Implementing Financial Dashboards: Moving Beyond Metrics

This training program will explore how the initiatives that have the most value and result in true continuous improvement efforts are often the ones that are developed by a specific operational area such as accounts payable. If a metrics program is developed by the business owner of an operation, the results will be well defined and will represent the process components very well and will help to drive results. With a real time dashboard, actions can be immediately taken based on the results.

Why Should You Attend:

We measure processes so that we can determine how well things are working and if there are opportunities for improvements. Metrics provide a window of visibility, measure performance, and provide historical trends.

Metrics, dashboards, and tools for financial transactions have been around for years, but they may not have resulted in a call to action for various reasons.

• Metrics initiatives are often driven by the CEOs and CFOs
• Metric programs are too difficult to implement and involve manual efforts
• Results that are somewhat subjective and are questionable
• Metrics programs are not sponsored
• The metrics are too numerous and time consuming to report
• There is no time to analyze the results
• It is critical to link metrics to tangible objectives, or project goals, so that the results are not looked upon as only a reporting exercise. The results should drive a call to action as well as continuous process improvements. As an example, within the accounts payable process, we’d like to ensure that the implementation of invoice automation has achieved process efficiencies as well as a reduction in cost per invoice. If the anticipated results are not met, the appropriate action plans need to be established.

Areas Covered in the Webinar:

• Defining Metrics vs. Dashboards
• Examples of Financial Metrics
• Process
• Performance
• Developing a Financial Dashboard
• Cost Saving and Value
• Transactional Quality
• Customer Service
• Controllership
• Types and Comparisons of Dashboards
• Q&A

Who Will Benefit:

• Internal auditors
• Risk managers
• Accounts payable directors
• Procure to pay (P2P) directors
• Shared service directors
• Controllers
• CFOs and CEOs