Crunch time series
It’s time to get
serious about data
Is data a challenge for your finance
organization? If you answer yes… then what?As CFO, what are your top three priorities for 2023?
60
52%
50%
50
38%
40
37%
30
23% 23% 22%
20
15% 14% 10%
12%
108%
0
CostFinancialGrowth CapitalTalent/ Transformation StrategySupply ITRegulatoryData analytics/Process and
management performance (organic and allocationlabor (i.e., businesssetting andchain infrastructure readiness AI/business operations
inorganic)model, enterprise, execution intelligence
finance)
Deloitte, CFO SignalsTM: 4Q 2022, 2022. Survey included 126 CFOs from the United States, Canada, and Mexico.
2Data is a top priority for our
finance team. Except for…
It almost seems fundamental: Of course, Now ask a new question: Which of those other
data is vitally important, and no Finance leader priorities can you expect to master if you
would say different. don’t have data completely under control?
Not one of them. So, no matter what people
That is, until you ask about other priorities. practice or preach, data really is central. The real
There’s cost management and financial question is whether you treat it that way.
performance, of course. Growth. Talent.
Compliance. And on down the list. Each of these It’s time to get serious about data.
concerns claims its share of a CFO’s time and
attention until finally we get to—what were we
asking about again? Right: data.
3Not in spite of other pressures, but because of them
Everywhere a CFO turns, something underscores the need to care about and prioritize data: compliance with new
regulations and demands for transparency, supporting agile and effective decision-making amid rapid change, and reacting
to market and stakeholder demands as business cycles continue to shorten. Data is central even to the hiring and upskilling
that keeps a finance organization on its toes—and in hiring and retaining talent with data skills, the competition includes
not only finance but the whole business world.
When Finance treats data as a first-tier priority, it can excel across more than one dimension.
The common thread in these
imperatives is the need to turn
data you have into information
you can use. A comprehensive
approach like this can elevate
Data availability:Data completeness:Data detail:Data Data accuracyFinance to a more strategic role
Information on demand, Telling the whole story at Information that’s standardization: and credibility: within the organization. Achieving
where and when it’s every touchpoint.granular enough to drive Consistent formats and Not only accuratethese aims will require a focused
needed. sound, timely decisions. standards regardless of data, but relevant, effort with leadership commitment
source or use. timely information that to see and manage the big data
stakeholders agree is picture.
meaningful.
4Let’s be clear what kind of data we’re talking about.
Where is it used,
by whom, and for
What kinds of data what purpose?
does Finance use?
Some organizations are not aware
of the full range of stakeholders
who use data. That’s why it’s
Where does it
foundational to understand in
come from?
specific terms where Finance data
originates and who consumes it.
5