Millennium Consulting Awarded ISO27001 & ISO9001 Certification

Millennium Consulting Awarded ISO27001 & ISO9001 Certification

February 2021

Millennium is proud to announce that during December 2020 we obtained ISO27001 & ISO9001 certification.

While adhering to ISO guidelines in recent years, in 2020 the decision was made to formalise this via accreditation. After an intensive 9 month period, we are delighted to announce that this goal has been accomplished.

By gaining ISO 27001 & 9001 certification, we continue to demonstrate our commitment to providing quality service, effective cost management and timely delivery to our customers while at the same time anticipating their demands. In future we will continue to review our management systems, policies and information security management processes to achieve our ongoing objective of providing the highest quality service to our clients. Finally, to maintain our ISO status, we will continue to invest in technology, development and processes so we can best serve you, our customers.


IFRS17 Discussion Forum Aptitude Break-Out

IFRS17 Discussion Forum – Aptitude Break-Out

Thursday 4th February 2021

2.00 p.m. GMT| 3.00 p.m. CET| 9.00 a.m. US ET | 10.00 p.m. HKT


Likely agenda:

Data and systems integration
Building Block Approach, Premium Allocation Approach and Variable Fee Approach
Actuarial, policy and finance system integration challenges
IFRS 17 calculation engine groupings and model treatments
GAAP, multi-entity, multi-currency accounting sub-ledger
Financial reporting options
IFRS 9 and Solvency 2 considerations
Longer term financial transformation strategy

Register here.


Daisy Keet to run SPAR Budapest Marathon

Daisy Keet to run SPAR Budapest Marathon

10th – 11th October 2021

We are delighted to announce that Daisy Keet has signed up to take part in the Budapest Marathon this October and is fund raising for one of the UK Autism Charities.

Fundraising for the National Autistic society: https://www.autism.org.uk/

NAS are the UK’s leading charity for people on the autism spectrum and their families. Since 1962, they have been providing support, guidance and advice, as well as campaigning for improved rights, services and opportunities to help create a society that works for autistic people.

They help the 700,000 autistic people in the UK and their families. Be it running specialist schools, campaigning for improved rights or training companies on being more autism-friendly, they are dedicated to transforming lives and changing attitudes.

Daisy is fundraising by hand painting prints and selling them via Instagram.
@daisy_print https://www.instagram.com/daisy_print/

Every print is unique and hand painted, you can request which size you would like from A5 to A3. Prices range from £12 to £20. All profits going towards the National Autistic Society.

Daisy has launched a JustGiving page to help reach her target of raising £990 for the National Autistic Society, which helps transform the lives of people living with Autism, through providing support, guidance and advice for them and their families.

https://www.justgiving.com/fundraising/daisy-keet 

All donations will be greatly received and will make a huge difference to the lives of many.


IFRS17 Online Round Table Discussion

IFRS17 Online Round Table Discussion

Thursday 21st October 2021

9.00 a.m. US ET/2.00 p.m. GMT/3.00 p.m. CET


This event is part of a quarterly series taking place throughout 2021 during which you can engage with other IFRS17 leaders and exchange news/views in confidence. There will also be the opportunity for separate off-line discussions with other forum members.

You are invited to join Millennium Consulting for an on-line round table discussion to talk through the merits of both options and to exchange news and views with other IFRS17 strategic decision-makers regarding the technology, processes, project resourcing and adoption challenges they face.

Register here.


IFRS17 Online Round Table Discussion

IFRS17 Online Round Table Discussion

Thursday 22nd July 2021

9.00 a.m. US ET/2.00 p.m. GMT/3.00 p.m. CET


This event is part of a quarterly series taking place throughout 2021 during which you can engage with other IFRS17 leaders and exchange news/views in confidence. There will also be the opportunity for separate off-line discussions with other forum members.

You are invited to join Millennium Consulting for an on-line round table discussion to talk through the merits of both options and to exchange news and views with other IFRS17 strategic decision-makers regarding the technology, processes, project resourcing and adoption challenges they face.

Register here.


IFRS17 Online Round Table Discussion

IFRS17 Online Round Table Discussion

Thursday 22nd April 2021

9.00 a.m. US ET/2.00 p.m. GMT/3.00 p.m. CET


This event is part of a quarterly series taking place throughout 2021 during which you can engage with other IFRS17 leaders and exchange news/views in confidence. There will also be the opportunity for separate off-line discussions with other forum members.

