After a valuation of $1 billion earlier this year, OneStream Software LLC has confirmed the appointment of a new CFO with a strong finance background with Microsoft and other leading technology businesses. Bill Koeford starts at a company that has experienced significant growth, thanks partly to a $500 million investments from US-based private equity company KKR & Co. Inc. Koeford’s initial task will be to develop a specific financial planning and analysis team, with guided support from OneStream software. Koefoed stated that it wasn’t often you get an opportunity to be a CFO of a business that is developing software for CFOs.

Launched in 2010, OneStream specialises in developing software that offers a simplistic option for financial consolidation, planning, reporting, analytics and financial data. OneStream has a large number of clients using its services, including UPS, Fruit of the Loom, Carlyle Group and Melrose PLC.

OneStream founder and CEO Tom Shea state that the business will work on creating an initial public offering, but Koefoed said he couldn’t confirm a timeline on when this will happen. Company revenue exceeded $88 million last year and achieved 68% year-over-year sales growth in H1 of 2019. It now has in excess of 370 global customers and employs 415 people worldwide, of which 200 were hired in the last year.

OneStream believes its cloud-based OneStream XF platform as a disruptor of corporate performance management software, an area they believe has lacked any real developments in recent years.

Cloud-based systems are rapidly transforming the way companies operate, from hiring and human resources to operations and supply-chain management. Koeford relates OneStream to innovative cloud-based technology businesses such as Salesforce and Workday, but OneSteam is the first firm to integrate smoothly for CFO’s.

A new report by Protiviti has stated that data, privacy, analytics and customer service are the main priorities within the finance market. The report called ‘Today’s Finance Priorities: Security, Data, Analytics and Internal Customers’ states that CFO’s and other finance industry leaders are equally focused on strategic and operational issues.

The report explains that businesses are focused on innovative systems including robotic process automation (RPA), artificial intelligence (AI), blockchain, predictive analytics and cloud-based systems. According to the report, the top priorities for finance industry leaders are:

Security and privacy of data – 84%
Enhanced data analytics – 79%
Process improvement: process and data analytics – 75%
Changing demand and expectations of internal customers – 73%
Embracing new technologies – 73%
Internal controls – 73%
Accounting and finance implications of IT – 72%
Financial planning and analysis – 71%
Strategic planning – 71%
Profitability reporting and analysis – 70%

In addition to these high priorities are key areas identified by finance leader to enhance knowledge and capabilities over the next year:

Embracing new technologies – 73%
Recruiting and retaining talent – 70%
Leadership (withing the organization) – 69%
Working effectively with outside parties – 65%
Six Sigma/continuous improvement – 65%
Coaching/mentoring – 62%
Soft skills – 62%
Change management – 61%

Finance leaders are clearly taking a more active role in ensuring their business is protected against potential data attacks and other threats. The report highlights that CFOs are now taking a more active role in ensuring their business is completely protected against potential data attacks and other threats. Cyber Security is becoming a larger focus for many businesses. Representing the main finance position in business, CFOs have a lot of pressure in maintaining valuable information assets and avoiding any potential compliance or data privacy issues.
The Protiviti report highlights that continued and significant shifts in business priorities and the role of CFOs, driven largely by the increased emphasis on using data as a key resource. The report explains that finance leaders are more dedicated to meeting the increased expectations of internal customers. Finance executives are more concerned with data security, privacy and governance and ensuring financial planning and management reports generate more insights to stakeholders.

With new opportunities come new threats to businesses, including data breaches and it seems that business leaders are looking at their CFOs and finance leaders to implement the changes needed to tackle data security. Protiviti surveyed over 800 global finance leaders and 84% stated that data security and privacy were top priorities. Based on the number of data attacks affecting businesses today, it is no surprise that security and data privacy are viewed as key priorities for finance businesses. Chris Wright, managing director of Protiviti explains that a data breach can have severe financial implications and an impact on business reputation. As the number of cyberattacks increases, finance leaders need to ensure they have the budget and resources available to tackle security and data protection.

