The Ledger

The Ideal Destination for CFOs & How to Get There

Having the ability to make genuine data-driven decisions that drive enterprise-wide innovation is a destination that all CFOs long for. The journey to achieve this ideal situation is difficult, but worth it. A finance leader who can accurately report on the financial position of their organization with great detail and insight on a timely basis is completely empowered and ready for the future. While this sounds great, it is important for finance professionals to understand what it takes to get to this place.  Most times companies need a technology tune-up where new tools and processes are introduced that can handle all of the data the organization generates.

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How Banks Can Turn Data into Insight

“Without metadata, Big Data is unmanageable.”

Collecting data is easy, but deriving insights from the data can be a challenge. Banks and other financial institutions have huge volumes of various types of data and the only way to make sense of it all is with metadata. With customer-transaction data, consumer-location data and all the data around the Internet of Things, metadata helps streamline collection, aid integration and enable analysis of Big Data. There are a variety of effective and reliable tools that allow banks to leverage metadata and automate data lineage information.

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Adapting for the Future of Technology

Artificial intelligence presents an opportunity for finance professionals to learn new skills to adapt for the future of their role. There is a lot of fear surrounding the idea that new technologies will eventually take over many jobs and human interaction will no longer be needed. Instead of focusing on these fears, accountants must see this as a chance to advance their own skills in their role. In the 1970s, bank tellers were afraid of machines eliminating their jobs, but instead their position started demanding advanced business, relationship management, and technology skills instead of just mathematical skills. The challenge today is that technology is evolving much faster than it did in the 1970s.

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The Auto Industry is Changing Gears in Their Technologies

Changes in technology and a confusing global trade environment are throwing automotive companies for a loop. After coming off a strong run of auto sales, these companies are struggling to use the same formula that has made them so successful for so long. While very few factors contributing to the rapid change in the auto industry have to do with the finance function, finance leaders will play a large role in the industry’s ability to adapt to the changes successfully. The key is to focus on flexibility by first acknowledging some of the biggest factors influencing the business and then installing systems that allow it to be nimble in the face of disruptive threats.

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