How to become a successful data-driven Finance organization has been saved
How to become a successful data-driven Finance organization
The importance in becoming a business sparring partner, providing data driven insights and facilitating decision-making.
Instead of making decisions based on sentiment and ‘gut feeling’, organizations want to base their decisions on the information & data they have at hand. The broad variety of technological tools available today allows companies to utilize their data to better understand the business and its future performance, opportunities and risks.
A data-driven Finance function manages data as a strategic asset. It recognizes the full potential of the growing amount of data and is organized in such a way it can accommodate the usage of granular data. This is not only driven by technology, but rather a holistic view through various lenses is required:
Strategy & Organization: It requires a shared understanding of the value that is created by the organization and the why this can be monitored (KPIs) and managed
Process and Controls: It requires processes that enable the Finance organization to act as an orchestrator of enterprise data
Data & Technology: It requires the latest technologies to unlock new levels of business partnering
Governance: It requires clear (data) governance to be efficient and compliant in using data
People: It requires growth and attraction of the right capabilities within Finance, so called "purple people“
For each lens, we provide our view on leading practices for a successful Data-Driven Finance organization. All supported by real use cases to illustrate the solutions we have created together with our clients.
In the document, we introduce the concept of a data-driven Finance organization through the five lenses mentioned above and we highlight the importance in becoming a business sparring partner, providing data driven insights and facilitating decision-making.
What is the recently popular data mesh concept and its benefits?
Smart data management is the foundation of organisation-wide usage of Artificial Intelligence