By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    data Analytics instagram stories
    Data Analytics Helps Marketers Make the Most of Instagram Stories
    15 Min Read
    analyst,women,looking,at,kpi,data,on,computer,screen
    What to Know Before Recruiting an Analyst to Handle Company Data
    6 Min Read
    AI analytics
    AI-Based Analytics Are Changing the Future of Credit Cards
    6 Min Read
    data overload showing data analytics
    How Does Next-Gen SIEM Prevent Data Overload For Security Analysts?
    8 Min Read
    hire a marketing agency with a background in data analytics
    5 Reasons to Hire a Marketing Agency that Knows Data Analytics
    7 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: How to Integrate Finance and Operations by Leveraging Cloud Storage
Share
Notification Show More
Aa
SmartData CollectiveSmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > IT > Cloud Computing > How to Integrate Finance and Operations by Leveraging Cloud Storage
Cloud ComputingDecision Management

How to Integrate Finance and Operations by Leveraging Cloud Storage

Sean Mallon
Last updated: 2017/09/30 at 1:19 PM
Sean Mallon
6 Min Read
SHARE

Finance executives almost never get to see the full picture of the performance of the company as they are only presented with certain types of data that relate to their work. Since their tasks mainly involve things like setting budgets, preparing financial reports and planning, they only get financial data as this is what they use for these tasks.The data they work with mostly concern forecast financial performance compared with actual financial performance. However, for the efficient running of an organization, it is necessary for them to get background data explaining the adverse or favorable performance of the company in comparison to the projected performance. This will help the company know what went wrong and what needs to be done to improve its performance rather than just knowing that it performed better or worse than expected.

Contents
Breaking down Data SilosCarry Out an Audit of All Your Data SourcesCome Up With a Data Consolidation StrategyLeverage Cloud Storage for Efficiency and ScalabilityBottom Line

Breaking down Data Silos

This problem can be solved by disintegrating the data silos and bringing together data from all applications in use within the organization and putting it in a cloud-based enterprise performance management (EPM) platform that can be used to monitor the company’s performance. This is better since all the functions involved in monitoring the company’s performance will be integrated into one platform. The EPM platform will facilitate planning, financial reporting, financial modeling and analysis of the actual performance in comparison to projected performance. Data silos are sets of data that are not part of financial data. By disintegrating them, finance executives will be given access to useful information to do with business operations and this will help them make better budgets and forecasts based on facts rather than assumptions and their subjective opinions. Use the following tips to integrate finance and operations in your business entity:

Carry Out an Audit of All Your Data Sources

Find out the sources of all the data in use in your organization. This is so that the finance unit can be given access to all the data that is collected by the different departments and units in your organization. This includes data from HR, data from the marketing department, and data from all applications in use at your organization. All these data should be made accessible to the finance department because different aspects of your organization affect its financial performance and making it available to Finance Department will enable the experts to find the connection between financial performance and all these other factors.

Come Up With a Data Consolidation Strategy

Disintegrating the data silos and combining all data in your organization into a single platform helps your organization as a whole and not just the Finance Department. Any discrepancies in the data collected can be corrected and the truth established. There are several data integration tools in use today. These tools help to consolidate data and facilitate its storage in a data lake or a data warehouse. You may face some challenges when consolidating data if some of the applications in use at your organization are outdated and therefore incompatible with most modern applications. You may not be able to consolidate all data in your organization, but at the very least, all the data from HR, the Finance Department, and the Marketing Department should be integrated into your EPM platform.

More Read

cloud advances

Cloud Advances Make Record Keeping Compliance Easier Than Ever

Cloud-Based GPS Tracking Revolutionizes Excavation Projects
CASBs Help Cloud-Based Businesses Avoid Data Breaches
Top Tools for Your Cloud Data Security Stack in 2023
Businesses Must Cope with the Benefits and Risks of Cloud Computing

Leverage Cloud Storage for Efficiency and Scalability

Cloud storage is very affordable and scalable, and you will not have to worry about the security of your data or other issues like backup as most cloud vendors, also the need to considering who your broadband provider is will affect how usable cloud will be. With all the data integrated on one platform, all the departments will have a much easier time fulfilling their tasks, but the one department that is bound to benefit most from this is Finance. Planning, budgeting, and forecasting will be done more efficiently as the finance experts will know the underlying issues and variables and not just have to deal with absolute figures.

Bottom Line

The importance of cloud storage in the modern business world cannot be denied. Many businesses are making use of cloud-based EPM platforms to streamline their operations and to help the finance department run more efficiently. By doing this, the quality of their financial reports is greatly enhanced and financial management becomes simpler as the budgets and forecasts are more reliable. This is because they are prepared using complete data and no gaps have to be filled with assumptions or by extrapolation. Integrating finance and operations will surely be of great benefit to your organization.

Sean Mallon March 7, 2017
Share This Article
Facebook Twitter Pinterest LinkedIn
Share
By Sean Mallon
Sean is a freelance writer and big data expert. He loves to write on big data, analytics and predictive analytics.

Follow us on Facebook

Latest News

ai low code frameworks
AI Can Help Accelerate Development with Low-Code Frameworks
Artificial Intelligence
data Analytics instagram stories
Data Analytics Helps Marketers Make the Most of Instagram Stories
Analytics
data breaches
How Hospital Security Breaches Devastate Local Communities
Policy and Governance
analyst,women,looking,at,kpi,data,on,computer,screen
What to Know Before Recruiting an Analyst to Handle Company Data
Analytics

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

cloud advances
Cloud Computing

Cloud Advances Make Record Keeping Compliance Easier Than Ever

8 Min Read
cloud GPS excavation
Cloud Computing

Cloud-Based GPS Tracking Revolutionizes Excavation Projects

5 Min Read
CASB
Security

CASBs Help Cloud-Based Businesses Avoid Data Breaches

6 Min Read
cloud data security in 2023
Cloud Computing

Top Tools for Your Cloud Data Security Stack in 2023

7 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

AI and chatbots
Chatbots and SEO: How Can Chatbots Improve Your SEO Ranking?
Artificial Intelligence Chatbots Exclusive
data-driven web design
5 Great Tips for Using Data Analytics for Website UX
Big Data

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?