WHAT WE HEAR
“We have lots of data but no information.”
"We don’t know if we have a process or a technology issue."
"We have a number of in-house systems that don’t really talk to one another."
"Our systems don’t work, so we have many offline systems outside of our core ERP."
"We do not have an end-to-end view of our customer and supplier relationships and how they affect our bottom line."
“Our recent acquisitions have left us with disparate systems and multiple charts of accounts.”
Technology can be a critical driver of performance improvement by enabling the finance function to deliver facts, data, and analysis with accuracy and insight to stakeholders. In doing so, a single source of truth for critical decisions about customers, suppliers, and resource management can guide critical technology decisions that will ultimately enable efficiencies, governance, and improved control.
- The finance function is responsible for compiling and publishing the business performance data as well as playing the role of decision support agent with business partners and customers.
- This need for speed, accuracy, and insight has been a primary objective for management to execute strategy, and all too often the finance team is unable to meet the mandate. The root cause can be attributed to a myriad of disparate business systems and an unstructured data environment; the resulting data analytics are often fraught with error.
- Over time, the intensely manual effort required to assemble information and communicate it to the right people in the business takes time away from the more value-added role that finance can play in driving proactive analytics to sales and operations.
- The problem is rarely ever a system issue, and solving it invariably falls into the hands of IT because it involves data and “technology.” In reality, these are typically issues that are best suited for a finance-led plan, partnered with IT, to drive enterprise performance by modeling current performance with financial outcomes, and identifying technology gaps to enable improvement.
Technology Fit Gap
Understand how technology is utilized across the organization, and how it can be harnessed to drive improved performance, analysis, and reporting.
Data Cleansing & Master Data Management
Create a blueprint for managing the integration of data across an organization to enable a common language for performance and the single source of truth in reporting.
Partner with management to drive implementation results and link key technology initiatives with the business.
Reporting & Analytics Optimization
Standardize and integrate management reports, KPIs, and analytic tools to drive reporting efficiency, and improve performance visibility across the organization to deliver insights for value creation.
- Data mapping: Represent the interrelationships between systems, data sources, and the Extract, Transform, Load (ETL) process
- Process measurement: Understand the processes by which cross-functional teams ready data sets to be analyzed
- Process transformation: Rationalize the process and utilize tools to transform data into information
- Communication transformation: Change the way finance and other functional areas communicate to drive results
BENEFITS OF DOING IT WELL
- Business process modeling and insight capture: Consolidated and streamlined data structure to enable a “single version of the truth”
- Effective targeting of immediate operational improvements: Decrease manual effort required to gather data in order to free existing resources to analyze information and shift the reporting paradigm to drive higher collaboration and decision making
- Integration of finance, front office, and operations: Provide critical decision makers with easy to digest data points/analytics to quickly assess impact to drive initiatives related to corporate strategy