FP&A Trends: FP&A: Thriving in Uncertainty

“The implementation and usage of modern analytics systems allow greater data consistency among different sources.”

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CFO Magazine: 2023 Outlook: 4 Realms for Digital Acceleration

“CFOs must prioritize the accuracy of data. The ability to predict, forecast, and analyze the huge amounts of data accumulated by operations is absolutely critical to a company’s growth.”

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CFO Dive: For CFOs Rethinking Growth, Profitability, Data is Key

“Upping investments in digital capabilities is one move CFOs could take that could potentially aid them in making the shift to a more balanced model. Many CFOs are already viewing digital investments as a key goal; an October study by the Everest Group found 70% of CFOs agreed implementing digital technologies that could improve efficiency, effectiveness and stakeholder experiences was now a top priority, for example.”

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Harvard Business Review: Bad Data Is Sapping Your Team’s Productivity

“Fortunately, good-enough-to-get-started estimates can be obtained by the applying the “rule of 10”: it costs 10 times as much to complete a unit of work when the data is flawed in any way as it does when the data is good. In practice, this means that if data is good for 90% of your work, finishing the remaining 10% will cost more because of all the added friction.”

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CFO Magazine: 49% of Finance Professionals Worry Cash Flow Data is Unreliable: Weekly Stat

“As the economic outlook for the next twelve months continues to be poor, real-time financial data will be “key to survival” according to the survey. Rising pressures on CFOs will result in more data-reliant decision-making.”

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CFO Journal: 3 Data Management Challenges—and 4 Ways to Respond

“It can be difficult for technology industry leaders to weather the many challenges of rising data volume, shifting regulations, higher costs, and increasing complexity. However, by focusing consistently on collaboration, flexibility, modernization, and automation, they may enhance operations and better anticipate and respond to regulatory requirements.”

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FP&A Trends: Why Should We Care About Data Governance and Data Literacy?

“To understand the importance of data governance, we need to understand the risks of poor data governance:

1. Poor data quality
2. Poor and wrong decision-making
3. Increased forecast risk
4. Increased percentage of unstructured data
5. Fractured data sources”

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CFO Journal: Automated Financial Forecasting: Upgrading Talent Models

“Functional finance expertise alone is not enough. To architect a finance function to achieve continuous forecasting, it is critical for the CFO to instill a bias for data-based decision making, continuous improvement of data and predictive models, and a passion for technology enablement.”

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SF Magazine: Storytelling in Data Strategy

“If you’re sharing a forecasting model that’s created through the coding language Python, for example, and you know your audience members aren’t coders, avoid detailing lines of code and explaining the testing. Instead, explain how the forecasting was done covering criteria, confidence levels, and other relevant data. If you’re speaking to members of the finance data and analytics center of excellence, you might want to go through the robustness of the model and testing done. They would love to get technical.”

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