Data Is The Life Blood Of The Modern Enterprise
Leadership for many organizations is lacking. A strong plan for gathering and analyzing the information needed to effectively run their businesses and quickly capitalize on opportunities is needed. In many companies, critical nance data resides in spreadsheets, the general ledger, or ERP systems, among other repositories across the organization. There is no centralized home for the data needed to support decision-making and generate accurate forecasts.
Makeshift or homegrown solutions for managing the data required for the financial close and forecasting can be slow, or inefcient, or both. Companies that have to throw more people to close the books on time might be getting the job done, but it is not the best use of their resources.
A company that cannot handle basic accounting functions does not inspire confidence. For a publicly traded company, financial misstatement can be a staggering blow its reputation, not to mention the risk of stiff penalties.
Data Volume and Complexity Are Current Challenges
The challenge for CFOs is mastering data analytics as they expand their roles as business strategists. Finance chiefs need to be quick learners, as ERP and other cloud-based financial reporting tools accumulate ever more data from across the enterprise. Another recent Deloitte survey of more than 3,000 finance professionals revealed that only 13% are pursuing a full complement of descriptive, prescriptive, and predictive analytics, while nearly three times as many (35%) indicated that they do not even know which forms of analytics their companies have adopted.
This eBook on leadership will explore:
- How CFOs and senior finance professionals can partner with IT and business unit leaders to create a more data-centric culture and raise their profile as performance leaders
- A look at the challenges of the current financial reporting structure and the risks of data complacency
- The benefits of a data substantiation hub, which fills in the gaps of current data management processes and brings together all of the financial data required for accurate reporting and real-time analysis
- The future of finance and accounting, with real-time results and analytics for a data-driven business climate