Over 70% of CFO and VPs of finance believe strategic planning is one of the key areas that need additional focus. This emphasises the need for finance members to focus on strategy, including daily operations, financial and transaction matters. The data-focused approach of today’s financial market makes the role of CFOs essential in delivering strategy, particularly when it comes to measuring trends and other patterns. Finance leaders are focused beyond financial issues, but also expected to generate insights that really transform and support business decisions. As a result, data analysis is critical and CFO customers are continually seeking a financial system that offers real-time information, detailed insights and enhanced analytics concerning the financial and operational performance of a business.

Approximately 80% of finance leaders pointed to data analytics as a top priority for finance in enhancing knowledge and improving their capabilities. Meeting rising demands and requirements of internal customers is a driving force finance team. Finance leaders want to really focus on security and data management capabilities and improve how these systems can meet the changing requirements of internal customers. The report suggests that failing to make clear progress in data protection and leveraging data insights could result in a potential failure in meeting strategic business expectations.

Most businesses are transforming their focus and continuing to incorporate advanced data and analytical systems. Analytics has been proven to not only add value to business performance, as well as increase profits but also generates a number of other opportunities. Yet, many companies are struggling to take full advantage of the benefits of data and analytics. There are several challenges that businesses need to address before they can really utilise the benefits of data and analytics.

For one, data continues to be spread across multiple systems and sourcing and data management continue to be performed manually. Data industry experts are relatively scarce, yet the availability of data and information, along with security regulations are continuing to rise. In order to become more reliant on information and access the insights provided by data today mean businesses need to address these challenges and understand the real potential of analytics.

Creating a data plan for your business

Businesses need to ensure they maintain a clear strategy that connects with business goals. Any data or analytics projects need to clearly identify their value and show how this corresponds with overall business objectives. Investing further into innovative technologies such as AI and Machine Learning can support automation of some processes, reducing time spent on data management.

Delivering data in company culture

Creating a data-driven culture is vital to determine your business from other companies. Incorporating data into company culture is critical to ensure people connect decision making with data and information. This process requires effective communication of data strategies across all teams and departments within a business.  In order to progress and be an agile business, company culture needs to incorporate data and innovation and exactly how data and analytics are tools for your business.

As more businesses transform towards data, data professionals need to really emphasise the value. Incorporating new data tools and aligning these with business strategy will enable data leaders to highlight the potential benefits and investment returns that many business leaders are looking to see.

Data insights business GenAnalytics has partnered with Incremental Group to create a software system to support businesses with gender pay gap reporting.

Its new service will be offered to approximately 12,000 UK businesses employing over 250 staff and are required to annually publish information on the pay differences between men and women in their business.

Research shows that around 8 out of 10 businesses still pay men more, with women earning up to 26% less in the finance market and 24% less in construction.

Jane Gotts, the director of GenAnalytics explains that their goal is to generate greater insights and information to businesses concerning diversity and inclusion. Gotts highlights that gender pay gap analysis and employee analytics are essential to their business. Gotts highlights that their new tool will allow them to support businesses by providing a more efficient and detailed analysis of the gender pay gap data and allow them to identify areas to improve that impact gender pay gap performance.

GenAnalytics believe their system will support businesses in closing the gender pay gap over time. Scottish based business Incremental Group has been working with GenAnalytics to develop the software. Andy McGoldrick, the technology director of GenAnalytics explains that Incremental Group is dedicated to delivering greater diversity and inclusion within the technology market. McGoldrick states that working with GenAnalytics will support improved gender diversity and inclusion, all powered through technology and data.

Claire Partridge, an innovation specialist at Scottish Enterprise explains that the new product will enable improved equality and diversity within the workforce. Partridge states that are happy to support GenAnalytics and believe that by having a greater gender balance results in better company performance.

In the last month, Forbes released its list of the 100 most innovative leaders in America, based on four core leadership characteristics:-perception in media for innovation, social connections, value creation, and investor expectations. The results clearly showed one significant challenge: Out of the list of 100 leaders was only one woman. Barbara Rentler, CEO of retail business Ross Stories was ranked number 75 with the added exclusion, unlike the others, of no apparent headshot.

