Tag Archives: forecasting

Success with Performance Management – An interview with Mark Lack from Mueller Inc.

The 80 year-old company Mueller Inc is a a leading manufacturer of pre-engineered metal buildings and metal roofing products. Mark Lack is responsible for performance management at Mueller Inc. He delivered a great presentation about their IBM Cognos implementation at  the recent IBM Vision 2012 event in Orlando. Following his session we sat down for a short interview.

Christoph Papenfuss: Mark, tell us about your role at Mueller Inc.

Mark Lack:  I was hired to manage the planning and forecasting function and as my role evolved Strategy Management and Business Analytics became a natural extension.

Christoph Papenfuss: Did Mueller already have established performance management processes when you joined the company. Can you provide examples?

Mark Lack: Yes, it was Excel based.  I can’t say it wasn’t sophisticated because it was.  Lots of automation and VBA scripts to manage the roll-ups.  The problem with the system was the inordinate amount of time it took to perform manual manipulations. Ultimately it rolled up to a series of financial performance items.  The process was long and complicated, and in the end we had difficulty matching the output with the actual drivers of the performance.

Christoph Papenfuss: Reporting and Analysis was difficult then. What about the planning and forecasting process? Did you encounter any difficulties?

Mark Lack: The budgets weren’t kept in our main ERP system, only in Excel. We had to manually type in 300 lines of actuals each quarter in order to run variance reports.  Invariably we would encounter that someone inserted a new line and it flowed through the rollup.  Forecasting was done by evaluating what could be done, backing it off 10% and seeing if that could get passed.  Often times when a number or a project was accepted, every other plan would magically look similar.

Christoph Papenfuss: You decided to implement new performance management processes. How did you go about that? Did you use a big bang or a phased approach?

Mark Lack

Mark Lack

Mark Lack:  We had just come off of an ERP implementation that was big bang, so we realized that this next project should be phased.  Actually, when working with PM, you have to be careful of what you incentivize (to avoid bad behaviors) so it lends itself to a more phased approach.  We began by implementing a corporate balanced scorecard.  This became the framework for which the organization’s activities would be managed around, so this became the parameters.  The scorecard reporting at first was done in Excel with Red yellow green traffic lights as the metrics success and failures.  The first question when we reviewed these was always “What caused the target to be off?”  We realized that we had to put a better system in place to manage and automate the PM if we were to be able to communicate what was important about executing our strategy and drive behavior.

Christoph Papenfuss: What does you current solution look like? What have you implemented and which processes are automated?

Mark Lack: We have an integrated system that uses the strategy as the foundation of our company.  All of our PM processes are integrated from the balanced scorecard, to reports that indicate why we met or missed a target, to a planning system to help us get back on track.  We try to allow the data to flow systematically with little to no intervention.  We’re pretty close to an entirely closed loop system and the told we have provide the ability to automate the dissemination of important information needed to run the organizations.  The goal is to get relevant information to decision makers when and how they need it.  We’re pretty close to that goal and automation of information delivery against our “big data” has helped us in this regard.

Christoph Papenfuss: One of the key problems companies are struggling with is target settings. Managers tend to fight for lower targets. Their argument is that their goals are arbitrary. Do you have similar issues?

Mark Lack:  We did for a while, and for the most part they have a point.  If the goal is 15 % and they are at 5% now, a 3 times jump can be difficult to obtain if looked at from a high level.  What we were able to do with our analytics tools was to analyze organizations around a common theme, such as revenue.  By breaking them into groups and analyzing the processes within the groups, the result in target setting is less arbitrary.  In our case if 7 organizations have a similar revenue level and 5 are performing at a high level in regards to customer satisfaction scores, all things being equal, the remaining 2 orgs should be as well.    So we set the target within the per group range as an expectation.  The top 5 in the peer group set the target and then the conversations switched from “That target is arbitrary” to “This was set by your peer’s performance”.  The idea here is that now we can remove the distraction of who set the target (now it is the peer group) to what are the best practices that drive this performance?  If 70% of your peers can perform, what keeps you from performing?  Ultimately it changes the conversation for the better.

Christoph Papenfuss: Implementing a solid performance management platform requires resources. What is the benefit for your organization? Have you ever attempted to calculate the ROI?

Mark Lack: We always knew the answer was positive, because you can see results, right?  The problem we always had was how do you quantify it?  We had a research study done by Nucleus Research and the direct benefits were 113% per year.  If we add the indirect benefits of a better informed workforce, I’m guessing it would have to be 10x that figure.

