Overconfidence in Full Effect

Michael Sims's picture

Every so often, I hear the hilarious statistic cited that ninety percent of drivers think that they are better than the average driver. It goes without saying that this is a mathematical impossibility. And it demonstrates the proven cognitive bias known as “illusory superiority.” Why, in an evolutionary sense, humans ended up overestimating their own abilities is beyond me (although it’s a stimulating web search rabbit hole), but it never ceases to astonish me when I see it.

Why Knowledge Management Should Embrace Budget Constraints

Carla O'Dell's picture

As budgeting time approaches, our thoughts turn to how to wrangle more money for knowledge management (KM). Think of all the things we could do if we had a few more bucks.

Maybe we should be careful what we ask for. 

CFOs Now Waking Up to Cyber Crime in AP

Mary Driscoll's picture

A new report on corporate payments fraud carries some stunning facts. The Association for Financial Professionals has released its 2017 AFP Payments Fraud and Control Survey. Seventy four percent of finance professionals reported that their organizations experienced “attempted or actual payments fraud” last year.

Worthless Words about Priceless Memories

Michael Sims's picture

I’m going to start off this blog with a few (seemingly) random facts. First, it’s springtime. Second, my friends and I are in our late twenties. Finally, I participate in social media. These facts are relatively meaningless on their own, but, when taken in combination, they can mean only one thing: I see lots and lots of wedding photos each and every day. 

The Toyota Way Starts with Long-Term Philosophy

Alex Leake's picture

This post is part of a short series that will walk you through the 14 principles of Toyota’s production system (TPS) as described in Jeffrey Liker’s book, The Toyota Way, and provide you with practical tips on how and why to apply these principles at your own workplace.

Ask Us Answered: How Do I Measure Financial Benefits of Benchmarking?

Christine Kelley's picture

What’s on the minds of other process and knowledge practioners? Ask Us Answered is an APQC blog series that shares a sample of the questions members submit to APQC’s Ask Us service along with the resources and expertise provided.  If you’re an APQC member and have a question you’d like us to answer please Ask Us!

You can also follow us on Twitter @APQC  

Question from a lead project manager at an aerospace company:

Finance Needs More Know-How

Mary Driscoll's picture

APQC recently conducted a survey of financial management professionals’ improvement goals and priorities. The results reveal vexing challenges in financial process standardization, labor cost reduction, and better decision support. These issues intersect—and not in a good way for many finance teams. In short, unless you have process standardization and strict process governance, you’ll never find labor-cost reduction opportunities.

6 Proven Knowledge Retention Ideas To Avoid Disaster

Alex Leake's picture

We’ve all heard the saying “the only constant in life is change.” Change is happening faster than ever in companies around the world—whether it’s implementing new software, automating processes, or hiring/losing employees—your company will inevitably face change.

7 Cyber Security Questions CFOs Need Answers For

Mary Driscoll's picture

The growing sophistication of cyber-attacks has made it clear that even corporations with savvy prevention and protection systems are vulnerable. Cyber security is not just an IT issue but instead a cross-functional concern for the digital enterprise that requires attentive executive- and board-level surveillance. It also requires the involvement of key functions, particularly finance and enterprise risk management (ERM).

4 Tips for Using Financial Management Benchmarks Wisely

Mary Driscoll's picture

Finance professionals naturally understand the rationale of measuring managerial and operating progress, so wielding those measures’ corresponding benchmarks should be a straightforward exercise. But a word of caution is due. The impulse to act quickly with benchmarks can take a finance group in the wrong direction. Slow down, step back, and carefully consider your next steps.