Randall Lane, the editor at Forbes explained that the data-focused study influencing the ranking scale was potentially flawed, yet another recent study Forbes Cloud 100 published in September only included 3 companies with female chief executives.
There is clearly a continued challenge with female representation across certain industries, particularly within cloud, data, and STEM. Building female representation in STEM has been an industry goal for many years.

The UK based Women in Data started in 2014 as a short fairly informal gathering, but today has evolved into a collection of events, with its main attraction expected to attract over 1,500 attendees later this year. Technical recruiter Rachel Keane developed the event with co-founding Roisin McCarthy after seeing that the company had placed fewer women in 2014 for data and analytics as done in 2000. Kean believes this was a strange figure, as the business was more profitable, the client base had increased and they had been securing the best talent for each job.

Keane, McCarthy and other industry members highlight the challenges facing women in terms of climbing the career ladder in STEM. Other issues that affect women due to certain changes. Returning from maternity leave into some technology disciplines can mean some return significantly out of the loop by no actual fault of their own. Kean emphasises that technology is evolving rapidly, with some products in use one minute, then replaced the other. There ultimately needs to be a place for all women and as data becomes more pivotal across each industry, this could provide further opportunities. Keane explains that many upcoming school leavers believe that to work in finance they should focus on maths qualifications. Women in Data is currently developing a short film, alongside a number of leading companies to inform young women on the multiple options which they could follow with their chosen degree.

Keane explains that many young women are simply not aware that they can have a job in retail or technology or other industry, yet still, be connected to finance.

Keane highlights that more recently businesses are looking for more than just number-crunching. Companies want people that are capable of telling a story, listening and creating insights that impact business performance, skills that well adept for many women. Female industry leaders have emphasised that women need to have more confidence and understand that careers can progress and regress and that it is okay to take two steps back to then take one step forward.

Keane believes that women need to have more self-confidence in their skills and ability. Keane refers to how men and women look at a job spec, suggesting that men are traditionally more confident that they can meet the criteria, whilst women may be a little hesitant to apply for the role. Keane states that in her 11 years of recruitment, she hasn’t placed one person in a role that matches the job specification completely. Instead, Keane explains that she places people on a combination of their technical ability, their unique skills and how the company will benefit by having this person in their team.

Cybersecurity experts are constantly exploring techniques to manage new and emerging security threats. Despite a number of new and sophisticated tools, the IT security industry is well aware that a data breach can occur at any time.

Security solutions utilising machine learning have become a popular option for cybersecurity, reducing time spent on detecting potential threats, yet security continues to be a considerable concern. Some industry specialists are suggesting that predictive analytics could be an alternative option to tackle the challenges facing cybersecurity.

Predictive analytics is a rapidly evolving technique that enables businesses to understand what could happen and use insights that previously were not available. This tool is emerging within cybersecurity and allowing to predict potential cyber-attacks, enabling them to prepare the required systems to protect their business against attacks.

Many cybersecurity specialists are combining these systems with machine learning into their core security offerings. The question many experts are asking is how specifically predictive analytics can help in supporting potential cyber-attacks.

How Predictive Analytics can support Cybersecurity

Businesses today need to be capable of analysing data, identifying trends and errors as quickly as possible. Using predictive analytics enables businesses to identify incidents and find patterns to suggest what has worked and what hasn’t with their business. Whenever something out of the ordinary occurs, analysts can quickly step in and assess the scenario. Real-time data can be generated by using predictive analytics, identifying common attack scenarios and techniques to defend against these cases in advance.

Security teams are facing a number of challenges managing large volumes of data. Measuring and understanding big data is a complex task, particularly as big data sources can come from a number of varying databases and systems. Before any of this can be measured, the data needs to be collected and parsed, and this is where businesses need a system to enable this all to work together. Luckily, predictive analytics solutions are well suited to big data. In reality, the higher the number of inputs available, the more insights that can be generated providing an accurate number of predictions.

Combining predictive analytics with machine learning can support analysts in gaining important insights related to potential threats. Machine Learning can reduce the pressure on analysts in other tasks of categorising information and filtering through data streams. ML will also reduce human error that is inevitable due to the large volume of information required for processing. IN reality, predictive analytics combined with ML can only really work with established big data streams. 

