Driving data to value with frictionless finance

Finance business partners are vital to businesses and organizations that rely on you to support sound decision-making. To combat the compression of time and increased competition and complexity, future-ready finance organizations have removed the friction from key finance processes through relentless automation. They’ve claimed ownership of the finance data model, creating a data value chain where those within the enterprise are informed and empowered to make the best decisions.

Frictionless Finance Report

Frictionless Finance - Driving data to value, co-authored with Deloitte and Workday, is a new report full of insights about how to drive the decision to value creation process. Here are some of the areas covered:

Speeding up the data-to-decision process

• Prediction No. 6: ERP moves to the cloud

• Prediction No. 1: The Finance factory

• Prediction No. 7: Data

• Prediction No. 8: Workforce and Workplace

Driving decision to value

• 
  Prediction No. 2: The role of Finance

• Prediction No. 3: Finance cycles

• Prediction No. 5: Operating models

• Prediction No. 4: Self-service

Accounting and finance professionals are embracing how data analytics can transform an organization and finance operations. You can learn to close data analytics gaps for future success and understand the power around data and automation.

Achieving frictionless finance is about making progress across the eight key dimensions outlined by Deloitte Consulting in its Finance 2025 Revisited research. These address process standardization that enables automation using:

• a cloud-based, 21st century Enterprise Resource Planning (ERP) or enterprise cloud management system

• implementation of a common data model owned and managed by finance

• finance function with the right skills and competencies to automate the data-to-insight process drive value creation in alignment with the business

Strategic decision-making is a key attribute of competitive advantage. And we have rich sources of data, and the technologies that enable us to interrogate, connect and leverage this rich data to produce actionable insights. That really should be the focus for us as finance leaders and as a finance function.

If you are not sure how to use data analytics to enhance the operations of your finance department, the AICPA & CIMA are a great source for learning about data analytics in management accounting and public accounting situations. Find out more at: aicpa.org/dataskills

Learn how data-driven organizations are three times more likely to experience significant improvement across performance, company growth and net earnings.