When it comes to making your most important business decisions, there are a plethora of factors to consider. Many company leaders probably rely on gut instinct to guide them—what we think of as the ‘art’ of strategic decision making. But what about the ‘science’ side of the equation, data and analytics? We believe superior decision making—done with confidence, clarity, and agility—is only possible through a new combination of art and science.
The OECD’s base erosion and profit shifting (BEPS) project is likely to spur the most significant changes to the taxation of international business in nearly 30 years. Multinational companies may see an increased tax burden around the world, and there’s a strong likelihood that rule changes will affect the optimal structure for your global operations. Over the next several years, BEPS-related law changes likely will cause your company to see upward pressure on effective tax rates and cash tax outlays. While the OECD BEPS project will be finalizing recommendations through December 2015, some countries have already begun implementing changes to their tax systems. Companies will need to begin assessing the impact on business operations now.
Authors John Sviokla and Mitch Cohen identify five habits of mind that allow self-made billionaires to create value on a massive scale—habits that are in direct conflict with the traits and practices most businesses value and promote in their employees.
Ever wonder why some companies consistently deliver while others disappoint? Faced with the same market, stocked with similar talent, one organization flourishes, while the other flounders. By understanding what makes your organization tick and where there might be breakdowns to address, you and your employees can truly deliver on your strategic intent.
Investors have been showing increased interest in the correlations between financial performance and sustainability factors like resource scarcity, environmental performance and corporate governance when assessing a company’s future risk and growth opportunities. Is your company ready to respond? This 10Minutes highlights insights and benefits companies can glean into these issues by integrating their thinking to develop a better understanding of impacts to their businesses, allowing them to tell a more holistic value creation story.
After much deliberation, the FASB and IASB are set to release a final global revenue recognition standard in the coming months that will do away with current industry-specific accounting and instead apply a single set of principles to all revenue transactions. Changes to practices, processes and systems could ripple through your business. 10Minutes on revenue recognition provides information about the standard as well as insight into ways in which some companies are preparing for the broader impact.
Data protection and privacy is an urgent issue for both consumers and businesses. As customers increasingly worry whether their personal information is secure and used appropriately, companies are also concerned about protecting data and their brand. This 10Minutes highlights the importance of viewing consumer privacy from more than just a compliance lens and developing a strategy and action plan that will help businesses lead on data privacy by building customer trust and enhancing their brand.
Businesses depend on service providers to handle confidential data, run essential business processes, and manage critical technology. This can leave businesses vulnerable to service provider breakdowns. The result can be the providers’ clients violating regulations and even losing customer trust. Yet many businesses may know less than they realize about their service providers’ controls. This 10Minutes discusses how SOC 2 and SOC 3 reports can give businesses the picture they need to have solid confidence in their service providers.
It’s an opportunity hidden in plain sight. In 10Minutes on transforming the tax function, we discuss how the tax function is often overlooked as an area for improvement, unlike more obvious choices such as supply chain or business services. However, shining a light on the tax group can reveal untapped opportunities where changes in technology, process, people, and data can lead to benefits for the broader business.
New research shows that high-performing supply chains can achieve sales and revenue growth while managing costs. That sounds like a tall order, but there are things you can do now to manage your supply chain as a strategic asset to boost performance and profitability. This 10Minutes highlights how the supply chain can move your business strategy forward and set you apart from the competition.
Whistleblower reform is having significant impact. The SEC’s Office of the Whistleblower has one full year of operation under its belt, and with it 3,001 tips and two awards to date. Leading companies are looking closely at the Office’s first-year report and drawing lessons for building stronger ethics and compliance programs. They’re also considering what it takes to create a highly ethical culture. This 10Minutes highlights the importance of having an ethical culture at the workplace.
Eco-efficiency can reduce costs for your company. And there are broader benefits, too: a stronger brand, greater productivity, and mitigated risk. Still, opportunities to save money while reducing your company’s use of energy, transportation fuel, waste, water, forest products or chemicals are often short-changed. Why? It’s most likely due to overlooked-but-valuable information.
After three years of outreach and deliberation, the IASB and FASB recently issued a revised proposal to overhaul the rules on accounting for leases, a move that could significantly boost US companies' reported debt.
10Minutes on conflict minerals provides insight into the strategic benefits and risks companies will want to focus on as they comply with the SEC's conflict minerals rule. The rule is effective for 2013 calendar year operations, so regardless of whether companies view conflict minerals as a supply chain opportunity, risk to their brand or another regulatory to-do, they should act now to prepare.