Study shows how leading finance teams can leverage technology required for compliance
CARY, N.C. (Jan. 26, 2005) – During a recent research study by CFO Research Services and SAS, senior finance executives from 10 leading U.S. companies make it crystal clear that they need better data about their organizations’ operating activities and more forward-looking information about their customers, workers, and suppliers so they can comply with new regulatory demands that extend into nearly all aspects of business.
These executives say they are going beyond data collection. By integrating these measurements with new analytical applications in performance management systems that feature innovative display and “drill-down” capabilities, finance executives have a new appreciation for the way managerial decisions contribute to higher performance.
These results were unveiled today in a Webcast titled “The Convergence of Compliance and Performance Management – Extending the Impact of Finance Across the Enterprise.” The Webcast encapsulated the results of a series of in-depth, one-on-one interviews with senior finance executives from Charles Schwab & Co. Inc., DuPont, Nissan Motor Co. Ltd., Pep Boys, PepsiCo Inc., TIAA-CREF, United Natural Foods Inc., Washington Adventist Hospital and Wells Fargo & Co. This Webcast demonstrated how CFOs and other senior finance executives are combating unacceptable performance surprises by expanding performance management beyond financial performance to include their customers, suppliers, work force and IT infrastructure.
“New regulations such as Sarbanes-Oxley, HIPAA, the USA PATRIOT Act and TREAD have given finance managers new responsibilities and increased visibility throughout their organizations,” said Phil Strand, global strategist for financial intelligence and corporate compliance at SAS. “Finance executives can meet the demands of their evolving roles while providing value to the organization as a whole, through performance management systems that can demonstrate to senior management how their decisions can drive higher performance.”
Available now at www.sas.com/events/cm/40449, the Webcast and a follow-up report provide valuable details on best practices employed by financial executives to integrate compliance with performance management, including:
Practices adopted by finance departments to comply with government regulations and to improve the predictability of their operating and financial performance.
Strategies for effectively finding and preparing for surprises before running afoul of regulators or investors.
Efforts to use regulatory compliance to strengthen their relationships with the rest of the organization.
Achievements in financial improvements by expanding performance management to include non-financial data.
Uses of technology to support the convergence of compliance and performance management.
About CFO Research Services
Original research and thoughtful analysis are the cornerstones of CFO Research Services, the sponsored research unit of CFO Publishing Corporation, which publishes CFO magazine in the U.S., Europe and Asia, including China. This team of research professionals dissects emerging trends in business strategy and financial management using mailed surveys and personal, on-the-record interviews with respected chief financial officers and other senior financial executives. The team’s published white papers and research reports often provide a backdrop to conferences and seminars produced by CFO’s Executive Programs group. For more information, please go to www.cfo-research.com.
SAS is the market leader in providing a new generation of business intelligence software and services that create true enterprise intelligence. SAS solutions are used at more than 40,000 sites – including 96 of the top 100 companies on the FORTUNE Global 500® – to develop more profitable relationships with customers and suppliers; to enable better, more accurate and informed decisions; and to drive organizations forward. SAS is the only vendor that completely integrates leading data warehousing, analytics and traditional BI applications to create intelligence from massive amounts of data. For nearly three decades, SAS has been giving customers around the world The Power to Know ®.