You are invited to join Millennium Consulting for an on-line round table discussion to talk through the merits of both options and to exchange news and views with other IFRS17 strategic decision-makers regarding the technology, processes, project resourcing and adoption challenges they face.

Register here.


Finance Transformation in focus: how to deliver added value in 2021

Finance Transformation in focus: how to deliver added value in 2021

January 11th, 2021

Finance Transformation in focus: how to deliver added value in 2021

To deal with the continuing COVID-19 fallout, the pressure is on CFOs to shape business strategies for survival, stabilisation and recovery. So, are businesses equipped to handle what lies ahead? A year ago, strategic transformation of the finance department was something to aspire to; in 2021, it is business-critical.

COVID-19: the great transformation accelerator

Has COVID changed anything fundamentally? Arguably, when we look at things like the fall of high street names and the rise of flexible working, a more accurate assessment is that the pandemic has accelerated trends that were present already.

This certainly applies to finance transformation. Long before COVID, the function of the finance department was shifting. Being a keeper of the books and an overseer of reports is no longer enough for any CFO. Businesses want a truth-teller, a first-responder and a course-corrector.

Above all, they want a value creator; a role that the vast majority of CFOs are more than happy to fill. Faced with continued workplace disruption and market uncertainty, the need for CFOs to take a major strategic role has never been greater. Trouble is, if you are grappling with day-to-day reporting, oversight and compliance requirements, there just isn’t enough time to focus on value-added
strategy.

This is where finance transformation comes in. We are not talking about adopting new tech for the sake of it. Rather, it’s about process, system and cultural change right across the organisation, with two key aims in focus:

  • Streamlining, simplifying and optimising existing processes. This frees up bandwidth, enabling you to expend fewer resources on transactional processing and reporting.
  • Increasing your decision-making capabilities. By leveraging your data and boosting your analytics capabilities, transformation enables the CFO to become a strategic business partner.

Research from Grant Thornton shows how the events of 2020 have inevitably led to increased pressure on senior finance executives to focus on strategy. But at the same time, 62% of businesses say that the COVID crisis has meant that finance transformation projects have had to be delayed.

It is unfortunate – albeit somewhat inevitable – that many businesses have had to step back from their transformation plans right at the time when the need for change is at its greatest. Right now, a workable, affordable strategy for transformation is essential: one where your business can reap the benefits from the outset. If this is your aim for 2021, then these are the areas to focus on…

Automation

Corporate finance teams spend an estimated 80 percent of their time on gathering, verifying and consolidating data. This leaves only about 20 percent for value-added tasks such as analysis and decision-making.

To transform your focus, you firstly need to redress this balance. Here’s a broad roadmap for achieving precisely that:

Carry out a resource audit. Simply put, this involves working out where all your department’s time goes. Common culprits include operational and regulatory reporting, requesting (and chasing up) data from various parts of the business, consolidation and reconciliation. These are the areas that are usually ripe for transformation via automation.

Look for ‘easy wins’. Deploying a transformative solution for a particular business problem does not always have to mean ditching the technology you have already. Let’s say, for instance, that your department is currently grappling with the recent rules changes relating to lease accounting and revenue recognition. Dedicated compliance solutions mean you can automate complex calculations, keep your general ledger up-to-date, and keep regulators at bay, thanks to a clear audit trail. Even better: with a best-in-class compliance solution, it is usually possible to reduce your reporting workload, without a complete overhaul of your existing accounting technology stack.

Explore your optimisation options. You are already invested heavily in financial management and accounting software. Despite this, your team still seems to be spending an inordinate amount of time on routine, transactional tasks. So what’s going wrong? Often, we find that there are certain business-specific processes that are creating the stumbling block.Through targeted help such as a custom automation solution designed specifically for the process (or even just through expert reconfiguration of user dashboards), we are able to make a huge difference.

Data analytics

Once you have freed up resources, you can focus on delivering strategic business support. This is where data analytics comes in. From setting realistic budgets through to identifying your organisation’s most profitable product lines, data analytics gives you the ability to answer key business questions – and to do so with confidence.