An active defense system requires blocking any potential threat at source. Businesses need to deliver a data source into their predictive analytics solution. Launching a domain reputation tool can support potential malicious attacks. Through this application, predictive solutions can be introduced to determine the reputation of domains and the associated site. An API supported by a constantly updated database assures customers that they are gathering accurate domain details.

Predictive Analytics is being viewed as the next big thing within cybersecurity. Businesses that want to stop unknown threats from impacting their business should strongly consider the implementation of predictive analytical systems.

A large number of businesses include a senior data specialist, such as a Chief Data Officer or Chief Analytics Officer. Gartner recently researched and discussed how the role of a chief data officer has evolved and the distinctive phases that have emerged over the last few years.

Gartner believes that CDOs are facing a number of challenges in regards to gaining executive buy-in and making their work clear to key stakeholders, as well as driving a transformative process within their business. Mario Faria, the VP and Program Director at the Gartner Research Board states there seems to be one common factor associated with successful CDOs and that is applying a product management focus to their position.

Product management refers to segmenting their work into smaller pieces to generate business value quicker, be capable of adapting to market conditions and to have the ability to scale the model within their business. 

Gahl Berkooz, the VP of data and analytics at German automotive manufacturer ZF Group believes the best way to describe his CDO position is as an entrepreneur. At ZF Group, the core term for his position is ‘monetization’ which translates in his job as finding and creating data-driven businesses that will improve or complement their core business. 

As Berkooz explains, all products are electronic, capable of generating data and so if you can create more value through a data product then you will be able to sell more of your main product. Berkooz believes that the other core area to focus on is developing white spaces that lie close to our core business and are heavily focused on data. Berkooz states that if we don’t move towards these areas, it will reduce the overall value of our products.

Berkooz believes the priority is focusing on truly understanding the data and analytics business, and that business conceptualization is a real entrepreneurial activity. Instead of creating a product, taking it to market and hoping it will meet the requirements of your target market, the idea is to generate a minimum viable product (MVP) that has been tested, measured and enhanced.

Applying a product-focused approach in the CDO role translates into varied approaches for different companies. The overall value of a CDO will vary from business to business because each has its own structure and is controlled by differing constraints. 

The role of the CDO is continuing to become more strategic, influenced by changes in the industry environment. What is clear is, the role of the CDO will vary depending on nature and limitations within each business. However, a common theme is that with every new level of maturity creates a new set of responsibilities and expectations and as business is continuing to evolve, as will the role of the CDO.

Safra Catz, the CEO of Oracle has stated that she believes that the future of cloud for enterprises lies with autonomous systems and Oracle is planning to integrate all of its products on one cloud infrastructure system.

Autonomous systems provide the benefit of eliminating human errors and ensuring data is kept safe.

At the Oracle OpenWorld 2019 conference, the CEO stated that Oracle Cloud had created a new phase of integration for customers worldwide. Catz explained that Oracle is predominantly focused on users and believes the future for enterprises involves autonomous systems and that they are working together with their customers to provide the highest level of value. Catz reinforced the statement made by Oracle co-founder and CTO Larry Ellison in that autonomous systems remove potential human errors and keep data safe.

Highlighting its strong position and vision within the cloud ERP market, Oracle also confirmed a series of updates to the Oracle Enterprise Resource Planning (ERP) Cloud and Enterprise Performance Management (EPM) Cloud. The latest updates will allow businesses of any size to boost their productivity, decrease costs and enhance controls by delivering product innovations and sector solutions.

Rondy Ng, the Senior Vice President of Oracle Applications Development recently stated that Oracle continues to reinforce its leading position within the Cloud ERP market with a series of innovative developments, supporting the continued changing demands within finance and operations teams. Ng believes that by combining intelligent systems and machine learning tools with Oracle ERP Cloud will allow customers to minimise the number of standard tasks performed by employees.

In order to ensure businesses and customer interaction is data-driven, Oracle released a number of data-focused updates within the Oracle Customer Experience (CX) Cloud. Oracle CX offers a range of applications within marketing, sales, services, and commerce. Rob Tarkoff, the executive vice president at Oracle CX Cloud and Oracle Data Cloud explains that the latest updates are driven by data and machine learning and are focused on ensuring customers can take advantage of data insights in order to meet customer requirements, creating the best customer experience.

