2011 Business Resolutions and Trends:
More Than 75% Say Departments will Focus on Operational Improvements in the New Year

Three-quarters of finance and accounting executives surveyed recently by Kforce Finance & Accounting said they have established department-wide New Year’s resolutions focused on operational improvements. 

In particular, survey respondents are focused on departmental changes that allow them to capitalize on the emerging economic recovery through resolutions that impact all areas of business, including process improvements (25 percent), productivity (25 percent), training (25 percent), cost reductions (16.7 percent) and staffing (16.7 percent). 

Continuing Education/Training

One area in particular – continuing education and training – has proven to be a popular resolution target, with multiple respondents identifying it as a main objective for 2011.  One respondent noted that training within their department is ongoing, while another noted that process improvements are always a priority. 

Continued education is something Richard Arciniaga, CPA, director of accounting & finance, Crescent Healthcare, Inc., believes is important for his staff and his company, which provides home infusion services to patients with chronic disorders.

“I am focused on developing my staff and their education, giving them the opportunity to expand their knowledge and responsibilities in the workplace.  The better my staff is, the easier it is for us to operate,” he said. 

According to Blackboard, Inc., which focuses on increasing the impact of education by transforming the experience, part of the growing popularity of professional training in 2011 can be attributed to advances that allow the utilization of technology in new and innovative ways. 

For example, mobile learning will move into the spotlight with the growing popularity of tablet technologies, such as the iPad.  By removing geographic limitations, mobile learning will optimize the availability of resources and increase the time in which professionals have to expand their knowledge of industry-specific topics. 

Mobile learning’s counterpart, online learning, will also see a facelift in the coming year, with heavy emphasis placed on social media “activity streams.”  Similar to Google Groups or the Facebook news feed, activity streams will allow business professionals to select the type of information and social interaction streams that address a particular topic or area of interest at any given time.  Much like mobile learning, these streams will optimize learning time, as well as decrease the time spent searching for information. 

Technology Improvements

Another popular resolution focus is improving the use of technology in the workplace.  For example, Arciniaga has made the conversion to a Windows-based billing system a top priority for his department. 

“This shift will bring company-wide change,” he said.  “It will affect how pharmacists enter information, how billing processes information, and how management views information.  Further, it will improve efficiency because it is an intelligence-based, more user-friendly system than the one that we are currently utilizing.”

Gartner, Inc. predicts that 2011 will also see a shift in the types of strategic technologies implemented in the workplace.  Defined by the global technology research and advisory company as an existing technology that has matured and/or become suitable for a wider range of uses, the top 10 strategic technologies to expect in 2011 include:

1. Cloud computing
2. Mobile applications and media tablets
3. Social communications and collaboration
4. Video
5. Next generation analytics
6. Social analytics
7. Context-aware computing
8. Storage class memory
9. Ubiquitous computing
10. Fabric-based infrastructure and computers

Finally, another area of interest in 2011, as identified by the Kforce survey, is Enterprise Resource Planning (ERP).  By integrating internal and external resource management in a single computer-based application, ERP allows businesses to consolidate operations and view tangible assets, financial resources, materials and human resources in one place. 

Personal Resolutions

In addition to departmental and operational resolutions, 66.7 percent of respondents indicated to the Kforce survey that they have resolved to improve their career paths in 2011.  Several identified education as a goal, while one hoped to improve visibility and income. 

One participant hoped that 2011 will bring a full-time position within the first six months.  Another respondent plans to “be pro-active in marketing skill sets to potential employers to create the ideal career path.”

One thing is certain, finance and accounting professionals are optimistic about the coming year.  As the economy continues to rebound, this optimism should be channeled into improved operations and innovative technologies that will streamline performance and increase profitability. 

Doing so will enable businesses to remain at the forefront of their respective industries as the recovery comes full circle.  That, in turn, will position them for continued growth in the coming year and beyond.  

Also In This Month's Issue:

U.S. Taking Conservative Approach To Working Capital Management

CFO's, CIO's Work Together To Implement Technology To Thrive In Recovery