the notion of a “renaissance CFO” can be more than a little difficult to define. According to consulting firm KPMG, however, more financial leaders need to not only start thinking of themselves as renaissance CFOs, but also to help get across the idea in subtle ways to their CEOs. That’s because, based on a recent KPMG survey of more than 500 senior executives, it’s clear that too many heads of companies aren’t recognizing their potential. Consider these stats among CEOs surveyed by KPMG: 41% feel the CFO needs to improve his or her leadership skills; 38% feel CFOs need to widen their focus; 45% think CFOs lack experience outside the finance function. The Renaissance Approach to Finance Fortunately, the KPMG survey also showed a lot of positive trends in how CEOs see the CFO. For example, 81% think the greatest strategic value a CFO can offer is their ability to apply financial data to achieve profitable growth – typically through effective budgeting, planning and forecasting. A “renaissance CFO” could handle many other functions, but they’re most likely to earn those opportunities by first proving how they can make the most of the information at their disposal. KPMG isn’t the only one suggesting CFOs will have to spread their wings to remain relevant. In a recent post on the Wall Street Journal, Deloitte’s CFO talked about the way organizations will want to see financial executives in the future: “The biggest change I see coming is the expectation for CFOs to act as the chief catalyst officer. By that I mean CFOs who can operationalize the strategic plan and get it done just like a business unit leader, but from the CFO seat. We’re already seeing CEOs and boards looking to hire not just CFOs who can be strategic leaders, but who can also execute the strategy.” Again, this starts by taking competitive advantage of trusted data and insights from the right financial tools, from existing Excel spreadsheets to more advanced corporate performance management (CPM) software. Armed with the best possible information, finance executives will be in a much better position to be a catalyst and change agent. To some extent, this all boils down to remembering what the word “renaissance” really means. The literal definition is not about doing many different things, but simply “rebirth,” doing things differently based on the availability of new, objective data and insights. By applying data to business growth in breakthrough ways, CFOs may experience not only a rebirth within their own careers, but for their organization and industry.

Vena Solutions was recognized by CFO Magazine for its powerful, user friendly, accessible technology and analyst-backed “keep your spreadsheets approach” to enterprise resource management (ERP). In the article, Vena is counted among the “sophisticated” systems that are challenging the dominance of IBM, SAP and Oracle in the ERP market. The systems are celebrated for their use of the latest technology, including in-memory computing, data visualization, analytics and the cloud. Vena Solutions received special mention for its unique “keep your spreadsheets” approach to ERP. Microsoft Excel® is the centerpiece of the Vena solution, meaning users can leverage the aforementioned advancements in ERP technology without replacing the environment with which they are already comfortable. As Craig Schiff, CEO of consultancy BPM Partners, says, “You can’t pull the spreadsheets out of people’s hands. People are not going to change; the vendors changed to accept that’s the way of the world.” Backing up his assertion is a survey by BPM Partners that found that 81% of companies supplement their ERP system with Excel spreadsheets.

A recent survey found finance leaders are not satisfied with their budgeting methods and the extent to which they rely on standalone spreadsheets. As the proverb goes, “The time you want the map is before you enter the woods.” In business, and finance in particular, that map is the annual budget. New research has found that many executives at major companies are not satisfied with the maps their organizations are using. Chief Financial Officers are not happy with budgeting methods approach A recent survey by accounting firm Grant Thornton and the American Productivity and Quality Center found that many finance executives are not happy with the way their companies approach annual budgeting. As reported in Accounting Today, the executives polled noted that their organizations’ current budgeting methods did not allow for higher-value planning and analysis activities. The survey polled 130 finance managers and CFOs at companies with annual revenues of $1 billion or more, spanning all major industries, with more than half based in the United States with offices worldwide.   The Financial Planning and Analysis survey found that 37 percent of CFOs and finance leaders said that their organizations’ budgeting processes needed improvement, while 25 percent said their companies’ budgets quickly become obsolete. Only 40 percent described their current financial planning and analysis system as effective, and 62 percent claimed their staff was too busy in basic duties to make the changes needed to keep their budgets up to date. Perhaps most importantly, many companies simply do not rely on technology solutions to make the budgeting and forecasting process more efficient. Budgeting and Reporting need to be modernized The majority of finance leaders surveyed by GT and APQC indicated that they use budget data primarily to look at historical activity, with spreadsheets continuing to play a pivotal role in the process. Interestingly, 56 percent said they prepared budgets using a combination of spreadsheets and budgeting software, and an astounding 39 percent said they only used spreadsheets. Such dissatisfaction with the status quo in budgeting and forecasting is largely due to the limited use of corporate performance management (CPM) software. The days of spreadsheet only budgeting should long been over, and it is curious why even top-performing large companies have not made the move to adopt modern CPM systems. Complex problems require enterprise-grade solutions that guarantee accuracy and efficiency in the budgeting process; the proverbial map in the forest. Graham Tasman, principal of business advisory services at Grant Thornton, advises companies depart from their antiquated ways and embrace better solutions for budgeting. “With more and more finance resources dedicated to regulatory compliance, too many companies fail to supplement the annual budgeting process with planning activities that could make performance more agile,” said Tasman, according to the news source. “The finance function must break away from overemphasis on managing historical data and move to enterprise-wide solutions that enable forward-looking analysis and free up talent for higher-value activities.” Corporations looking to improve budgeting accuracy and efficiency need to look at the solutions offered by today’s CPM software. Having one streamlined platform – including existing enterprise spreadsheets – for all budgeting, reporting and forecasting will limit redundancies, improve analytics and save valuable time. Spreadsheets alone are no longer the map to lead you out of the woods.

Increasing traction in Europe for Vena’s corporate performance management solution is driving international expansion Toronto, Canada, April 13, 2015 – Vena Solutions, a cloud-based provider of corporate performance management (CPM) software, is pleased to announce the launch of Vena Europe and the opening of two new offices in London, England and Amsterdam, Netherlands.   Building on the success of Vena’s recent expansion into South Africa and continued growth in Asia and Latin America, Vena Europe will help Vena’s growing list of European customers and partners receive more timely and localized pre- and post-sales support. This increased support is well-timed given the recent signing of several established European partners. Vena Europe will be headed by Theo Ruiter as Managing Director. Theo has a comprehensive understanding of the CPM market in Europe, having also worked at Hyperion, Outlooksoft, Oracle and Cognos. “I’m very excited to help launch Vena Europe,” says Theo. “The pace of business change in Europe is increasing. From regulatory change to increasing competition, companies have to adapt quickly and Vena’s software enables that rapid response. And, because Vena is a cloud-based solution with industry leading performance and security, the road to value for small, medium and large businesses is very fast.” Vena’s unique approach to corporate performance management connects Microsoft Excel® spreadsheets to a central database and a sophisticated workflow engine. As a result, companies benefit from the flexibility and unmatched user adoption of Excel, in addition to the structure and control of an enterprise-class solution. “The time is right to increase our presence in Europe,” says Don Mal, CEO of Vena Solutions. “This not only signals our commitment to existing European customers and partners, but also the opportunity we see to improve business performance in the region.” ABOUT VENA SOLUTIONS Vena Solutions has redefined how companies automate their most mission-critical finance, accounting and business processes. Our platform embraces the best of Microsoft® Excel®, extending and evolving its capabilities to create a next-generation enterprise solution that is powerful, yet intuitive. Vena is a first-to-market solution that offers the most comprehensive suite of cloud-based corporate performance management (CPM) capabilities with a quick deployment methodology – all without compromising what you love best about Excel.