Operations

Faced with political instability, economic uncertainty, climate change and supply chain chaos, finance teams increasingly turn to technology to be agile and act fast. Now here’s the kicker: a staggering 70% to 95% of digital transformations fail to meet their original objectives. To get your digital transformation right, a holistic approach is needed that connects technology, strategy and people. Here’s how.
 

“How can we link our financial plan to supply chain planning?”, “Can you help us make planning more agile?” or “How can we get access to real-time data from across the enterprise?”. These must be the most common questions our finance experts receive these days. It’s crystal clear: as a CFO,  you need more data and forecasts, as well as the ability to change course quickly. Excel will no longer do, but what’s the alternative?

“How can we link our financial plan to supply chain planning?”, “Can you help us make planning more agile?” or “How can we get access to real-time data from across the enterprise?”. These must be the most common questions our finance experts receive these days. It’s crystal clear: as a CFO,  you need more data and forecasts, as well as the ability to change course quickly. Excel will no longer do, but what’s the alternative?

To become data-driven, organizations need to establish a rock-solid data culture where everyone recognizes the value of data and takes ownership. One of the keys to supporting and enabling this dynamic in the long run is data governance: clear agreements about the way data is organized and managed throughout the organization, where to find the data for reporting and analytics, and who is responsible. In recent times, data governance tools, like the business glossary & data catalog, (a.k.a. ‘metadata management tool’, ‘data governance tool’, or, more commonly, ‘data catalog’) have proven indispensable parts of a data culture. Here’s why.