FT2OM LLC

Data Modeling. It’s Not Just for IT Anymore 😯
Financial modeling content is a-plenty here on LinkedIn.
But what about data 📊 modeling? 🤔
Not so much. I’m seeking to change that and DATAVERSITY Education, is a great resource to start with in this space.
Successful data modeling starts with the ease of how it is retrieved for reporting purposes.
Do you remember your school course offerings in computer science? 😥
A world of many acronyms like SQL, RDBMS, VBA.
All of these are programming language constructs designed to fetch the information finance personnel need in a heartbeat 💗.
There are many business use cases highlighting the importance of solid data models. Here are a few that stand out from Dataversity’s archives:

👉 Creating a relational data model used for reporting on departmental purchases
👉 Generating no-code data models that accelerate the insurance underwriting progress and improve customer data flow
👉 Updating older data models to train AI algorithms used for precision marketing
The evidence is pretty clear that finance operations excellence is achieved via thoughtfully constructed data models.
This is yet another area where a Fractional Finance Director can contribute a lot of value 😀. They can advise on setup of the right data models for your organization.
Need more convincing on the value of onboarding a FFD? DM 💭 me to start a conversation about your data modeling questions or needs.
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Full Article Reference:
https://www.dataversity.net/what-is-data-modeling/

I know it’s Monday, but it’s also a new day, a new week — and in that lies a new opportunity for something special to happen. —Michael Ealy

Selecting the right implementation partner (without burning🔥a hole in your wallet or sacrificing on quality😀)

There are many opinions on how to select the right one, but DemandDynamics has done a particularly nice job of summarizing the list to under 10! 😅

7️⃣ key factors to consider when selecting an ERP implementation partner:

1. Technical Expertise: Ensure the partner has in-depth knowledge and
experience with the specific ERP software you have chosen.
2. Industry Experience: Look for a partner with significant
experience in your industry or a related one, as they will have a better
understanding of your business processes and challenges.
3. Customization and Integration Capabilities: Verify that the
partner has the necessary skills and experience to handle complex modifications to the ERP system if needed.
4. Communication and Collaboration: Assess the partner's ability to
work closely with your team, communicate effectively, and provide ongoing
support and training after the initial implementation.
5. Innovative Offerings: Consider partners that can provide
value-added services and innovative solutions to enhance the ERP implementation and ongoing operations.
6. Methodology Alignment: Understand the partner's implementation
methodology and ensure it aligns with your project goals and timelines. A
well-defined, structured approach is crucial for a successful ERP deployment.
7. Post-Implementation Support: Evaluate the partner's ability to provide ongoing support and maintenance after the initial implementation. This includes responsiveness, availability of training, updates to the ERP system, and commitment to the long-term success of the ERP system.

What are your selection criteria?

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Full Article Credit: https://lnkd.in/e-XVYBan

You do not find the happy life. You make it.” — Camilla Eyring Kimball

Change your way of thinking. Use your energy to accomplish more productive things. The choice is yours and it can be made today!” —Garrett Kingston

Enterprise process automation (EPA) is a broad term that is thrown around loosely by finance and IT colleagues alike, but what does it really encompass?

I’ve covered its definition previously, but have not unpacked what type of automation can be considered in this space relative to the other big players: RPA ( Robotic process automation) , ML( Machine Learning ) , and AI ( Artificial Intelligence ).

TIBCO, a leading provider of infrastructure software, published a very informative article highlighting the major differences between RPA and EPA.

“Process automation often requires a large input from IT engineers and developers, while robotic process automation uses robots that can be trained or are self-trained.”

So does that mean RPA is the better investment just because it’s lower cost?

No not necessarily. It all depends on the scope of what you are trying to automate.

For example, the article also says, “RPA is generally used for IT functions like email replies, data extraction, and other basic system tasks that a human would otherwise perform.”

In summary, RPA is a good option for “low-hanging fruit” or non-value add, repetitive tasks that do not require much thought.

EPA, on the other hand, is a much more holistic solution and involves process redesign in most cases.

TIBCO also has a quick and easy 5️⃣ -step framework on how to implement EPA in your organization:

1️⃣ Identify Tasks and Process That Can Be Automated
2️⃣ Set Your Organizational Goals
3️⃣ Choose the Right Tools
4️⃣ Change Management
5️⃣ Measure and Monitor

Do you agree with this assessment?