From Finance to Data Bridging the GAP – Part 2

Paul Smith 11.11.2018

Recently here at Morgan McKinley, we hosted an event entitled “From Finance to Data, Bridging the Gap”, which focused on the move to incorporate the more intelligent use of data and Business Intelligence tools into the finance function.

Last week we discussed the benefits of implementing Business Intelligence tools into the finance function. This week, we will focus on how to get buy-in from the C-Suite convincing your business to invest in analytics, and how to prove the benefits.

Introduce the idea slowly
There is no need to go to your CFO and look for $100 Million in funding; look at implementing the tools that suit your business incrementally. When you implement something small and show value in it,  you can build a better business case for the next tool.

Increasing efficiency 
Business is driving towards increasing efficiency through automation allowing staff to work more proactively on issues. Every CFO or CIO is interested in hearing about working efficiently - making data more reliable, and then being able to use tangible data in real time.

By committing to create a single source of truth in the business with the use of Big Data, there is no argument about which set of figures are true.  The sales team have the same figure in front of them that the finance team and the CFO has, so there is no hiding from the performance.

Live results anywhere 
Again, one of the major attractions of analytics is being able to track your numbers - where am I now vs where I want to be.  If your head office is based in London, you can check how your team in New York are doing at the same time as your team in Sydney. That way you can put together a real-time global result for your business.

Part 3 next week will look at the quick wins for your business.

If you would like to hear more about Morgan McKinley’s Finance or Analytics practices, then feel free to reach out to us on the details below: 

+61 (0)2 8986 3152 

Paul Smith's picture
Senior Consultant | Accounting & Finance - Commerce & Industry (Permanent)