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CFO must perform a balancing act. They have to maintain a constant flow of checks and balances, run the most efficient and effective business possible, and drive economic value for the company.
One way that leading CFOs today are pursuing this mixture of goals is by leveraging analytics to make more insight-driven interactions.
Data science can enable the CFO office to improve accounting information and speed up the month-end closing.
CFOs and finance organizations have access to a tremendous amount of data.
The faster CFOs can uncover insights, the faster they can make insight-driven decisions and take actions that can improve the company’s performance. But while technology is getting quicker and cheaper, some companies are struggling to move their organizations at an equivalent pace.
SDG is responding through a Top-Down CPM approach and two integrated methodologies:
“SDG ACCOUNTING DATA QUALITY INDEX”: a comprehensive data-driven quality monitoring, updated in realtime, that enables the CFO to control the data quality of the accounting data and operationally improve the whole accounting process across all platforms and sites;
“SDG CLOSE-IN-1-DAY”: a strategic data-driven approach to contaminate the month-end close process, adding predictive data-science to the traditional weapons to provide a full managerial financial dashboard by the first day of the month.
Models that help accomplish this objective including data visualization technologies and advanced analytics applications, such new approaches could be counter-cultural for finance organizations accustomed to focusing on control and accounting precision rather than data-driven procedures.
The ability to course-correct can be a huge competitive advantage. A finance fast closing may, in fact, provide CFOs with the insight needed to make data-driven business recommendations. For instance, if analytics insights show that a company will be experiencing lagging sales, inventory overstocks, or another undesirable business situation, CFOs could suggest a specific course correction to improve the business result.
When CFOs are more agile and can make insight-driven decisions, they are better equipped to help the finance organization—and the entire company—improve its performance, adapt and adjust resources where needed, and drive greater economic value over time.