September Winners, Webinars, and Articles

Welcome to the newsletter “PACE News”.?Click “Subscribe” to receive a notification and an email when we publish new articles on this channel monthly.

Become a basic member of PACE at no charge to get access to many articles, podcasts, webcasts, case studies, and eBooks. Visit www.Profitability-Analytics.org

Webinar- TOMORROW!

September 12th, 2024. Redefining Decision-Making: Creating a Culture of Cost Transparency with Sam Smith, CFE

Join us for a webinar on September 12th to find out. Sam Smith, CFE from 3C Software will present and take questions on "Redefining Decision-Making: Creating a Culture of Cost Transparency"

What's it all about?

Companies can no longer increase or sustain their margins using old approaches like relying on price increases or cost pass-throughs in this inflationary period. A holistic, forensic view of costs supported by a culture of cost transparency is necessary to maintain a competitive edge.

Discover the key to transforming decision-making processes by creating a culture centered on cost awareness and transparency. Explore how top finance teams are reshaping strategies by prioritizing robust product costing processes and gain valuable insights into overcoming common challenges such as the limitations of ERP systems and the overwhelming complexity of spreadsheet analysis.

This webinar will answer the following topics:

? Defining a strong costing culture and how companies benefit from it

? Establishing costing as a competitive advantage to identifying opportunities and enabling strategies

? Getting started on the path to better costing by defining the rules, tools, and data involved

Register here: https://lnkd.in/gjdyq_Cu Become a member of PACE to get articles, podcasts, eBooks, webinars and replays and more here https://lnkd.in/d7eweAR6 (no cost)

Webinar

September 19th, 2024: How to Leverage AI to Increase Profits and Productivity with Lawrence Maisel and Robert J. Zwerling, P.E.

In the evolving landscape of business analytics, the integration of Artificial Intelligence (AI) has marked a significant paradigm shift, particularly in increasing profits and productivity. Join us as we explain how to make this transformation, emphasizing the transition from traditional (and often biased) forecasting to AI enabled probabilistic models that grows business performance.

Learn too how AI and analytics transcend traditional methods of monitoring Key Performance Indicators (KPIs) with a new performance scorecard that actively drives improvements in company strategy execution. This Analytics Scorecard ? reveals and tracks impactful KPIs that will support your performance goals, as it enables unbiased measurement and prediction that inform critical decision-making to achieve targeted results.

This webinar highlights the importance of recognizing biases and the impact on organizational performance, which too often misjudge the cause-and-effect relationships that drive success, as well as leads to inefficient/ineffective decisions that waste capital and frustrate achievement of goals. By leveraging AI and analytics, managers gain unbiased and accurate insights into relationships that ensure the right capital in the right place at the right time.

We will explore two use cases; (1) an actual example of AI-enabled probabilistic forecasting of demand that produces longer-range forecast accuracy from the high to detailed level, from which business can elevate planning and navigate uncertainties and variabilities in market demand. Increased accuracy cascades across supply-chain planning, inventory optimization, and fulfillment to achieve measurable improvements in operational efficiency and financial performance, and (2) a KPI Analytics Scorecard ? that demonstrates How To drive improved performance and increased profits.

Don't miss this opportunity to learn how to harness the power of AI and analytics for profits and productivity. Register now to secure your spot!

Link to register: https://tinyurl.com/yc3732hp

Article:

The Capital Preservation Allowance by Doug Hicks, CPA

This article critiques the use of financial accounting’s depreciation expense in managerial accounting, describing it as unsuitable for internal decision-making. The author argues that managerial costing should focus on future-oriented, long-term sustainability, rather than short-term financial metrics. Through a thought experiment, the post outlines a more strategic approach to accumulating capital for asset preservation. This includes using techniques such as a sinking fund or linking costs to production volumes and equipment use, ensuring capital needs are met without distorting product costs. The emphasis is on aligning financial planning with long-term business success.

Enjoy the full article here: https://www.profitability-analytics.org/forum/profitability-analytics/the-capital-preservation-allowance

PACE MasterClass Winners

We have drawn our three PACE MasterClass winners!

Thank you to all of the people that completed the first module of the PACE MasterClass. From this group of people, we have drawn our three winners. Congratulations to:

?? Bruno Aguiar Simoes

?? Morgan McQuade

?? Nathan Mestek

Each of the winners can now return to the course and complete it free!

Congratulations to all of our winners.

PACE MasterClass

The PACE Profitability Analytics MasterClass

Want to become proficient with Profitability Analytics (PA) from the comfort of your home? The Profitability Analytics Center of Excellence has launched The PACE Profitability Analytics MasterClass. It's a self-paced, online, 8-module MasterClass and the first module is FREE!

We have teamed up with CostPerform to provide this training to you. This online MasterClass provides a structured, comprehensive approach to becoming proficient with profitability analytics, equipping you with the skills to drive organizational success through informed decision-making and strategic insights.

A certificate is issued upon successful completion.

Here are the 8 modules:

Module 1: Introduction to Profitability Analytics and the PACE Profitability Analytics Framework.

Module 2: Fundamentals of Causal Modeling

Module 3: Strategy Formulation Essentials

Module 4: Mastering Strategy Validation

Module 5: From Planning to Results: Effective Strategy Execution

Module 6: Revenue Management Analytics

Module 7: Effective Managerial Costing

Module 8: Managing Investment Strategy Using the PA Framework

Check it out today on CostPerform Academy! https://lnkd.in/gqdthZ-3

More from PACE

?If you want to see more PACE content, please check out our LinkedIn PACE Channel , website , and Podcasts on Spotify , Apple Podcasts and YouTube .?To learn even more, read our eBooks on:

• What is the Profitability Analytics Framework?
• Managerial Costing: Why it's important and how to do it?
• 6 Steps to Assessing and Improving Revenue Management Practices
• Why Causality is Essential for Effective Performance Management Systems
• Customer Profitability: How to measure it and why it matters
• Managing Customer Profitability - Should you love them or leave them?
• How to Better Manage Strategic Investment
• How to Better Manage Investment Costs
• Causal Based Budgeting: A Better Approach to FP&A
• Unleashing the Power of Strategy Formulation
• How to Implement a Customer Profitability Management System
• Implementing the PA Framework for Enhanced Internal Decision Support

The Profitability Analytics Center of Excellence (PACE) is a?non-profit community of volunteer professionals?dedicated to helping organizations make better, more informed business decisions through the use of data analytics employing integrated, causal models.?Focusing exclusively on how to enable better managerial decision-making within organizations through the use of such models, PACE is the go-to source for people looking for independent and impartial (vendor and methodology neutral) information in this area. Find many more articles at www.profitability-analytics.org . Become a member today (no cost to join).