3D Printing

It is a process of additive manufacturing where a product prototype is prepared by making the product
layer by layer. It is usually used to test the product before the actual manufacturing starts and provide
quite relevant insights about the production process which should be used to manufacture the product
which reduce the cost and maximise the efficiency. It helps in saving cost and maintaining confidentiality
as the product design can be studied internally and the information need not to be given to an external
party. A efficient process can be designed which will provide information about the stages in which the
product should be manufactured.

Cs

 Cost
 Company’s Objective
 Competitor
 Customer Willingness

Vs

 Variety: In wide range of formats

 Velocity: At a frequent pace i.e., on daily basis
 Veracity: Reliability of Data and its usefulness
 Volume: In large quantity

These are the features of Big Data which refers to a large of amount collected from various sources. Big
data is either structured or unstructured like it is collected for a specific purpose or it is collected first in
any random format and then is analysed by converting the data into specific format in which it can be
analysed. There are various tools which can be used to convert the data into some useful format like ETL
model in which the data is collected in its natural form and is then converted in the organisation by
using Data Modelling and Data Manipulation language and is then loaded into the data warehouse of
the company in such a manner that it can be used whenever necessary in an efficient and effective
manner.

Acumen

Acumen refers to the various activities which links the different aspects of the finance function in an
organisation in Assemble to Apply Framework. It basically include the activities like IT activities of Data
analysis and information providing.

Assemble: This process collects the information from different sources and then converts the data into
information by modifying the data in an useful manner. This also analyse the data to get preliminary
insights about the data and this information is transferred to the Higher level department who are in
need of the Information.

Analyse: This level conducts a detailed and in depth analysis of the information and generate insights on
basis of which the decisions can be taken. The insights are developed by applying various tools like trend
analysis and regression methods and many more. These provide information based on the past data
which are present with the company and this data is used to forecast the future outcome. Apart from
this non-financial data is also considered to generate insights like customer satisfaction score and
employee morale in the organisation.

Advice: The insights generated in the second level is used to advice the Top level management who are
responsible to make decision and the information is converted into a simpler form so that, the data can
be easily understood by the decision maker. For this we can use Data visualisation tool Like Tableau and
other software which helps in presenting data in a more efficient manner. As the top level management
do not have much time and it is also not necessary that all of them are from a financial background thus,
presenting the information in raw form might not help them to initiate actions. This level use the
information to develop alternative which can be used to attain the objective. The cost and profit is also
done so that it can be checked that which alternative is best suitable to the company.

Apply: This is done by the Senior Finance Team who is responsible for the application of the alternative.
The senior finance team lead the finance professional and ensure that all the work is getting executed in
an efficient manner and as per plan. The Senior finance team needs to possess a high level of
Communication skill and Leadership Skill with ehich they become able to manage the workforce in a
efficient manner and persuade them to work as per the system.

The main function of the system is to support different aspect of the Finance Function. Assemble is to
provide Information like Collecting and then converting them into specified format from which insights
can be drawn. Similarly, the purpose of the Analysis is to generate insights to generate such pattern or
trend with which decision making can be aided. The purpose of the advice to influence the decision
maker and the insights are used to generate alternative with which the desired results can be achieved.

Additive Manufacturing is the process of manufacturing a product in a systematic manner by producing

it layer by layer. A prototype or Blue Print is produced which is then provided to the system which
manufacture the product by producing it by producing it layer by layer. For example: A prototype of a
Plastic Toy is made and is uploaded to the system which then produce it from bottom to top by layer to
layer.

Agency Problem

It refers to the problem which arises when the director and shareholder are same and there is no
distinction between the role of the them. It is the problem which take place when there is no separation
between the ownership and control. The shareholder who is also a director of the company might take
decision which is favourable for him but is against the profitability of the company. This leads to the loss
of the company and thus, it is considered as an efficient practice where the ownership and control is
separated.

Annual General Meeting

An AGM is a periodic meeting held in the organisation after a specific time period most commonly per
Quarter and is mainly organised by the director in which the shareholder meet to discuss the growth
prospect of the company and the future actions and project in which the company is going to engage.
The AGM is mandatory for the Public company who invites funds from the public. As per the Corporate
Governance it is an important part that the company maintain a good relation with the shareholder and
communicate with them effectively each time a major activity is to be undertaken. Not doing so, might
cause the company to lose trust of the shareholder or can cause the shareholder loss due to irrational
decision being taken in spite of incomplete information.

Application Form

The Application form is a tool used during selection and recruitment process where the company
provide the candidate a form in which the company demand information about the candidate who has
the abilities to become the potential employee of the company. It also serve as a medium with which
the company can reach the candidate in case need arise. Usually, Personal, Qualification and Work
Experience is demanded which is directly linked to the work for which the candidate is invited.

Appraisal

It refers to the process of evaluating the performance of the employee during a period and then
providing them reasonable rewards in form of Monetary and Non-Monetary Rewards like bonus, Pay
rise or promotion or certificate. The appraisal is a part of HR department who is responsible for the
maintenance of the employee and their performance. Appraisal is done after specified time, when the
performance is measured and compared with the desired performance to determine the reward for the
employee or tracing the skill gap if the performance is not up to mark. The skill gap is used to determine
the training program for the employee.