Christoph Papenfuss: What are your future plans?

Mark Lack:  I’d like quote Jeff Spicoli and say “me and Mick are going to wing on over to London and jam with the Stones” but I can’t.  There are too many opportunities to use the tools available to continue to maximize the value out of our system.

Christoph Papenfuss: Thanks much for your time, Mark

You can find out more about the Mueller Inc implementation on IBM’s website.

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IBM Vision 2012

IBM Vision 2012

Greetings from Orlando. I left Munich Saturday morning to attend the IBM Vision 2012 conference. This three day event for finance & risk management professionals will be exciting. There are fantastic keynotes lined up as well as a ton of awesome break-out sessions. I am really looking forward to it.

IBM Vision 2012

Keynotes

The keynotes at IBM Vision 2012 promise to be especially interesting this year. The list of external speakers includes John Hagerty from Gartner, book author Michael Mauboussin and Everest explorer Alison Levine. Of course, there are also exciting IBM speakers including Les Rechan (GM for Business Analytics) and Mark Loughridge (CFO of IBM). I will be showing some great new solutions as part of the general keynote Tuesday morning from 11am – 12am EST.

Join the conversation

For those of you who will attend IBM Vision 2012, please do reach out to me (@cpapenfuss). I would love to connect. If you cannot attend the conference, you can still participate in the conversations. There are two main options:

  • Join via Twitter. The official hashtag is #vision12 . Also, make sure to follow @ibmcognos for updates. I will try to tweet whenever possible.
  • View the keynote sessions from your desk via Livestream. All keynote sessions will be broadcast and should be available for viewing after the event as well.

Stay tuned for updates!

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Interview with the TM1 book author: IBM Cognos TM1 – The Official Guide (Part 1)

The new TM1 book

The highly anticipated 10.1 version of IBM Cognos TM1 was released in February 2012. Along with the software there is also a great new TM1 book: IBM Cognos TM1 – The Official Guide. My German colleague Karsten Oehler is one of the authors of this comprehensive TM1 book. We had the opportunity to catch up last week. It was very early in the morning and we were both on our first cup of coffee. This is the first part of two short interviews. Check back Tuesday next week to read more.

Christoph Papenfuss: Let’s start this discussion with an important question. TM1 is a strange product name. What does TM1 stand for?

Karsten Oehler: The name sounds still fresh and interesting after 25 years, right? Oh well…..it is an interesting name, indeed. And we do get a lot of questions about it. Here is the truth. Don’t be shocked – it stands for Table Manager 1. And it is the solution No 1 from my point of view.

Christoph Papenfuss: What is TM1? Can you describe it in an elevator-speech style?

Karsten Oehler: Cognos TM1 is the universal tool for the business person wanting to do all kinds of analytical work like forecasting, planning, simulation, analysis and reporting. Some people call it the ‘Swiss Army Knife’ for the business. The only thing it can’t do (yet) is to cook coffee ;-)

Christoph Papenfuss: Who can use IBM Cognos TM1 and why should they?

Karsten Oehler: Everybody with a need or desire to perform analytical work should use TM1. TM1 links typical analytical office work (Excel) with a high performing analytical database. However it doesn’t require that much conceptual overhead so that a business user is able to define his own data structure. TM1 doesn’t replace spreadsheets or data warehouses. It literally brings both worlds together.

Christoph Papenfuss: There are many planning, budgeting and forecasting solutions out on the market. What makes IBM Cognos TM1 so special?

Karsten Oehler: I am heading up a research group at the Controller Verein, the biggest European community for management accountants and finance experts. We describe several classes of planning tools: spreadsheet enhancements, ERP enhancements, OLAP, specific (financial) planning solutions and generic planning solutions. The last category is the most powerful one because it provides a lot of flexibility while also allowing you to leverage strong predefined planning functions like workflow, simulation, financial intelligence. Within this group TM1 is the best one because it has the most modern architect (scalability, write back queuing, rule optimization, batch processing environment) and the newest interface.

Christoph Papenfuss: Is TM1 just for planning, budgeting and forecasting?

Karsten Oehler: Absolutely not! As I mentioned before, TM1 is extremely powerful and flexible. Planning, budgeting and forecasting is just one area where TM1 can add tremendous value. Other important areas where TM1 excels at is profitability and sales analysis, costing (an area where TM1 is extremely strong), management consolidation, and last but not least production planning.

