In a recent webinar with the Capitalize team, Russ Mills, current Field CFO at Alteryx and former CFO of Stanley Black & Decker, shared his invaluable experiences and insights on leveraging Alteryx for finance teams.
Transition to Alteryx
Russ Mills joined Alteryx in 2022, bringing with him a wealth of experience from his 17-year tenure at Stanley Black & Decker, a Fortune 300 company known for its acquisitive nature and complex operational landscape. Stanley Black & Decker, with its $16 billion global footprint, provided fertile ground for Mills to delve into various aspects of financial management, including FP&A, M&A, and analytics.
One of the critical challenges Mills faced at Stanley Black & Decker was managing a sprawling IT landscape with over 115 ERP systems, a number that, although reduced to around 70 today, still posed significant complexity. Despite the temptation to delay analytics projects until new systems were implemented, Mills emphasized the importance of not letting complexity hinder progress. He advocated for jumping into data analysis regardless of where it resides, leveraging platforms like Alteryx to navigate and simplify data integration.
Core Alteryx Use Cases
Mills highlighted several key use cases where Alteryx significantly outperforms traditional tools like Excel. These use cases demonstrate Alteryx’s capability to handle large datasets, integrate external data sources, and perform sophisticated analyses.
- Handling Large Datasets: Alteryx processes vast amounts of data efficiently, eliminating the limitations of Excel.
- Integrating External Data Sources: Combines internal and external data sources seamlessly for richer insights.
- Enabling Prescriptive Analytics: Transforms descriptive analyses into prescriptive ones, helping finance teams anticipate trends and make informed decisions.
Transforming the Office of Finance
A significant theme in Mills’ talk was the concept of “flipping the script” in the finance function. Traditionally, finance teams spend the bulk of their time wrangling data, leaving little room for meaningful analysis. Mills advocated for a paradigm shift where finance professionals spend less time on data preparation and more on valuable analyses. This shift not only enhances the quality of insights but also makes the work more engaging and impactful.
Measuring Value
Mills outlined four main types of value that Alteryx brings to an organization:
- Dollar savings and ROI
- Increased capacity and productivity
- Operational leverage and margin improvement
- Risk reduction and compliance benefits
By freeing up time and resources, Alteryx allows finance teams to focus on high-impact activities, driving margin improvements and reducing operational risks. He emphasized that time saved through automation and efficient data processing translates directly into financial benefits, creating a “pot of gold” at the end of the efficiency rainbow.
Implementation and Scaling Success
To successfully integrate Alteryx into an organization, Mills recommended a strategic approach starting with a small team and gradually scaling up. Here are the key steps for successful implementation and scaling:
- Start Small: Begin with a focused team to implement high-value use cases.
- Executive Sponsorship: Secure support from top-level executives to champion the initiative.
- Change Management: Implement a robust change management process to guide the transition.
- Training Programs: Develop training programs to equip employees with the necessary skills.
- Showcase Wins: Highlight early successes to generate interest and build momentum.
- Scale Gradually: Expand the implementation across the organization based on initial successes.
The Three Cs to Success
Mills identified three essential elements for achieving success with Alteryx:
- Collaboration: Foster cross-functional teamwork.
- Community: Build internal user groups and leverage the Alteryx community.
- Culture: Cultivate innovation and continuous improvement.
To succeed with Alteryx, remember to think big, start small, and act fast. By focusing on quick wins and leveraging them to create interest and momentum, you can transform your organization’s approach to data analytics and financial operations.
