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Home ยป Building on a Foundation of Data Intelligence
Digital Business

Building on a Foundation of Data Intelligence

Future Office of the CFO Minute | Data Series: Part 3
Aaron BackBy Aaron BackAugust 20, 2021Updated:April 13, 20232 Mins Read
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A Data Foundation

What does a foundation of data mean? One meaning outlines it as:

“The integration of data from multiple, disparate sources into a trusted, understandable form for use in reporting and analytics.”

Notice the keyword here of “trust”. If you can’t trust the data, you will question your decisions.

According to a “CFO Indicator Study” conducted by Workday, “almost half of CFOs (49%) agree that data management and analysis are the most important elements in terms of digital transformation priorities“.

Workday CFO Indicator Survey: Digital Transformation Priorities
From the Workday “CFO indicator Frictionless Finance Infographic”

Strengthening the Foundation of Data

The foundation of data can’t be weak. As with any foundation, the structure built on top relies on the strength of what’s it built upon.

The single source of truth for data is tough as data is in multiple locations throughout the enterprise. So, it’s no surprise when CFOs become frustrated by the lack of solid data.

Data unification requires a CFO to invest in solutions that intelligently consolidate the data. Today, the ERP system is no longer the go-to place for data. This realization is crucial to making informed decisions.

The foundation of data is built by solidifying the framework. A house isn’t built on a single post, but a solid, reinforced structure to ensure long-term sustainability.

Closing Thoughts

The days of setting up a monolithic ERP solution are ancient history. Today’s data foundations require consistent governance and security. In other words, CFOs that have not adapted and adopted will be a thing of the past.

Are you investing in a foundation of data intelligence?

Lastly, investing indicates a continued action. Don’t be caught with the mindset of “I invested…”, but “I am investing”.

Future Office of the CFO Minute Future Office of the CXO
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Aaron Back
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Aaron Back (Bearded Analyst), Chief Content Officer for Acceleration Economy, focuses on empowering individuals and organizations with the information they need to make crucial decisions. He surfaces practical insights through podcasts, news desk interviews, analysis reports, and more to equip you with what you need to #competefast in the acceleration economy. | ๐ŸŽง Love listening to podcasts wherever you go? Then check out my "Back @ IT" podcast and listen wherever you get your podcasts delivered: https://back-at-it.simplecast.com #wdfa

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