To enable effective transformation, your data analytics project needs to cover the following:

Integration. Business leaders will be looking for you to deliver the full picture on organisational performance. This is why you need to ensure that all relevant data is integrated from across the organisation.

Timely access to insights. In 2020, we saw just how quickly the market landscape can shift. When conditions are altering day-to-day, the idea of quarterly or even monthly budgets seems hopelessly out of date. In fact, one survey showed that when employees require data-based evidence to take action, just 3% have access to it. For 60% of staff, acquiring the data takes hours or days. For effective transformation, focus on solutions that deliver the ability to monitor performance and budgets in real time.

Forecasting and modelling. Faced with the need to make savings, should you make across-the-board cuts, or focus on specific departments? What will be the impact of an exchange rate shift, a supply line delay or a price increase? You need the ability to model “what if” scenarios with ease, to stress-test possible courses of action and reach evidence-based decisions.

Big Data and AI

In sectors as diverse as banking, logistics, manufacturing and retail (to name just a few), data is generated at every turn. Your business almost certainly has a growing number of devices, systems and applications in play. So how might this benefit the finance department?

It links back to the need for rapid insight. In particular, forward-thinking CFOs already recognise that if you want to provide business decision makers with the most up-to-date insights, you need the ability to capture data produced on the shop floor and beyond. Once harnessed, you need to be able to connect this data, analyse it, and translate it into insight.

‘Big Data’ analytics has the potential to deliver insight from across all operations, giving CFOs the potential to react quickly to rolling events and identify inefficiencies. So how do businesses put this capability to work? Here are the areas to focus on:

Data architecture and integration. To make use of large volumes of machine-level data, you need a ‘Big Data-friendly’ solution for extraction, migration and integration. Technologies such as Microsoft SQL Server Integration Services (SSIS) or Oracle Data Integrator provide the foundations for even the most complex data initiatives.

Advanced analytics and AI. With robotic speed, advanced analytics solutions incorporating artificial intelligence (AI) are able to mine vast amounts of data for insights, automatically recognise risks and flag up events, assess thousands of variables, spot problems and highlight opportunities.

What next?

For CFOs committed to adding extra value to their organisation in 2021, the three key questions to ask are as follows:

  • Do we have the potential to streamline routine processes and free up resources?
  • Can we deliver the right insights to the right people at the right time?
  • Are we making the most of the data that exists in the organisation for more accurate insights?

Contact us for further details


For targeted help in addressing each of these questions, submit your details and one of our experts will be in touch.


Finance Transformation in focus 2021

Finance Transformation in focus: how to deliver added value in 2021


To deal with the continuing COVID-19 fallout, the pressure is on CFOs to shape business strategies for survival, stabilisation and recovery.

So, are businesses equipped to handle what lies ahead? A year ago, strategic transformation of the finance department was something to aspire to; in 2021, it is business-critical.

Download Brochure to read more

Unit4 Financials ‘Ask an Expert’ Event

Unit4 Financials ‘Ask an Expert’ Event

Thursday 25th March 2021

9.00 a.m. US ET/2.00 p.m. GMT/3.00 p.m. CET


Join Millennium’s Unit4 Financials ‘Ask an Expert’ event. Presented by Millenniums Principal consultant, Phil Leaf.

Hosted by Unit4 Elite Partner – Millennium Consulting, this event is open to all Unit4 Financial Users.

An opportunity to ask any questions you may have regarding any current challenges you have with your Unit4 Coda Financials system.

These free virtual events will be hosted on the last Thursday of the month.

No Registration Required

Join the Teams link here:


Unit4 Financials ‘Ask an Expert’ Event

Unit4 Financials ‘Ask an Expert’ Event

Thursday 25th February 2021

9.00 a.m. US ET/2.00 p.m. GMT/3.00 p.m. CET


Join Millennium’s Unit4 Financials ‘Ask an Expert’ event. Presented by Millenniums Principal consultant, Phil Leaf.

Hosted by Unit4 Elite Partner – Millennium Consulting, this event is open to all Unit4 Financial Users.

An opportunity to ask any questions you may have regarding any current challenges you have with your Unit4 Coda Financials system.

These free virtual events will be hosted on the last Thursday of the month.

Register here.