CFOs are confronted with the challenge of achieving comprehensive visibility and control over their finances, especially in the intricate area of managing services spend across a varied workforce. Allow me to introduce a hypothetical, yet (hopefully) instructive case study of two CFOs, Alex and Barbara, whose experiences shed light on these challenges.
The Challenge
Alex, steering the finances of a burgeoning enterprise, faced the daunting task of keeping pace with the company’s explosive growth. This expansion spotlighted the inability of existing systems to manage the complex web of services spend involving both contingent and permanent staff. With all of the chaos from the pace of growth, vendors began submitting more change orders than normal, resulting in significant budget overruns on critical projects.
Conversely, Barbara, managing finances at a major corporation, was navigating the challenging waters of strategic downsizing. In this process, she was compelled to undertake a critical re-evaluation of ongoing projects, an endeavor complicated by the lack of reliable and integrated data. This shortfall in accurate information led to misallocations in project resources, further exacerbated by difficulties in aligning these projects with the company’s shifting priorities. The cumulative effect of these issues highlighted the need for enhanced visibility and control over services spend.
Despite their contrasting scenarios, Alex and Barbara encountered similar obstacles—operational disruptions stemming from their efforts to manually streamline and enhance existing systems, exacerbating their challenges.
The Attempted Solutions
Determined to surmount these obstacles, both CFOs ventured into various initiatives aiming to secure an overall view of services spend. From manual data integration to deploying analytics tools and crafting bespoke in-house solutions, they tried many options. Because none of those solutions had complete access to the total spend across the total workforce, they fell short.
The Turning Point with AltiosForce
Alex and Barbara then found AltiosForce and our platform offered Alex and Barbara a unified solution capable of ingesting, normalizing, and presenting a panoramic view of services spend across the entire workforce. For Alex, it unlocked unprecedented visibility into managing a diverse workforce amidst rapid organizational growth. For Barbara, AltiosForce illuminated the path to efficiency, granting her the clarity and control essential for guiding her company through its strategic downsizing.
A pivotal feature that set AltiosForce apart was its ability to facilitate “conversations with the data.” This allowed both CFOs and their teams to engage in dialogue directly with their data, transforming abstract numbers into stories and patterns. These conversations empowered Alex and Barbara to make informed adjustments to budgeting and spend, ensuring precise resource allocation for projects, improving their strategic planning capabilities.
The Outcome: A New Era of Spend Management
The implementation of AltiosForce began a new era of spend management for Alex, Barbara, and their respective companies. Budget overruns were significantly reduced, project failures turned to triumphs, and the specter of operational disruptions dissipated into the past.
Conclusion
As the CEO of Altios, it’s my mission to understand and solve the challenges confronting CFOs like Alex and Barbara. This case study, albeit hypothetical, demonstrates the transformative potential of AltiosForce in enabling enterprises to master the complexities of managing services spend.
If you’re a CFO wrestling with similar challenges in managing services spend within your enterprise, I encourage you to reach out. Let’s explore how AltiosForce can revolutionize your approach to financial management.
Siva Pullabhotla, CEO, Altios.ai