Data – top CFOs get the most value from it by transforming their finance IT architecture
Having an effective finance IT architecture is the bedrock of strong finance capabilities and a mainstay of the world’s best CFOs. All CFOs strive to help their companies deliver revenue growth, technological innovation and cost efficiency, but it’s a common irony that many finance executives rely on systems that that are slow, antiquated and not fit for purpose. Many finance executives successfully deliver accurate reporting, but too often, it takes weeks (not days or hours) to deliver answers to the organization.
The benefits of having more efficient processes and being able to unlock insights from data are clear, but what are the most efficient ways to ensure your finance architecture can deliver these results?
What’s the best finance IT architecture?
There is no one ‘correct’ IT architecture, but from our experience there are three universal attributes that characterize all leading CFOs’ systems.
- Control – the ability to centrally control accounting, reporting workflows and outputs – the flexibility to change as quickly as new business models emerge.
- Data centricity – access to the granular transaction-level data – drill into reported results and understand what drives profitability and other factors.
- Timeliness – deliver critical processes when you need them. Complete close and consolidation processes in hours rather than days.
Unfortunately, many finance architectures are characterized by complexity, point-to-point integrations, and lack of control. Often statutory reporting doesn’t align with management analytics and finance teams are reliant on slow and expensive ‘Excel armies’ to manually manipulate data and deliver reporting.
Most finance IT architectures are too complex and too manual
If your finance architecture is as complex and confusing as this one, the changes you have to make don’t have to be monumental. To find out what you can do to fix the hot spots and make some lasting changes send us an email: email@example.com and we can discover if Aptitude Software is right for you.