CNNMoney.com reports that IBM has released an analytical financial tool that will allows companies to better analyze and manage the performance of a company’s financial function.
This tool will help to solve the problem area of accurately identifying where redundancies occur within the finance organization. A 2008 IBM Global CFO Study shows that 1/3 of CFOs stated that they are ineffective at effectively measuring business performance.
William Fuessler, Global Financial Management Leader, IBM Global Business Services mentions:
"CFOs need quick access to the truth, they need process and data commonality through enterprise standards to achieve higher levels of efficacy. The delay in understanding the true state of the business can mean the difference between profitability and lost growth potential. The Finance Transformation Workbench tool is yet another example of IBM's high-value services proposition which automates labor-based process and uses our Intellectual Property (IP) to create repeatable software-like assets."
IBM’s tool is fully customizable to an organization’s needs, since it provides an integrated view of various business models which include: Finance Function component business models, business process Taxonomies, (such as the American Productivity and Quality Council Process Classification Framework) and organization structure maps.
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