Christoph Papenfuss: You have just released the book IBM Cognos TM1 – The Official Guide. What prompted you to write this book?

Karsten Oehler: When you look at the bookstores and see shelves of SAP books and hardly any book about the best analytical tool, you have to scratch your head. We wanted to change that. Also, together with our customers we had developed a lot of valuable business content over the past decade. We really wanted to share this with others.

Christoph Papenfuss: What can you expect to learn from the book?

Karsten Oehler: How to live a better life – just kidding. No, in all seriousness it should help you with your daily TM1 work. It explains the architecture in a focused and structured way. This is an area where the standard documentation is sometimes a bit too extensive. Also, we have included a ton of business content. There are several small models that explain how TM1 can solve specific business problems like rolling forecasting, inter-company matching, variance analysis, activity based management etc..

Christoph Papenfuss: Who should read the book?

Karsten Oehler: Anybody who has an interest in TM1! Early feedback shows that power users and business consultants are the primary readers of this book.

Christoph Papenfuss: What is the best way to read your TM1 book? Is it more like a workbook or a resource guide that you pull out when you need it?

Karsten Oehler: Of course you could read the entire book, but I wouldn’t recommend that. It’s 800 pages strong! I would rather suggest to focus on just those business areas that you are interested in. Simply read it section by section. I would imagine that most people will use the book as a powerful reference.

Christoph Papenfuss: IBM recently released TM 10.1 . Do you cover the latest version in your book?

Karsten Oehler: We certainly cover it but it was not easy because there were a lot of short term changes in the development process. The business models are backward compatible. We wanted to make sure that users from the older releases are also able to leverage the book.

To be continued next Thursday…..the second part will focus on the 10.1 release.

Karsten-Oehler

About Dr. Karsten Oehler (author of the TM1 book):

Karsten is head of the Performance Management Client Technical Professionals at IBM Germany. Prior to joining IBM, he spent more than 15 years with several international software companies as a product manager, marketing executive, and consultant for financial accounting and business intelligence software. He has published several books and well over 130 articles about business analytics.

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The other side of Cognos Insight – A powerful planning client for TM1 (Guestpost)

Cognos Insight and TM1

There is a lot of buzz about Cognos Insight. It is a great tool for analyzing and discovering data. There is also the ability to perform powerful what-if analysis through the use of write-back capabilities. But Cognos Insight is actually more than just a personal desktop analytics tool. You can use it to create visually appealing planning applications for IBM Cognos TM1.

An awesome planning client

Many business users literally hate the mandatory planning, budgeting and forecasting processes. Part of the issue are the cumbersome spreadsheet templates. Cognos Insight provides a radically new approach. You can develop visually appealing applications that connect directly to your TM1 model. Here are some of the great things you can do with Cognos Insight:

  • Create detailed instructions for the planning or forecasting process
  • Instructions can include images and hyperlinks
  • Automate process steps by including action buttons
  • Provide additional planning context by including dashboards that connect to your Cognos 10 models

To do that, you simply have to connect Cognos Insight to the workflow of a specific TM1 planning application.

Cognos Insight and TM1

Let’s take a look at a simple example – a sales forecasting model. It is a well-known best practice to include specific instructions in a planning template. That helps the business understand the model and to identify specific tasks that they need to focus on. Cognos Insight allows you to insert text boxes, images and hyperlinks. Action buttons make it easy for casual users to jump between different planning pages and cubes. The result is a clean-looking set of pages.

Cognos Insight TM1

Planning and forecasting should go hand-in-hand with analysis. Cognos Insight allows you to include dashboards and reports from your Cognos 10 or TM1 environment. This makes it very easy and pleasant for the business people:

Cognos Insight Dashboard

You can finally also include traffic lights and real-time charts right in your actual planning application. This provides users with instantaneous & visual feedback. We all know that a picture says more than a thousand words, right?

Cognos Insight TM1

Last but not least, you can also leverage great short-cuts for entering data.

Cognos Insight & TM1

Cognos Insight is much more than just a personal analytics tool. Using it as a client for TM1-based planning or forecasting models offers up some fantastic opportunities. Business users love the visual and interactive applications you can build. Is it hard to create these applications? No, not really. All it takes is drag and drop.

