inance leaders know that to navigate through an uncertain and constantly changing environment, access to real-time and reliable data is no longer a luxury, but a requirement. When asked about their near-term priorities in a recent survey, 49% of CFOs pointed to data management and analysis, putting it at the top of the priorities list.
Despite this problem impacting finance leaders regardless of industry, many organizations still fall short in turning their data intentions into actions. While there is no one-size-fits-all solution, there are three universal components where IT and finance can partner to advance their pursuit of building a more data-driven finance organization using culture, talent, and technology.
1. Cultivate a Data Culture
Building a data-driven organization doesn’t happen overnight, yet it’s an essential component of future success. Many finance leaders understand this idea intrinsically: according to a Harvard Business Review survey, 88% say that instilling a culture of data-driven decision-making is critical to future performance. On the flip side, just 55% consider fostering this type of culture a high priority.
2. Foster the Right Talent
CFOs are losing sleep over their ability to attract and retain talent, with labor woes topping the list of internal risks in Deloitte’s 2022 CFO Signals survey. Frankly, we’re in a finance talent war as I’ve never seen in my career. Here is an often-overlooked reality in today’s heated talent race: organizations that invest in modernizing their finance function will naturally attract more finance talent with the next-gen skills — including data analytics — they so desperately seek.
3. Embrace Future-Ready Technology
It’s not possible to build a data-driven organization if your data isn’t readily available. But data accessibility is often impeded by siloed finance solutions. In fact, only 44% of finance and IT leaders are fully confident in the integrity and usability of their data, according to a recent survey.
