Flexibility in business is key to success. This is true for financial decisions as well as strategic. The ability to quickly adapt to fast-changing circumstances in order to achieve long-term success is often held back by traditional processes not designed for agile course adjustments. Inside Big Data brought this news to us in their article, “The CFO Perspective: Building a Data Empire.”
When it comes to managing data and utilizing the power it wields, many leaders feel restricted by their current processes. Data and finance teams need to work together like never before. Organizations need to move toward smoother coordination of data among all departments and establishing a single source of truth.
This can start with establishing and managing a single repository for key corporate financial and operational data that is integrated with the various departmental data systems. Sound data management practices, data integration strategies and collaboration will set the organization up for success.
Melody K. Smith
Sponsored by Data Harmony, a unit of Access Innovations, the world leader in indexing and making content findable.