Finance’s Data Problem
Numbers are the raw material for everything finance departments do. That’s why it’s essential that they have all the data they need and that it be of the highest quality. Without a guarantee of data availability and quality, both the integrity and the effectiveness of the finance function are threatened.
In practice, finance professionals typically must spend a substantial amount of time assembling the data they need before they can begin to work with it. We find that more than three-fourths (78%) of those working in Finance spend most of their time waiting for data, reviewing it for quality and consistency and preparing it for analysis. Moreover, it’s common for them to have to access more than one system to generate reports or execute processes. This forces people to spend time repeating mechanical tasks rather than focusing on the more important work for which they are trained and paid that could enhance the strategic value of their department.