Discover how to create a data driven culture from the top with our CFO data checklist!
Starting a new role in the C suite can be all consuming. With new metrics and reporting lines to navigate, reviews of past activity to undertake and the initiation of new projects, the to do list can seem never ending. In order to succeed, it is vital that the organisation has strong people and strong data.
Any C suite role relies on data to drive decisions and strategise. For CFOs, that data can make the difference between making a profit or loss. Without the right data in the right place, reconciling numbers, developing financial modelling and ensuring thorough checks and balances can be difficult at best, impossible at worst.
The CFO Data Checklist
The first step is to ensure that you can access all of the data you need. This is one of the first issues to address as in order to report on activity, drive decisions and forecast, you need data. Without access to the data, achieving these vital business activities is near impossible. Bringing all of your data sources into one single source of truth ensures that everyone has access to the data that they need, that’s up to date.
2. Data Quality
The second step is to ensure data quality. Even if you have access to your data, if it is not accurate and clean it can be impossible to use. As a result of imperfect or inaccurate data, it can be incredibly difficult to make decisions. In order to make decisions using data, you need to have access to all of the appropriate data at the right time. Context is also vital to ensure that the data has analytical value.
3. Data Automation
Access to quality data isn’t enough. Automated access to data, automation of benchmarking and the automation of reporting from data is imperative. Data automation saves time and eliminates the possibility of human error, giving you more confidence in your numbers and more time to drive action from them!
Want to find out more? Read how we helped the Finance Director at VROMO to scale the business through data.