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Analytics for Supervisory Board Members

Gain insights into your business

Supervisory board members translate the strategy of a company or organization they oversee into a broader risk analysis. This risk analysis forms the basis for every supervisor to monitor various areas. This can range from monitoring financial performance against objectives to gaining insights into the realization of ESG ambitions.

By 2025, supervisory board members no longer need to rely solely on PowerPoint and Excel information prepared by the company’s leadership. A proactive supervisor formulates in advance the relevant questions and themes where more insight and factual substantiation are needed. A large part of these supervisory questions can be answered with the use of data analysis.

Our supervisory dashboards are tailored in collaboration with the supervisory team based on selected questions and themes. Based on an agreed-upon timeline, the data analyses are developed by Coney Minds and the findings are discussed with the supervisory team.

The supervisory team takes the lead, and we support them with relevant data analyses. The findings are reported to the supervisory team. We support both individual members of a team as well as entire Supervisory Boards, Boards of Trustees, and Advisory Boards. We always require prior consent and cooperation from the company or organization being overseen.

When it comes to in-depth analysis, especially for root cause analysis of deviations, we define the “why” question in advance. Root cause and exception analyses may focus on in-depth additional revenue and margin analyses at the product and customer level, analyses of payment environments and cost developments, deviations in business performance, and/or the development of ESG performance against objectives.

It is always about gaining relevant insights and solving supervisory questions.

Do you have questions about analytics? We are happy to advise you!
+31 (0)10 284 92 88
info@coneyminds.nl

Custom-designed Tableau System

Since 2010, we have been working with Tableau, the most advanced data visualization solution currently available on the market. With Tableau, we can transform data into relevant insights at lightning speed. Through 24/7 accessible view options, we share and update these insights seamlessly.

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Supervisory board members want relevant information that provides insight and supports conclusions

Every supervisor or supervisory team seeks relevant information to support the conclusions of their oversight. Data analysis is an efficient and effective technique for collecting relevant information. By using data analysis, not only can assumptions and arguments be substantiated, but it can also directly investigate why actual performance lags behind expectations and objectives. These relevant insights lead to meaningful conversations. With data analysis, an integrated view is obtained into a significant goal, business process, or transaction flow based on relevant supervisory questions. We translate these questions into a custom-made supervisory dashboard for supervisors. The outcomes are discussed together. These data-driven supervisory dashboards meet several key characteristics:

  • Custom-made
  • Focused on what is relevant for the supervisor based on prior scoping
  • Access to underlying transactions
  • Automatic updates based on a pre-agreed frequency
  • Adaptable to new (supervisory) circumstances

We enjoy collaborating with supervisors who share our data-driven mindset. This collaboration stems from a shared belief that focusing on relevant insights empowers the supervisor. Focus on relevant information, based on integrated data analysis for significant objectives, business processes, and transaction flow analysis.

When it becomes clear that findings fall short of expectations or when trends emerge that deviate from recent patterns, it is time to investigate the underlying strategic, financial, or business performance issues further. These are the root cause and exception analyses. We will discuss the scope, timeline, and fees for these additional analyses in advance. The findings are shared through intelligent visualizations in our Data Portal, powered by Tableau.

Recent data analysis challenges for supervisory board members include:

  • Insights into the development of revenue and margins, and analysis of deviations in performance compared to strategic objectives, internal norms, and/or expectations
  • Soll versus IST analysis for revenue, based on capacity analyses, subscriptions, hours, or delivered services and products
  • Insights into the development of specific cost groups such as R&D, Marketing & Sales, and Maintenance costs
  • Analysis of ESG performance compared to internal benchmarks
  • Development of compensation policies and personnel costs
  • Assessment of the design and effectiveness of internal controls over relevant financial processes (using process mining)

The Roadmap to Insights with Analytics

In the roadmap below you can follow the steps we will take through the process together.

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1

Developing the Strategy

We begin by discussing the “why” question: which analyses are relevant, and which smart metrics provide the desired insights? We also define the update frequency for the smart metrics and the follow-up process: what actions will be taken based on the results? We listen and translate the smart metrics into the required data elements and corresponding KPI definitions. Regular meetings are held to refine the smart metrics and adjust them to new standards and expectations. If deeper root cause or exception analyses are required, we define the scope, depth, and additional costs for these analyses upfront.

2

Developing the dashboard

Dashboard development begins with a “concept.” This includes defining the smart metrics and sharing example visualizations. Together, we determine how to present the insights in the most valuable way.

3

Data integration

A key part of the process is identifying how the required data elements, stored in underlying source systems, can be accessed. For example, can this be done automatically via an API connection, or is a custom data extraction solution required?

4

24/7 Dashboard Access

Dashboards are automatically updated based on a pre-agreed frequency. Using Tableau, which operates within our Data Portal, we provide access through View licenses linked to individual users. Everyone with a View license can securely access the dashboards 24/7 via laptop or mobile device.

5

Exceptions & trends

Data analysis is an efficient way to gain relevant insights. It becomes truly effective when exceptions from expected performance or trends are followed up on. We actively monitor, provide input, and, where necessary, initiate deeper root cause and exception analyses.

Do you have questions about analytics? We are happy to advise you!
+31 (0)10 284 92 88
info@coneyminds.nl

Relevant insights help make the right decisions. In a constantly changing world, businesses must adapt and tackle challenges. What’s going well, and which issues need further exploration and research?

Every business has some form of management information available. Often, it’s a collection of Excel documents that have developed over time. There’s an abundance of data, but not necessarily an abundance of information.

In practice, we see that the demand for relevant insights is always evolving. Additionally, some issues require in-depth investigation to uncover the causes of deviations and address disappointing performance.

We are eager to meet data-driven professionals. We enjoy discussing how we can help entrepreneurs by focusing on the right questions, providing relevant insights, and, when necessary, conducting deeper analyses on business challenges.

We work well with financial professionals. With our background in audit and the broader accounting field, we understand the financial side. We actively collaborate in setting up relevant financial dashboards that focus on financial performance, transparency of risks, and the identification of exceptions.

We also collaborate closely with business controllers, where the focus shifts more toward business performance. Where are deviations occurring? How do you interpret trends? Where are the opportunities to turn data into relevant business insights? In a more business-oriented dashboard, ESG/CRSD is now included, but there’s also increasing demand for operational performance insights.

Our collaboration with auditors is in our DNA as data-driven auditors and analysts in the broader assurance domain. Over the past few years, we’ve supported numerous accounting firms with concrete Audit Analytics support. While we are never in the lead of an audit, we assist the team with a set of data-driven audit steps, including data scripting, analysis, and visualizing findings for the audit file.

More and more regulators (supervisory boards, boards of trustees) want concrete insights into the organizations they oversee. Periodic PowerPoint presentations are useful, but by 2025, there will be opportunities for supervisory teams to access actual KPIs, trends, and underlying facts themselves. We are eager to collaborate with businesses and organizations to create a relevant overview for supervisors. This often involves a set of broader, smarter metrics that address various important topics.

We specialize in auditing the annual accounts, support data-driven companies with analytics issues and with iAccountancy we not only focus on compiling the annual accounts, but combine this with smart performance dashboards and tax returns.

Solutions
Coney Minds
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Van Nelleweg 2521
3044 BC Rotterdam
info@coneyminds.nl
+31 (0)10 284 92 88
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