Paul BremhorstAbout our guest blogger – Paul Bremhorst

Paul is currently working as a Solution Architect for the IBM Business Analytics Product Marketing team. He joined Cognos as a BI Consultant in 2007 from a background of developing sales reports in the banking and finance sector. He lives in beautiful Stuttgart, Germany and loves to ride his motorcycle.

 

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How to improve your forecasting templates through initiatives

Forecasting  concerns

Despite its tremendous importance, forecasting remains one of most disliked processes in many companies. Part of the problem are the forecasting templates themselves. They are extremely complex and cumbersome. Today, I want to look at a simple technique that can improve the usability of the forecasting templates while also increasing the ability to gain insights from them. A few months ago, I provided another technique that involved the time-horizon. Let’s take a look!

Forecasting templates

Typical forecasting templates follow a certain pattern: Across the columns we can find the different months of the fiscal year. The rows feature hundreds of G/L accounts:

Budgeting Template

Graphic 1: The traditional forecasting & budgeting template

Let’s be honest: this type of template is really difficult to use. First of all, there is an excruciating amount of detail. The structure also does nor provide a solid picture of our business. Think about it: Business managers do not think in terms of G/L accounts. You don’t believe me? Thought-leader David Axson once proposed to try this approach at home to see how difficult it really is. This is what our personal forecasting template would look like (oh…please….don’t try this at home….):

Forecasting Template

Graphic 2: The family forecast?

We can argue about this, but I doubt that our families would appreciate it. My wife Jen would certainly send me off to see a shrink…

Initiatives

Let’s stick to the example of the personal forecast. If you think about it, most of us intuitively follow a different approach. We use projects and initiatives to structure our thoughts. Many people typically start budgeting or forecasting by creating a list of initiatives they are planning to do. Then they figure out the associated amounts:

Family Budget

Graphic 3: Initiative planning at home. A better approach.

This forecasting template provides us with a mental framework that is easy to follow. The naked account list on the other hand does not provide us with any help. We simply think about amounts without being forced to ask ourselves more intricate questions like why, what, where, etc.. And this is what often makes the process so difficult, especially for non-financial people.

Revisions

The beautiful thing about using initiatives in forecasting templates is that it makes revisions a lot easier. Let’s say we want to cut our expenses by 5%. Using the traditional line item approach, this will become a difficult if not random exercise (how would you know in the first place?).

Budgeting Template

Where do you start? Most of us would probably be tempted to reduce a few numbers here and there. The data is just too complex. Contrast that to the approach in the next screen shot. This is a lot easier to deal with. The initiatives provide context. All expenses that are not related to a project have been captured in the ‘Sustain Operations’ bucket.

BudgetingTemplate

You can immediately sit down and review the different initiatives. Questions like: “Which initiatives are really critical?” come to mind. Ranking them provides additional context.

Next you could drill down on each initiative and review the different expense types. Notice that the use of initiatives speeds up the process while also providing better insights.

Your forecasting templates

Take a look at your corporate budget. Where can you incorporate initiatives and projects in your forecasting templates? Granted this approach does not work in all situations but it is a relatively simple thing to do. But most cost centers can probably benefit from this approach.

P.S.: The screenshots were created with Cognos Insight.

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Business Analytics news for the week

Business Analytics news

This has been an extremely busy but exciting week. It seems like the whole world is full of energy. Here are a few things you might want to be aware of.

CFO.com Webinar Forecasting

If you are interested in forecasting, make sure to register for the upcoming CFO.com webinar ‘Forecasting in turbulent times‘. Together with Tom Willman (Principle, The Hackett Group), I will discuss trends and best practices for improving your forecasting processes. The webinar is scheduled for Thursday, March 15th.

cfo.com

Cognos Insight & TM1 10.1 launch

Yesterday was the official launch event for Cognos Insight and TM1 10.1. I was blown away by how many people participated. As a track host, I was especially excited to see so many questions coming through. In case you missed it, you can still watch most of the sessions on demand. I highly recommend the keynote. Robby Meyers from DirecTV gave a fantastic demo of Cognos Insight. Make sure to watch that one. It’s great to see how a successful company like DirecTV leverages Cognos Insight.

Analyticszone.com

There is a great new website and community entirely dedicated to Cognos Insight. Make sure to check it out. The new site provides you with a bunch of great stuff: sample Insight models, tutorials, discussion forums etc.. You can also download a revised version of the famous IBM Cognos Blueprints. Yes, they have been redesigned to work in Cognos Insight. Make sure to also upload your files and share your experiences!

