Finance transformation. “Data-driven” Finance leaders. “Future-ready” Finance.
These are just some of the terms used more often to describe how businesses are adapting their Finance functions to cope with the rapidly changing economic landscape. Although these terms aren’t new, they reflect the growing expectation that Finance professionals must step-up and move beyond score-keeping.
More organisations are relying on their Finance teams to inform both strategic and tactical decisions. This need for Finance professionals to shift towards becoming forward-looking business partners also means a shift away from just analysing past performance, to focus on insights that can shape the future.
This brings us to some common challenges that many organisations face when trying to transform their finance functions:
PwC recently identified that flexible and adaptive processes, near real-time reporting, and predictive analytics are needed for any forward-thinking Finance team. This demonstrates the need for a corporate performance management (CPM) solution that leverages software to transform data into actionable insights that inform business strategic decisions.
We worked with Arts Centre Melbourne (ACM) to implement a high-quality solution which aggregated multiple systems and data sets to enable insights and metrics across all of its business functions in near real-time.
Finance Director, James Lockyer had a vision for his team’s contribution to ACM that went well beyond business-as-usual. “While respecting the fundamentals, the team were open to strategic thinking and engaged with great technology to bring their vision to life, securing an industry-leading future,” said CALUMO CEO, Dominic Parsons.
Strong fiscal management is important for all organisations; however, optimising systems and processes was vital for ACM’s finance transformation journey. A key focus of the project was to improve planning and forecasting capabilities.
Some of the challenges faced by ACM included:
CALUMO’s powerful tools enable ACM’s business managers to access critical performance data in any setting using any device, helping drive timely and informed decisions.
“Connecting our data sources together through CALUMO has enabled us to draw upon our events calendar and pipeline, as well as our resourcing models and audience attendance trends, to rapidly provide updated forecasts and undertake ‘what-if’ scenario analysis for comparison. This functionality has never been more useful than during the incredible uncertainty resulting from COVID-19,” — Victorian Arts Centre Trust Annual Report, 2019-2020.
In the process ACM has:
“Year-on-year improvements have been recorded, and notably, the team’s assessment in relation to enablement through effective systems has more than doubled over the past year,” said Arts Centre Melbourne Finance Director, James Lockyer.
To learn more about how CALUMO helped ACM optimise its finance function, refer to the priority project (page 71) of the Victorian Arts Centre Trust Annual Report 2019 – 2020.