The most valuable data we need for financial analysis resides all across the business. You can’t rely on them for important decisions your executive management team needs to make to drive the business forward. They can create chaos as multiple versions of the spreadsheets get sent across emails, SharePoint, and other collaboration tools. While spreadsheets are useful for many things, they are not designed for handling data quality issues in your business-critical finance data. According to one Deloitte study, 75% of finance users say they use spreadsheets to prepare budgets. Finance users also depend heavily on conventional tools. Finance users responsible for analysis, forecast, planning, and reporting activities rely heavily on IT to access the data they needed. One of the most prominent challenges organizations face is the fragmented nature of the systems and processes that simply do not allow business users to get the data they need on time. Finance also needs to define, manage, and secure data to ensure accurate reporting to comply with regulations. With the right strategy, CFOs can transform the finance organization into a strategic business partner while still managing costs across the enterprise.įinance serves as an integral part of the executive management team to support value creation by identifying opportunities and providing critical information and analyses to make superior operating and strategic decisions. Leading chief financial officers (CFOs) focus on leveraging disruption into opportunities for competitive advantage and growth while also improving their delivery of products and services to their stakeholders. In other words, finance will have to disrupt itself to meet various demands, including pressure from regulators, corporate boards, sales and marketing departments, suppliers, customers, and internal and external auditors.ĭue to a rapidly changing business environment, finance must address disruption head-on or run the risk of falling behind more nimble competitors. Finance as a function needs to transform itself to be more nimble and agile to meet stakeholder demands and serve as a true business partner rather than a back-office department focused on transactional processing and historical reporting. Today’s dynamic marketplace calls for a new breed of finance. ![]() Current finance data management landscape
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