New Management Tools

IBM Corp. unveiled a unique analytical financial transformation tool to help companies more effectively analyze and manage the performance of a company’s finance function. OpenPages Inc. launches OpenPages EHS, a solution for Environmental, Health and Safety (EHS) risk management.

Focal Points:

• IBM announced the Finance Transformation Workbench tool, which was developed by IBM Research and IBM Global Business Services (GBS). The workbench uses advanced IBM patented software and service methodologies designed to help CFOs and other senior finance executives identify underperforming finance functions within their company and identify new opportunities to transform and improve the finance function. The tool enables finance executives to analyze business performance, identify underperforming finance functions and components, identify transformation opportunities, assess the business value of finance function transformation initiatives, and visualize linkages to various enterprise models. It leverages finance function best practices and methodologies so that users can focus on increasing revenues and reducing costs, according to IBM executives.
• The IBM Finance Transformation Workbench utilizes the IBM component business modeling (CBM) tool that IBM acquired when it purchased PwC consulting in 2002. Users can drill down on the CBM components to process maps and activities so that gaps and opportunities for improvement can be identified. It comes pre-populated with finance function benchmark data, business process taxonomies, (such as American Productivity and Quality Council's Process Classification Framework), and taxonomies including Oracle Corp.'s Hyperion financial performance management and Oracle financials, and SAP AG's financial performance management. The tool is scalable and customizable to an organization's needs and will be coupled with GBS's Financial Management consulting services.
• OpenPages released OpenPages EHS, which is built upon the OpenPages Platform version 5.5. OpenPages EHS provides executives with a solution that supports their efforts to manage environmental, health and safety risks across the enterprise and can be integrated with other compliance and risk management initiatives. Key features of EHS are a single data repository, automation of management activities including notifications, key hazard indicators, and an EHS hazard assessment. The solution comes with dynamic dashboards and charts and reports for enhanced decision support. OpenPages EHS user interfaces, forms, workflows, reporting and system-wide settings are 100 percent configurable to meet specific EHS methodologies and processes.

Experton Group believes the diversified nature of large enterprises creates significant barriers to manually minimizing gaps and risks, and the ability to apply automated tools for financial analysis and risk management could produce competitive advantages for early adopters. Given the risks associated with EHS and financial reporting for global organizations, EHS, finance and IT executives should look to tools such as these to minimize their exposures.