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How can CFOs turn the data challenge into an opportunity?

The Wolters Kluwer CPS CFO talks about the new challenges that the Office of Finance is facing when dealing with data coming from multiple sources.


The modern CFOs need to realize that both technology and data governance are very important, they need to manage the data very well so that they can provide meaningfulinformation, they need to work with their organizations to innovate their processes and systems so that they can provide that meaningful information to the business and become more strategic.

The challenges and opportunities that the modern CFO faces is the fact that we have data coming from multiple systems, you have data coming from an ERP system like SAP or an HR System like Workday or PeopleSoft and possibly even your CRM system.Putting this data into one place provides us a great opportunity to manage the data well and thento create reports in many different formats across the organization.

Another challenge is managing the connections with the operational people in the organization through the Office of Finance.

I think the best way to face this challenge is to really apply the technology one platform that can takeall of the information, pull it together and provide both financial and operational reporting that's meaningful for the organization.

The modern CFOreally need to think about how efficient their solutions are, they need to think about providing excellent information, but they also need to reduce the amount of manual work that they go through on a daily basis.Reducing the amount of manual effort would allow the CFO and the Office Finance to spend more time on strategic activities.I believe that the unified solution that CCH Tagetik provides allows our customers the best opportunity to manage their data and to provide thedata and information that is meaningful to the business both from a financial reporting perspective as well as a regulatory reporting perspective.

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