more-arw search

Jumping Hurdles: Finance’s Race to a Single Source of Truth

To view this Resource, use the form on the right

Digital transformation efforts are underway enterprise-wide as organizations harness the power of data to drive better, faster decision making. Yet, as businesses work to fast-track their time-to-decisions, they must first fast-track their progress in achieving a single source of truth. Without that step, there can be no confidence in the veracity of data and certainly no confidence in the outcome of the decision.

Arguably, no other team in the organization is feeling the burn of this digital transformation more than Finance. As the chief stewards of operational and financial data, CFOs and their teams are in a race to aggregate rising data volumes from multiple sources, without the luxury of added time or additional resources to get the job done.

We surveyed global CFOs to understand their confidence relative to data and technology, as well as their progress in moving toward a “single source of truth” (single source of financial and operational data)—a topic we initially explored in 2015.

Encouragingly, our survey reveals that Finance has successfully cleared what we believe to be one of the most significant hurdles—their hesitancy to store data in the cloud. This survey’s respondents reported that, three years ago, only 33% would have trusted the cloud for their financial data, but today, 73% do, reflecting the fundamental shift needed for organizations to gain both timely access to, and trust in, their data.

Yet, while confidence in the cloud is rising quickly and dramatically, CFOs may not yet have hit their stride in achieving a single source of truth. CFOs have a perception that achieving a single source of truth is cost prohibitive.

This is perhaps the reason why most organizations continue to rely on legacy solutions like Microsoft Excel spreadsheets or IT-managed data warehousing solutions that are likely costing organizations more than they realize. Read on to learn more about finance’s race to a single source of truth and the hurdles they must overcome to get there.

Fill out this form to become a member and get access to all resource, videos, and whitepapers on Proformative.
Clear the field above and enter the number as indicated
By filling out this form you will become a member of Proformative, and are subject to Proformative's User Agreement.