prevero Blog

Applying Analytics to Storytelling

Tuesday, 24 April 2018

Applying Analytics to Storytelling

According to Google's Chief Economist, Dr. Hal Varian, "The ability to take data—to be able to understand it, to process it, to extract value from it, to visualize it, to communicate it—that’s going to be a hugely important skill in the next decades." LinkedIn confirmed this when they analyzed the skills most needed in 2018 and among the top skills they identified are data analysis, presentation and communication skills. Applying storytelling to analytics embodies all these skills and is critical to FP&A professionals who want to move the next level.

Written by John Sanchez

Industry 4.0 And The Consequences For Accounting & Finance

Tuesday, 03 April 2018

Industry 4.0 And The Consequences For Accounting & Finance

If you’ve found yourself able to get out of the daily grind of accounting & finance for just enough time to hear the phrases ‘digital disruption,’ the 'fourth industrial revolution' or ‘Industry 4.0’ you may be curious enough to want to know what does it mean for accountants and finance professionals?

Written by Andrew Codd

5 Things Finance and FP&A Teams Can Learn From The Customer Service Department

Thursday, 29 March 2018

5 Things Finance and FP&A Teams Can Learn From The Customer Service Department

Lately I’ve been thinking a lot about how our Finance department and FP&A team can make a greater contribution to business decisions and share accountability for the outcomes, put simply to answer the question how can we be a better business partner? This makes sense as our team has a holistic view of the organisation with insight into how a decision in one part can affect other parts of the business as well as being an independent voice to help senior management navigate through the relevant numbers, exposures and regulations. So looking around at other teams internally from which we could emulate I uncovered that the Customer Service department had a great reputation as a valued business partner. I found their success underpinned by five key success factors.

Written by Andrew Codd

80-20 Rule Pareto Principle

Tuesday, 27 March 2018

80-20 Rule Pareto Principle

Most business people are familiar with the Pareto Principle, also known as the 80/20 rule. Simply put, it says that 20% of inputs generate 80% of outputs. It's a very simple concept, but many people struggle to use it. When it comes to communication, the practical application of the 80/20 rule is to listen 80% of the time.

Written by John Sanchez

Finance and HR - time to join forces?

Thursday, 22 March 2018

Finance and HR - time to join forces?

I belong to the rather small group of Finance people who also have worked in Human Resources. The four years I headed up HR in the petrochemicals company Borealis was a great experience (after heading up Finance where we kicked out the budget already back in 1995, another great experience!). My HR years was also a wake-up call about what Beyond Budgeting really is about from a people and leadership perspective. When I later returned to my current employer Statoil for a corporate controller role, getting to know the HR organisation was high up on my to-do list.

Written by Bjarte Bogsnes

The management process rhythm – from calendar driven to business driven

Thursday, 15 March 2018

The management process rhythm – from calendar driven to business driven

There once was a Finance manager who met a fisherman. “Could you please tell me about your life and your work?”, asks the Finance manager. “Well, I am at sea for five months and then I am home for five months”, the fisherman responds. There is a long pause. Our Finance manager is thinking hard. Something is wrong; five plus five is only ten! ”So what are you doing in the two last months?” .

Written by Bjarte Bogsnes

How to manage cost without a traditional budget

Tuesday, 13 March 2018

How to manage cost without a traditional budget

Although Beyond Budgeting is about so much more than just budgets, our name tends to draw people, at least initially, towards the budget word. Once there, cost management often pops up as the number one issue, for obvious reasons. How can we manage cost without a budget?  Cost management (or resource allocation) is however only one of twelve principles, although the topic is indirectly addressed in other principles like Values, Transparency, Autonomy and Rhythm.

Written by Bjarte Bogsnes

The Rolling Forecasting trap

Thursday, 08 March 2018

The Rolling Forecasting trap

Beyond Budgeting has now been around for twenty years. More and more companies across the world are embarking on a Beyond Budgeting journey, from global giants to smaller ones not yet strangled by corporate controls and bureaucracy, eager to protect their start-up agility as they grow. The financial crisis ten years ago was a stark reminder for many that businesses need something more agile and responsive than what traditional management can offer, including budgeting – a management technology invented a hundred years ago under very different circumstances.

Written by Bjarte Bogsnes

The budget problems - more than irritating itches

Tuesday, 06 March 2018

The budget problems - more than irritating itches

Over the twenty years that I have worked with Beyond Budgeting, I have asked tens of thousands of managers and Finance people all over the world about how satisfied they are with the budgeting process. I don’t need many hands to count those who are not unhappy and frustrated with this annual management ritual. It is not just the autumn stunt they complain about, equally  all the damage it does the rest of the year.

Written by Bjarte Bogsnes

Why is talent management & retention important and how to improve it?

Wednesday, 28 February 2018

Why is talent management & retention important and how to improve it?

People are the most expensive asset but they are vital to running a successful business and delivering value. However, few organizations understand the why talent management and retention is important to their bottom line. Often it is not until their top talent or higher potential/performance leave before organizations realize the importance to talent management and retention. Before discussing why its important to have effective talent management and retention strategies let us first get some definitions out the way. Talent management is programs, initiatives and proactively developing and shaping your talent. Retention strategies are policies, culture and other internal elements that keeps your talent. Now, let’s explore 3 talent management and retention strategies that are important for every organization and how to improve each of them.

Written by Chris Ortega