The recently released 2020 Vena Industry Benchmark Report has revealed that the majority of today’s finance teams are struggling with disparate data silos.
The new report is based on a survey of 350 business leaders, finance executives and operations professionals from a range of industries around the world. It examines how organizations are adapting to today’s ever-changing business conditions, with a specific focus on the people, processes and technologies that enable agile, finance-led business planning.
When asked to identify some key data challenges, 57% of survey respondents said “multiple disparate and disconnected data sources.” Additionally, 51% noted that “too much time wrangling data” is a major roadblock as well.
This period of unprecedented change has added a new level of urgency for finance teams to effectively derive insights from consolidated data. In order to adjust quickly and help your business plan for the future with confidence, you need easy access to company-wide information for real-time analysis of emerging trends and performance.
But if mission-critical data is siloed across multiple source systems, planning with agility is a lot harder to execute. Data silos make it tough to achieve a holistic view of business performance—which is something finance teams need to help key business stakeholders make informed, “big picture” planning decisions as market conditions continue to evolve.
Leveraging technology to consolidate data from existing ERP/GL, CRM and HRIS systems into a single source of truth can help finance teams tear down those data silos. Providing real-time access to that data will enable and enhance key forward-looking, finance-led planning processes such as:
- Scenario modeling and analysis with reliable data on demand.
- Regular re-forecasting, but without having to consolidate your actuals manually.
- Updating your business plans on the fly based on the story your data is telling you.
(Check out The Ultimate Guide to Financial Planning and Analysis to help you realize your company's full growth potential.)
As businesses continue to navigate the increasing unpredictability of today’s business climate, the ability to make quick and informed decisions is critical. And that starts with having the ability to quickly access and analyze the right data from every function of your business. The finance teams that tear down data silos will always be one step ahead.
To avoid slowing down your budgeting and forecasting cycle, discover how to integrate your data sources so your finance team can work faster, smarter and more efficiently from a single source of truth.
(Check out The Ultimate Guide to Account Reconciliation to help you uphold your company’s financial integrity.)
Download Vena’s 2020 Industry Benchmark Report here.