Today’s CFO is bombarded with buzzwords and talk about the latest and greatest trends in corporate finance. The typical finance professional is usually occupied with more practical considerations. Buzzwords aren’t high on the agenda when some new regulatory control is fighting for your attention or you’re busy keeping an eye on the bottom line.

Still, those buzzwords and trends persist. It’s little wonder that finance pros are confused by it all.

Here are a few such terms you might have heard of:

1. Predictive accounting – using accounting to predict revenue.
2. Machine learning in finance and accounting.
3. Robotic Process Automation (RPA).

It’s natural to ask whether any of this matters. Is it worth devoting mental bandwidth to these new trends?

This post is a summary of why I think these trends may be relevant to you, and how getting onboard now can help you add long-term value to your organization.

In my previous blog I suggested that there are three things that we must do if we are to succeed at anything.:  Focused preparation that is aligned to our corporate vision, excellence in execution and thoughtful follow through.  The crucial first steps are to create a clear vision of success and then setting goals to achieve that vision.  Embarking on any project be it a presentation or an IT project such as Revenue Accounting without a vision and roadmap/goals is insanity.  It is akin to getting in a car and driving with no destination in mind, no map, and no idea of when you plan to get there.  Then add a mud-covered windscreen and you have a recipe for disaster.

Bill was right.  When I joined SAP, then head of the US Sales Bill McDermott used to tell us preparation begets the event.  He was right.  The more we prepare the better ready we are to execute.  

Whether it is a foul shot, a three pointer to win the game, or a penalty shot shoot out at the end of World Cup or putting to win, or lose, the US Open… preparation is crucial. 

But in the world of sales and consulting, I would argue preparation is not enough.   Winning is about three things:  Preparation, Execution and Follow-Through.  

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There are multi-level tasks that high-tech OEMs need to monitor and support along the manufacturing chain to ensure successful product delivery. These stages consist of time to market, go to market, supply to market, quote to cash, and after sales support. All along these stages, time is imperative to meet aggressive product development deadlines, ensuring customer demands. If you thought your development lifecycles were already shrinking, be prepared for less room to maneuver.