Oracle also launched new updates to the enterprise-level customer data management platform (CDP). The new updates to Oracle CX Unity will allow businesses to offer personalised and detailed experiences within all customer interactions, including website visits through to in-store purchases.

One of three of the original Hadoop distribution businesses has confirmed their plans to launch a number of big data platforms in the cloud. Arun Murthy, the chief product officer at Cloudera confirmed the business was preparing for further movement into modern technology to manage and analyse data.

Cloudera has moved away from promoting themselves as a Hadoop company and has developed a number of technology systems aimed at enterprise customers and their plan is to provide a collection of open source technologies that are available in the cloud to enterprise customers. The new vision is focused on creating a series of emerging large scale data systems, consisting of open source components and solely based in the cloud. 

Cloudera has been working towards this vision with a focus on its Cloudera Data Platform. The business released the technology with a statement that a number of customers were assessing the services within a public cloud deployment. Cloudera highlighted that its sales pipeline had increased since Q1 and were on target for the year. An extended version of the technology is due to be released later this year.

Cloudera also announced this month that it plans to acquire Arcadia Data, a specialist AI-driven company focusing on business intelligence and real-time analytics. Cloudera believes the technology at Arcadia will accelerate delivery time for customer insights by offering self-service access to data and improved analytical response time.

In a recent release and steps recently made by Cloudera, Murthy refers to the concept of Hadoop and how the software is essentially a stack, where each layer i.e. storage, compute platform, etc. are designed in a manner that allows them to be connected together. Cloudera is essentially leveraging open data standards and technology and moving away from systems that are controlled by vendors. Murthy explains that the core goal of the Cloudera Data Platform is to ensure that the cloud service created is simpler for businesses to measure value from the platform without having to understand the complex level of detail associated with power technologies.

The new platform will support businesses in developing their digital systems beyond cloud migration to generate a simplistic set of business activities driven by digital transformation.

Deloitte confirmed the release of Deloitte Ascend at Oracle OpenWorld in San Francisco, explaining the product to be a ‘pre-configured digital accelerator’ developed on their cloud platform and focused on supporting business innovation, accelerating overall performance and creating enterprise digital transformation.

The Deloitte Ascend product is focused for clients seeking to migrate from on-site systems towards Oracle Cloud Applications. According to Deloitte, the system can be applied at any stage of the digital journey. Deloitte Ascend supports clients with the following:-

-Streamlining business activities by improving the overall delivery of Clean Core supported by Oracle Cloud. 

-Automating activities like data migration, configuration, testing and coding migrations.

-Simplifying essential business activities that span across multiple industries and at the same time, enhance efficiencies with a range of digital activities and utilising cases created by Oracle Cloud and other digital systems.

Mark Walsh, Principal and Enterprise Performance Portfolio Leader at Deloitte Consulting highlights that in our connected world today, it isn’t enough for businesses to just migrate to a cloud system. Walsh explains that Deloitte Ascend combines leading industry processes and a number of digitally created insights with their award-winning Oracle Cloud platform, enabling clients to deliver innovative levels of performance for their business.

At the very heart of Deloitte Ascend is a digital transformative framework and a system with analytical focus combined with a number of digital project assets. The framework provides supports businesses with measuring their overall digital capabilities, to draw out their digital transformation path and to develop a platform that enables them to utilise their competitive advantage over other businesses.

The Ascend platform also provides a number of interactive Oracle Digital Experience Labs which provide a detailed experience, using Oracle Cloud and digital technologies to perform vital business processes via real-time configuration and data. The labs aim to support the digital goals of clients by displaying how to reach individual process can be streamlined and made simpler with digital technology.

Dave Donatelli, the executive VP of Cloud Business Group at Oracle emphasises that Deloitte has a proven track record of supporting businesses with driving value by using Oracle Cloud Applications. Donatelli believes Deloitte Ascend will support the planning and promotion of the digital transformation process, enabling customers to take advantage of everything the Oracle Cloud platform provides.