Knowledge management for finance

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Knowledge management for finance

08 apr 2021

The value of Knowledge Management for Finance

A good decision based on bad data is still a bad decision

 

A working knowledge of coherent financial concepts and terms will help to ensure that:

– The manager understands the financial and operational impacts of daily business decisions.

– He or she can take the right corrective actions.

– Secure all the team members consistently speak the same language and understand each other.

This is the core of successful knowledge management.

Accounting records all business transactions and reports them in the form of financial statements. These statements tell the business’s financial condition, and results of the operations which are shared with the management and stakeholders of the enterprise.

The analysis of these statements will help you to understand how well the business is performing, where problems may be present, and whether continuing investment into the business is advisable in terms of return on investment, governance, risk and compliance.

Your personal understanding of these terms affects your ability to interact with leadership, develop effective plans for the future for your area of responsibility, and reduce risks.

This financial knowledge enables you to successfully propose, implement, and monitor tactical options to improve operations. In this way you can grow the business per strategic objectives in line with coherent departmental operational targets.

To fulfil its role finance also depends on a steady reliable corporate knowledge management function.

What is a steady reliable corporate knowledge management function?

– Define and articulate clear business objectives

– Develop an accurate and consistent model of the organization

– Connect the business objectives to operational plans with parameters and metrics

– Implement the necessary information flows to address the knowledge needs related to performance measurement

– Secure good data quality in terms of consistency, reliability, relevancy and timely data.

Strategy execution fails because of:

– Lack of Specific, Measurable, Achievable, Realistic and Time-bound (SMART) objectives

– Inconsistent use and meanings of language, terms and definitions

– Incoherence of metrics across the organization

– Vision is not supported with an action plan

– Operational actions without a supporting vision

– Lack of strong CFO role or finance function

That’s why we advise to use the following principles:

1. What gets measured gets done

2. Coherence of business objectives and incentives

 

We, KnowledgeTrack, international experts on Knowledge Management and Swiss Business Institute (SBI), international experts on financial consulting and leadership development combine our forces and start series of practical on-line training courses on ‘’Knowledge Management for Finance’’. In advance of these courses, we will conduct a 1-hr free webinar to share with you the purpose and benefits of the on-line courses to come.

 

 

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Gegevens

Datum:
8 april
Tijd:
2:00 pm - 3:00 pm
Kosten:
Free
Evenement Categorie:

Locatie

Online (via Zoom)

Organisator

Swiss Business Institute Sarl
Telefoon:
+ 41 79 754 7883
E-mail:
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