Analyticszone.com

Updated iPad app

There is an updated version of the Cognos iPad app. You can downloaded it directly from the iTunes store. The latest version has a slightly different look and feel. It also feels snappier. There are also a bunch of other enhancements under the hood. And there is also additional demo content in there. The upgrade takes about a minute. And….can you imagine how awesome all your Cognos report will look on the new resolutionary iPad?

Harriet & Christoph – the story continues

Want to see me as a bobble head? Some of you may have watched the Cognos Insight demo at the IBM BA Forum in October 2011. My colleague Harriet Fryman and I demonstrated how the business and IT can get along using Cognos Insight. Our creative team took that story and has created a series of hilarious bobble head movies. The latest edition was released last night. In the prior video, Harriet put Sleep-eeze into my coffee. Time to get even! The other parts are also available on You Tube.

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Please welcome IBM Cognos TM1 10.1

IBM Cognos TM1 10.1

There is a lot of exciting stuff happening in the Business Analytics area. Last week, I wrote about the release of the personal analytics tool Cognos Insight. But there is more. Along with Cognos Insight, IBM also released the latest version of TM1. And let me tell you, IBM Cognos TM1 10.1 is a significant release. There is a lot of new and really exciting stuff in there. Here is a really short preview. If you want to see more, make sure to register for the official virtual launch on Wednesday, March 7th.

Performance Modeler

One of the most significant enhancements to TM1 10.1 is the addition of Performance Modeler. This is the environment where you can build and maintain the different models for planning, forecasting, profitability analysis and such. Performance Modeler provides new and highly visual tools for getting the work done. There are guided processes for standard tasks such as importing data and deploying models to end users.

Performance Modeler

TM 10.1 - New modeling workbench

Continue reading

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The power of what if analysis

What if analysis

What do Steve Jobs, Albert Einstein, Thomas Watson and Pep Guardiola (coach of FC Barcelona) have in common? – All of them have challenged the old and set ways of doing things. Challenging old ways provided them with new opportunities and their success speaks for itself. That raises a question: What can we do to challenge set views to be more successful? Indeed, there is a very simple tool that most of us ignore: what if analysis.

What If?

Asking what if can help us see our world in a new and fresh way. Why? Humans are creatures of habit. We are often stuck in our old and set ways and often see just the familiar patterns around us. This limits our thinking and we often miss opportunities or risks. It restricts our creativity. Take a look at Kodak. If we can trust reports in the newspapers, former management assumed that film and paper photography would prevail. That’s what most employees were comfortable with. What if digital photography became the standard?

What if analysis can therefore help us identify risks and opportunities. What if analysis can help us make better decisions about the future.

“Creativity is the ability to see things in a new way, a way that combines existing things, viewpoints, elements, in a way that hasn’t been done, or  in a way that uniquely solves a problem. It is, in short, the power of “What if…?”  David du Chemin, Photographer

Examples of what if analysis

What if analysis can be extremely powerful in business. Think about these questions:

  • What if air traffic was shut down due to another volcano? What would this do to our supply chain?
  • What if we offered our client a new discount model? Would they buy more products in the future?
  • What if we were able to reduce our expenses by 5%? How much flexibility would we gain?
  • What if every employee reduced their business travel by just one trip per year?
  • What if we changed our fixed phone plans to variable ones? Would we be able to save cost?

Developing those what if questions is the first step. The second step requires us to understand the answers and the potential impact on our business.

Obstacles to what if analysis

what if analysis

What if the winter was really harsh? Increase production capacity?

It is the second step where we need to sit down and play with our planning and forecasting models. We sometimes even have to create small models from scratch to identify the right answers and solutions. But that part is often too complicated. Corporate data is complex. Spreadsheets are often too cumbersome and slow to handle the complexity. As a result, too many people shy away from performing what if analysis.

Start: What if analysis

Start asking what if questions today. It is a very powerful too, indeed. And it is not only limited to business.

 

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Simplicity is the ultimate sophistication

Have you ever been to a giant buffet? Try to remember what it was like. We usually get excited when we see the various options and we ‘cruise the aisles’ to identify what we want. If you are like me, you have a hard time deciding and you end up wandering around taking a little bit of everything but nothing of anything. By the time you leave, you feel bloated and promise yourself to go easy next time. Chances are you won’t even remember what you ate.

