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“.
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”.
