As a result of revolutionary digital changes going beyond the digitisation of processes, more and more organisations have begun to integrate new and exciting technologies to transform their businesses into cognitive enterprises. This shift in business architecture raises competition within the business ecosystem.
An IBM executive brief states that a cognitive enterprise follows a platform business model to leverage "the differentiation in its processes, institutional knowledge of its people and exclusivity of its data." The outcome of the business platform will allow organisations to create competitive advantages and new business models.
All companies have data, but it's what they do with it that truly matters. With newer technologies, data has become an essential part of the conversation. For companies to fully utilise the power of cognitive abilities facilitated by more recent technological advancements, they need to understand that data is at the centre of it all.
Among the essential components in transforming an organisation into a cognitive enterprise are CFOs and finance departments. Due to their close relationship with data and their role in budget allocation, among other decisions to impact a business, they are tasked to lead the efforts. To do so, they must focus on three key aspects:
A cognitive enterprise necessitates speed and flexibility in all its processes. By re-engineering workflow, companies can utilise new innovative technologies that are readily available to deliver cognitive and automated solutions. The digitisation of financial operations is imperative in this sense as the current era allows for processes to be executed by technology and enhanced by people. Using their employees to their fullest potential by cutting out repetitive and tedious tasks and optimising their workforces. In an infographic, IBM shares, organisations that have fully implemented cognitive capabilities have 28% fewer FTEs to perform general accounting per $1 billion revenue. Most companies aren't sure where to start digitising their financial operations but using Component Business Modelling (CBM), organisations can pinpoint the financial processes they should reinvent.
Active curation of proprietary data
As we've established before, data is a core component in the successful transformation of business. When utilised strategically, it can prove to be a significant advantage against competitors and result in considerable monetary benefits. In a cognitive enterprise, CFOs must facilitate the use of data to allow for business insights that can allow for predictions and forecasts to make informed decisions regarding the organisation's future. It is also crucial for CFOs to ensure they manage data well, as the loss of data can set companies back a long way.
Reinventing the workforce
Utilising AI and other technologies to streamline business processes also necessitates retraining the human workforce, also known as the "new collar" workforce. The shift would include workers being trained to be more client-centric and creating solutions for a wide range of business problems, whether it be creating new business models or interpreting outputs from the digital workforce. A great deal of analytical work will have to be done to interpret the data within the new business model.
Having understood the basics of how to transform into a cognitive enterprise, companies need to look for a solution provider that can provide the best technological solutions to fit your organisation's needs and its finance department. As an IBM partner and solution provider, Adept Enterprise can help you find and employ the best solutions to accelerate your journey. Empowering businesses to transform their finance operations with cognitive computing capabilities. Adept Enterprise also provides training and maintenance services for your IBM solutions. Software such as Financial & Operational Performance Management, Predictive Analytics, Advanced Analytics, Assets & Operations, Customer Analytics, Data Repositories & Appliances, IBM XaaS - Entry, Information Integration & Governance, Prescriptive Analytics, Sales Performance Management, Security Open, Systems (Middleware Open) and Systems (Software Open) to facilitate the creation of innovative solutions for your platform business model.
Adept Enterprise Solutions is a leading financial performance management and analytics solutions consulting firm that leverages IBM Planning Analytics and other IBM solutions, creating a customisable solution known as Adept Corporate Performance Management (APM) solution. APM consists of components for financial consolidation, business analytics and budgeting planning and forecasting. This highly integrated and customisable solution gives companies the ability to make accurate and informed decisions to bring corporate performance to a higher level
Click here to learn more about how Adept Enterprise can find the right solutions to help your finance team transform and aid in the goal of becoming a cognitive enterprise.