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Why should you attend:
Many organizations struggle
· After we properly calculate product, channel, and customer profitability, how can we know what drivers cause higher or lower profits?
· Are we measuring the most valid KPIs? Can we validate them with correlation analysis?
· Can we apply probabilistic variables to calculate the range of financial outcomes?
· How can we validate the selection of cost allocation factors (which are activity drivers used with activity-based costing)?
· How can we improve the accuracy of our forecasts of demand and other variables used for planning, budgeting, rolling financial forecasts, and what if scenarios?
Description of the topic:
This presentation focuses on how the finance and accounting function can leverage analytics, especially predictive ones, embedded in their financial reporting, planning, and decision making
Most companies are far from where they want and need to be when it comes to implementing analytics and are still relying on gut feeling, rather than hard
When you step back to see a perspective of importance, financial accounting simply deals with valuation – for example, what is an organization worth if you were to sell it? But managerial accounting is about creating value – its information contributes to management decisions that financial accounting ultimately deals with
Areas Covered in the Session:
· Learning why business analytics and leveraging Big Data provide a competitive advantage.
· Understanding the difference between business intelligence (BI) and business analytics.
· How to embed statistics and analytics into enterprise performance management (EPM) methods.
· How to differentiate forecasting from predictive modeling.
· Learning alternative approaches to accelerating the adoption rate of business analytics.
Who will benefit:
9. Gary Cokins is an internationally recognized expert, speaker, and author in enterprise and corporate performance management improvement methods and business analytics. He is the founder of Analytics-Based Performance Management, an advisory firm located in Cary, North Carolina. Gary received a BS degree with honors in Industrial Engineering/Operations Research from Cornell University in 1971. He received his MBA with honors from Northwestern University’s Kellogg School of Management in 1974. Gary began his career as a strategic planner with FMC’s Link-Belt Division and then served as Financial Controller and Operations Manager. In 1981 he began his management consulting career first with Deloitte consulting, and then in 1988 with KPMG consulting. In 1992 he headed the National Cost Management Consulting Services for Electronic Data Systems (EDS) now part of HP. From 1997 until 2013 Gary was a Principal Consultant with SAS, a leading provider of business analytics software. His two most recent books are Performance Management: Integrating Strategy Execution, Methodologies, Risk, and Analytics, and Predictive Business Analytics. His books are published by John Wiley & Sons. Gary regularly presents at conferences for the AICPA and state CPA societies. He is a certified CPIM with The American Production and Inventory Control Society (APICS). He is currently the part time Executive in Residence for the Institute for Management Accountants (IMA).