[axr] and Tridant teamed up last week at ‘The CFO Incubator Alumni Fireside Summit’, where the topic of discussion was: “When Data takes over Finance: What do finance leaders need to survive & succeed". For those of you who missed it, here are the excerpts from the conversation from a blog published by AXR:
[Tridant team members Michael Taylor, Andrew Craig, and James Wakefield] provided [Greg O’Shea, Executive Director at [axr]] and the CFOI group with firsthand knowledge on the key pains organisations and the office of Finance, in particular, are seeking help to resolve as data continues to “take over” finance including:
- Death by excel
- Levels of human intervention in the entire process from data wrangling and report building
- Month-end close processes that take weeks
- Multiple data sources, but little knowledge on the best way to integrate and blend that data, for true accurate KPIs
As BI continues to evolve and address these pain points, it means that the finance function is spending less time preparing and more time on analysing the data and decision making.
They also delved into how the BI technology landscape has evolved in the last 10 years. In today’s market, there are many more players doing similar things – now it’s less about technology, more about people and process factors in driving success. They gave their thoughts on what is the winning recipe for organisations who want to implement Data and Analytics strategies. They also provided advice for Senior Managers wanting to get things moving in their current organisation. Particularly on how they should approach getting trusted advisors across the leading offerings, while also ensuring they have the skills to be involved and keep on top of an end-to-end BI transformation whilst it’s being implemented and help manage the whole transformation afterwards.
Watch to find out what they think today’s Finance & Accounting professionals/businesses need to do to prepare themselves and their businesses skill-wise for the future.
Find out more about the CFO incubator program in the link here