Press Releases

PLEASANTON, Calif.— December 10, 2008 — “Financial performance management” is commonly defined as the set of strategic and operational processes by which organizations manage finance-related goals and objectives and fulfill their business responsibility. But what precisely are these processes and how do companies know they are using best practices when it comes to the information and technology they use to support them? 

Ventana Research has drawn on years of research benchmarking thousands of finance organizations to create an online best practices education portal. The portal provides education on making financial performance management more effective, especially when it comes to improving the way companies use information technology to support financial performance management efforts. Ventana Research has found a majority of companies underutilize or misuse the IT assets they already have, and lag in their adoption of practical and affordable tools that can improve the effectiveness of finance departments.  The “Financial Performance Management Best Practices Research and Education Portal” is the first in the series of online education portals drawing on the extensive financial management research Ventana Research has conducted.

A common problem many companies face is a disconnect between business and IT to achieve the necessary tasks of getting the information needed to manage performance. Many in business are not aware of how better use of information technology can help them address issues and improve performance, while information technology professionals are not able to grasp or communicate how IT can address these issues. The financial performance management best practices research and education bridges the disconnect with specific research and insight from experience. It is especially important for finance organizations because they rely heavily on IT systems to manage their financial processes. Yet, too often it is too difficult for them to obtain the information and analytics they require.

Finance departments can take specific and decisive steps to advance their use IT to improve budgeting, financial planning, periodic closing and reporting. They can make better use of the information they have in their accounting/ERP and other enterprise systems. “For years there has been a great deal of talk about the importance of improving the strategic role of the finance organizations,” comments Robert D. Kugel, SVP of Research at Ventana Research. “Unfortunately, most of this has been just talk. Most CFOs and controllers have been trying to eke out efficiency gains doing things the same old way when they should be concentrating on enhancing the effectiveness of the organizations they manage. Over the years our research has repeatedly shown that misuse of information technology is the root cause of a lack of both efficiency and effectiveness in finance departments.” The Portal for Best Practices provides finance professionals the benefit of years of benchmarking research to help them to operate more efficiently and increase the value they bring to their corporation.

Ventana Research is making the best practices education portal available through its community to help bring deeper industry and technology insight to its community members. The best practices are available online. The best practices education resource portal, sponsored by financial performance management provider Cognos, an IBM company (www.cognos.com) is based on benchmark research and decades of experience from organizations across all major industries. Those interested in learning more about the value of financial focused benchmark research can contact clientservices@ventanaresearch.com.

About Ventana Research

Ventana Research is the leading benchmark research and advisory services firm. We provide expert guidance to help organizations manage and optimize performance – to become not only more efficient but more effective. Our unparalleled insights and best practices guidance are based on our rigorous research-based benchmarking of people, processes, information and technology across business and IT functions worldwide. The combination we offer of benchmark research, rigorous market coverage and in-depth knowledge of hundreds of technology providers means we can deliver business and technology education and expertise to our clients where and when needed. Ventana Research provides the most comprehensive analyst coverage in the industry; more than 2.5 million business and IT professionals through our community of 85,000 professionals and network of media and association partners around the world benefit from Ventana Research’s insights. Ventana Research focuses on business and technology trends and best practices that maximize organizations’ potential to perform while reducing the time, cost and risk and still achieve optimal outcomes. To learn how Ventana Research advances the maturity of organizations use of information and technology through benchmark research, education and advisory services, visit www.ventanaresearch.com.

Media Contact: Marisela Reynoso  

(925) 242-2579 marketing@ventanaresearch.com

© 2008 Ventana Research, Inc.