Continue reading

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Success with Forecasting – A discussion with Pieter Coens

Please meet Pieter Coens. Pieter is the Director of Finance & Control at Landal GreenParks in the Netherlands. He started his career in public accounting and joined Landal over 16 years ago. Pieter has held various positions in finance at Landal.

Landal GreenParks is a leader in bungalow-park management and rental. Landal has over 65 parks with a total of approximately 11,000 chalets. With 47 parks in the Netherlands, Landal leads the Dutch bungalow -park market. Outside the Netherlands, Landal has parks in Germany, Belgium, Austria, Switzerland and the Czech Republic.

Pieter gave a great presentation about Landal’s planning and forecasting processes at the IBM Finance Forum in Amsterdam on May 24th, 2011. We were able to have a quick chat at the event.

Christoph Papenfuss: You have implemented IBM Cognos to automate your budgeting and forecasting processes. What have you accomplished so far?

Pieter Coens: IBM Cognos currently helps us create an annual budget along with a monthly forecast. For that purpose, we have implemented several elements including models for Rental Revenue and our P&L.

Christoph Papenfuss: How did you manage your processes before that?

Pieter Coens: We used to manage our processes with a myriad of Excel files. It was very difficult. We ran into various issues such as managing excessive file sizes that slowed down the network, dealing with sluggish recalculations, difficulties tracing interdependencies etc.. Aggregating the different files was extremely cumbersome and time-consuming. And of course, there are the associated audit issues with spreadsheets.

Christoph Papenfuss: How are you benefiting from the implementation?

Pieter Coens: IBM Cognos has allowed us to automate a lot of the steps in the process such as preparing, distributing and aggregating planning templates. We are also able to develop more intricate models that provide us with better insights. Overall, we feel that our finance team and the business users are now able to focus more on the actual planning activities rather than the administrative tasks that I described earlier. My team is much more productive.

Christoph Papenfuss: You have an annual budget and also a monthly forecast. Who is involved in the process?

Pieter Coens: Finance is in charge of executing the process. But the business owners have to work and develop their own budgets and forecasts. They are in charge of entering their data in the models. Finance plays the role of the coach: we help the business make sense of the numbers and we guide them through the forecasts and budget iterations. This approach provides us with several advantages: By actively involving the business we can obtain more accurate and timely data. We also feel that the business is able to gain better business insights by actively working with their budgets and forecasts and the associated monthly actuals. Last but not least, Finance has more time to focus on value-added tasks such as performing analysis.

Christoph Papenfuss: You have a solid forecasting process. How often do you update the forecast and how far do you look into the future?

Pieter Coens: We currently use a monthly forecast. This allows us to anticipate and react to market changes. We ask the business to perform a detailed forecast for the next two months only. The remaining months until year-end are automatically calculated as a trend of the 2-month forecast. We found that creating a detailed forecast further out than 2 months does not necessarily result in very accurate data and it also takes a lot effort. We want the business to focus their energy on the short time-horizon and only forecast the know effects throughout the Full Year.

Christoph Papenfuss: You are proponent of driver-based models. Can you give us an example of how you have implemented this? Also, what are the benefits for the organization.

Pieter Coens: Driver-based models allow us to increase the speed of the budgeting and forecasting exercise. Also, we are able to perform better analysis at month-end and during the planning activities: Instead of just looking at an absolute variance, drivers allow us to review this from different angles such as price or volume effects. Food & Beverage Revenue, for example, can be calculated as Number of Guestnights * Average Spend on Food & Beverage.  The associated Cost of Sales are a percentage of the Food & Beverage Revenue that has been calculated.

Christoph Papenfuss: How did you go about implementing the IBM Cognos solution?

Pieter Coens: We decided to follow a modular approach and started with a few smaller projects. This allowed us to build critical skills and develop success much earlier. This in turn led to a situation where the business heard about our accomplishments and they started asking for additional projects e.g. forecasting on Operational Management Information.. Change management is a lot easier if the business users ask for projects instead of us pushing them to accept

Christoph Papenfuss: What else are you planning to do?

Pieter Coens: We are definitely looking to reduce the level of detail in our models. More detail does not mean higher accuracy. On the contrary, more detail requires more work and it does not necessarily drive accuracy. We are also looking to implement additional models such as cash flow and predictive modeling/forecasting for our Yield department.

Christoph Papenfuss: Thank you very much, Pieter! Good luck with your implementation.

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