The Future CFO: Manage Your Data or Fail

Talk to a CFO today and they will tell you about the amount of financial and business data created these days

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In data we do not trustCFOs do not trust the integrity of data coming out of their business and accounting systems1.

So you shun systematic dataYou prefer to manually massage and consolidate yourfinancial data.

This is a big problem.

Limited financial or business analysis When you manually need to pull data from 10 or more business systems

You place compliance at risk …If your visibility is limited because you don’t have current data4.

Your approach doesn’t scale …Because businesses are facing an estimated 40% annual growth rate in their data5.

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And you’re powerless to predict company performance … Because 82% of CFOs have visibility of half or less of the information they need to predict the performance of their business5.

Wake up.

It’s time to take responsibility for your financial and business data.

Yes, it’s your problem too

You may not be the person to implement this change. But your team is ready to stop manually massaging and integrating data6.

The age of quarterly GL analysis is over.

The age of skating on thin ice with limited data analytics is over.

CFOCIO

The data-driven imperative2/3 of CFOs confirm their enterprise technology platform is duplicative and complex and that financial and performance information used for decision making is not as useful as it should be.

But ¾ of CFOs want to improve the quality of financial and performance information that they can make available to management6. 

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To be a data-driven, strategic CFO, you need to:

• Improve data quality at each and every source

• Break down application silos and integrate data across sources

• Automate the movement and consolidation of financials based upon good data

• Slice granular consolidated financials for better analysis

• Manage the governance and access to data

Climb aboard: Become data-driven; own your data; and make sure it’s clean, safe, and connected.

The boat is leaving the dock

Or sink.Compete against competitors that use better-than-class access to information to make shrewd financial and business decisions.

Being Data driven is about people, process, and technology

But it must start with a commitment to treat data as a strategic asset. 

Learn more about our CFO Research

CFO Move to Chief Profitability OfficerCFOs Discuss Their Technology PrioritiesThe CFO Viewpoint upon DataHow CFOs can change the conversation with their CIO?New type of CFO represents a potent CIO ally

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Sources

1. 84% of CFOs say it is difficult to control the quality of their financial data. Accenture and Oracle, “The challenges of corporate financial reporting,” May 2013

2. Gartner, “Organizations Perceive Significant Cost Impact from Data Quality Issues,” August 2009

3. More than 50% of companies have more than 6 financial systems. Accenture and Oracle, “Empowering modern finance—The CFO as technology evangalist,” March 2014

4. 72% of organizations believe that real-time reporting plays a role in compliance, accuracy, and organizational productivity.Aberdeen Group, “Real Time Finance Reporting: Ensuring Continuous Compliance and Transparency While Reducing Costs,’ July 2012

5. Accenture and Oracle, “Real-Time Versus ‘Right-Time’ Decision Making: A New Competitive Advantage,” April 2014

6. More than 90% of survey respondents agree that finance has an essential role to play in helping their organizations benefit from data-related projects. CGMA, “From Insight to Impact, Unlocking opportunities in big data,” October 2013

7. 76 percent of survey respondents say they will work on improving the quality of financial and performance information and analysis available to management over the next two years and nearly 2/3 of CFO confirm that their enterprise technology platform is duplicative and complex and that financial and performance information used for decision making is not as useful as it should be. KPMG, “The Intelligent Finance Organization,” August 2013

Informatica

Informatica is focused on helping customers solve their data problems and turn their data into a business asset. Given our focus upon all things data, we offer the broadest range of data solutions. Our solutions are ranked consistently as leading by industry analysts as well we consistently ranked as one of the best companies for customer support.