Do you recognize the following situation?
@ Friday evening – Final preparation for the Monthly Board meeting
You’re preparing the monthly board presentation. You still haven’t received the revenue evolution and the latest customer portfolio from your sales representative. Logistics hasn’t send you the logistics cost-to-serve. And why haven’t you seen that inventory evolution report yet? So far, only manufacturing has provided the input but no trace of the others…
@ Monday morning – Very last minute preparation for the Monthly Board meeting
15 minutes before the board meeting starts, you still haven’t received all figures. You become nervous and start calling the Sales and Supply Chain VPs to finally get their preparation. 1 minute before the meeting starts, the slide deck is finally complete. Unfortunately, there was no time to review it!
@ Monday morning – The Monthly Board meeting
Your VP Sales gets the meeting going with showing the revenue evolution figures. He finalizes showing the adjusted forecast for the upcoming year.
Next your VP Supply Chain is up. He shows the inventory evolution until the end of the year. At first sight these figures look fine until… You spot inconsistencies in the forecast used for this inventory evolution compared to the ones presented by sales. The VP Supply Chain replies he was not aware of the latest forecast figures. There is no other option than to come back on it later.
So, your Board meeting ends with a cliff hanger: How will we end the year?
The above situation holds for a lot of companies… though there is a way to do things differently!
What if we change this PowerPoint based sitting boardroom to a digital standing boardroom?
Just imagine yourself in the board room surrounded by several digital screens. One unique data set feeds all screens and is used for the board discussion. On the most left screen your main monthly KPIs are displayed: revenue, margin, margin evolution, logistic cost evolution and so on.
Would it improve the efficiency of running through the figures? Would it help us make faster and more accurate decisions?
Imagine the board discussion to start. You hit one of these high level KPIs and want to zoom in. Total revenue and margin are looking fine but how is this margin evolving by business unit? By hitting the display, the answer gets shown on the screen: one business unit is growing, another one is clearly declining. Now, let’s check the revenue by customer group. Retail seems to grow more than 15% – can we break down to the level of share per (new) customer(s)? And what about the inventory evolution by product group? How are we doing versus last year?
The world starts to digitalize… and sooner or later it will also affect your boardroom.
A couple of weeks back bluecrux attended the SAP Influencers event on digital transformation. SAP introduced their SAP S/4 platform in which digitalization, internet of things, customer engagement and employee engagement are the new trends. They also showcased their digital boardroom which allows to transform the above into reality.
Don’t know how to start this digital transformation towards the virtual boardroom? bluecrux’ profound experience in defining business requirements for reporting will help you with this opportunity. Together we identify your key KPIs for the future and the granularity you need to make the right analysis.
Some companies are digitalizing their boardroom already – are you the next one?