As a CFO, much of your thinking and decision making is data-driven. The numbers, the statistics, the data – these are the things that influence and inspire your thought processing. Of course that makes sense – at the core of every business, the numbers are what matter. When it comes to corporate performance management, the numbers are, arguably, all that matter. You can’t get to your overall financial truth without them.
Two buzzwords to consider in today’s business environment: data consolidation and real time analytics. In many companies, data sources have become so diverse that it has become a significant task to make sense of it all. In some cases, difficult becomes almost impossible. And since making sense of all those data sources is so complex, real time analysis and decision making becomes a task of herculean proportions.
Data consolidation is, in many CFO circles, an intimidating process. And as scary a process as it is, when it is harnessed it has major power to provide critical insight in your strategic decision-making.
How do you harness all that data and leverage the value inherent in it? After all, the data is yours, it already exists – you just need to be able to analyze it and take advantage.
Some might argue that this is already being done. You’re using the numbers provided to you to get the results you need – what else is there? It isn’t so much a question of what you’re doing, it is more about how you are doing it. Getting the data and getting it on time and in real time are two totally different things.
Automating the data merge and consolidation process is the key. A corporate performance management solution that automatically consolidates all of those data sources for you gives you the ability to accomplish that real time analysis, rather than taking months to work through it all – at which point much of that data may already be out of date. If this is the case, the value of the information is not only difficult to measure, much of it becomes lost. By moving all of the data contained in spreadsheets to a central database at the point of input, rather than maintaining it in the various local user spreadsheets, you can analyze it and make decision in real time without having to actually go through the time consuming and costly manual consolidation process.
At True Sky, we are not afraid of data consolidation – it’s the core of what we do for you. We’ve got the corporate performance management solution that enables you to thrive on it as well. For more information, contact us today at 1 855 878 3759.