Problems

Artificial Intelligence

Assessment Centres

Asset Specificity

Audit Committee

Augmented Product

Automation Paradox

The Automation Paradox refers to the paradox that though the efficiency of the process and the
accuracy has increased but as we are using more and more technology we are losing the skills which are
required to perform those duties. Thus, with the adoption of the technology more and more in almost
all the aspects of the finance function and thus, we might not be able to perform these activities
manually when it is required to do so.

Balanced Portfolio

Big Data

Big Data refers to a large volume of data.

Vs

 Variety: In wide range of formats

 Velocity: At a frequent pace i.e., on daily basis
 Veracity: Reliability of Data and its usefulness
  Volume: In large quantity

These are the features of Big Data which refers to a large of amount collected from various sources. Big
data is either structured or unstructured like it is collected for a specific purpose or it is collected first in
any random format and then is analysed by converting the data into specific format in which it can be
analysed. There are various tools which can be used to convert the data into some useful format like ETL
model in which the data is collected in its natural form and is then converted in the organisation by
using Data Modelling and Data Manipulation language and is then loaded into the data warehouse of
the company in such a manner that it can be used whenever necessary in an efficient and effective
manner.

Big Data and Marketing

Big Data can be used in the Marketing process also. A large volume of data is used to help us to make
better marketing decision and to construct a more efficient marketing strategy. A large data can provide
much more relevant insight about the market and the trend going in the market. A large data helps the
company to analyse the market from w much more wider point of view and thus, enabling us to make
more informed decision.

Big Data can be integrated with the sales function, to make better forecast. A more detailed information
is used to predict future variable and prepare budget for the future period. The data can be analysed to
locate the trend and the pattern on basis of which we can expect the actual performance to be in line
with the forecast made. We can prepare a more accurate budget.

As Big Data helps in preparing the budget more accurately thus, better control measure can be executed
and thus, performance appraisal can be made. As accurate targets are being determined thus, better
controlling can be done. It can be more accurately determined that where we have lacked in achieving
the target and what possible actions can be taken to improve the actual performance.

In this way we can integrate the Big Data and benefits from it from point of view of Sales and Marketing.

Human Sourced Data: Which is collected by humans

Machine Sourced Data: Which is generated from Machine like Likes and Shares per individual per Hour is
a data collected by machine

Open Data: Which is available to everyone in the public

Processed Data: Which is converted into Information by processing it.

Sources of Big Data

Web

Social Media

Market Data

Company’s Data
These sources provide a real time and up to date information in relation to the need of the organisation.
These information can be used to make more relevant decision as the information is related to the mostr
recent scenario.

Block Chain

Budgets

Budgets refer to the a financial plan showing the targets which the company wants to achieve in the
future period. Budgets are prepared for the purpose of establishing coordination between different
department and to provide a direction to the organisation toward which the manager and employee
expend their efforts. The main purpose of the Budget preparation is to:

 Planning
 Control
 Coordination
 Motivation
 Authorisation
 Communication

Business Intelligence

Business Partnering

This refers to the second level of the finance function which accomplish the work of advising by
interpreting the result of analysis and contributing an effective and reasonable prospective toward
development of the Alternative with which the objective can be achieved.

Business process Re-engineering

It refer to the process of restructuring the process of an organisation with which the process can be
made more efficient so that the cost can be reduced and benefits can be increased. Most commonly we
can implement the Process Automation as part of the Re-engineering which will help to automate most
of the manual work and can increase accuracy by reducing human intervention. Also, it can be done
when there is change in product mix of the company which has impacted the process of the company or
when due to introduction of new technology the process became more costly then, we should go for
BPR.

It involve a huge cost and thus, it should be undertaken only when it is beneficial to do so. The process
involve the analysis of the existing process and then areas are to be found where improvement can be
done and then the process is executed by implementing the new process. This involve informing the
employees about the process and training them to do the work in an efficient manner.

Captive Product Pricing

Centralization

It refers to the system in which the control and power are concentrated at a single place (Department or
Person) and no authority is delegated to the subordinates and all major decisions are taken by a single
person or body of the Individual.
  It helps in making faster decision
 It helps in more accurate decision making as the top level are more informed about the
company’s objective.
 It save time and less chance of conflict is there.

Disadvantage

 No motivation
 Less Likely to achieve budgets
 Lesser efficiency

Decentralization

Where authority is delegated to the individual and are allowed to make the decision. It is mainly done
when the organisation is involved in more than one operation and there are more diverse and it is not
possible for a single individual or department to manage the whole operation.

 Relief to top level management

 Efficient performance due to increased motivated

Better Decision making as the lower level management is more aware of the local environment

Disadvantage

 Conflict among Department

 More time in decision making
 Control can be difficult to be exercised

CIMA Codes of Ethics

 Professional competence and due care (Update Knowledge continuously so as to deliver first
class performance to the client)
 Confidentiality (Don’t Share any confidential information with anyone which can affect the client
adversely, like sharing the project development information which is going to increase the share
price of the company and sharing that information might affect the profitability of the company)
 Integrity (Straight Forward and Honest)
 Objectivity (No Biasness)
 Professional Behaviour (Acting professionally with the client by dealing with the client only for
the purpose of the work and no additional information should be used while interacting with the
client)