leading cfos eliminate data silos
TRANSCRIPT
1
Overcoming Data Silos – Waterloo Data POV
2
Data Demands for the CFO Recent research from The Economist revealed the
following top data demands for the modern CFO Improving scenario planning and forecasting Improving financial close management Improving profitability Improving financial risk management Increasing organizational transparency Improving corporate reporting/dashboards
The research also revealed the following top barriers Difficulties in accessing relevant data Lack of necessary skills/expertise Technology/system issues Data quality issues Organizational silos
3
Classic Data Silo Symptoms Symptom 1: Organizations use analysts to support manual, repetitive data
manipulation and reporting tasks on a daily, weekly, and monthly basis. Business Impact – Analysts become bottlenecked doing tasks that can be easily
automated. They spend all of their time prepping data and “working on” the data instead of “working with” the data to deliver reports, trends, and insights.
Symptom 2: Creating “ad hoc” reports takes hours or days instead of minutes. Business Impact – Each time you want to answer a new question or modify your existing
reports, someone has to program that new report or change. Real time analysis is impossible.
Symptom 3: There are several versions of the “truth” according to which system you select. Business Impact – Data access is limited those who know all the nuances and have
enough “tribal knowledge” to know what data sources to use and which ones to avoid. This produces further bottlenecks when attempting to deliver reports, trends, and insights.
4
Data Silos and their impact
ERP
CRM
3rd Party Data
TRAN
SACT
ION
AL S
YSTE
MS
Manual Extracts Manual Data Management Static Reporting
Every time you want to make a change or add new data, you have to start the process all over!!
5
Eliminate Data Silos via Automation Replacing manual, repetitive tasks with
automation allows people to focus on higher value activities and “management by exception” which enables executives and managers to better allocate their time
Real world example – 71% of companies that nearly or fully automate their financial close are able to close their books within six days or less
http://ventanaresearch.com/blog/commentblog.aspx?id=4668
6
Automate Data Collection and Processing
CRM
Automated ETL
ERP 3rd PartyData
ODS
Staging
AnalyticsPlatform
Automated ETL Data Access Analysis
Reporting
Self-Service BI
Biggest opportunity for applying automation is in the Extract, Transformation, and Loading (ETL) of data from different “silos” into an integrated database for reporting/analytics
Waterloo has a number of tools and lightweight solutions that be used to solve these challenges
Ditch the spreadsheets Automate the collection of data CRM and ERP systems
like Salesforce, Zuora, Netsuite, and others
Deliver a standard set of interactive reports and executive dashboards
Enable real-time, ad-hoc analysis for power users in the organization
Contact Waterloo Data today for a free assessment of your current environment and your overall readiness to introduce greater automation into your data management landscape.