Research shows that the highest-performing organizations rely on data to drive their decisions. But what happens when you find yourself involved in a data debate that stalls the decision-making process? Because finance teams have access to information and metrics from across the organization, they are in a position to stop those squabbles and point out the truth in data—and that increasingly means steering the organization towards alignment around a common source.
Having a core set of data, both operational and financial, that’s common across the company enables visibility into what the data means and facilitates consistent communication about performance. A single source of truth can eliminate the multiplication of spreadsheets and enable better collaboration across the business because it removes confusion and data doubts, and instead accelerates decision-making. In short, one source means finance teams can refocus the conversation around insights and action instead of debating accountability and accuracy.
Adaptive Insights asked 435 CFOs around the globe about the data triumphs and defeats they encounter as they track performance. The results show many finance organizations are driving towards a finish line where a single source of truth is in sight. With trustworthy and timely data key to making faster, more informed decisions, what do CFOs see as the key steps—and setbacks—to achieving a single source of truth? Check out the infographic below for more insights from finance leaders on this data journey.
Want to dig into more survey data? Gain additional insights from the 435 CFOs surveyed around the globe and download the Q3 CFO Indicator summary report “Strategic CFOs Break Down Silos to Harness the Power of Data.”
Q4 2015 survey results: CFOs cite collaboration as a key finance initiative, plus a required skill for finance teams of the future. Check out the infographic Building the Future Finance Team for more insights.