Every role comes with its own unique set of challenges to overcome. At Onebridge, we’ve worked with finance teams in many different industries and many members of our own team have studied and worked in finance for many years. What finance teams are often most surprised to learn from us is how much time they can save thanks to data analytics solutions. Their teams are freed up to do the work they are really good at and passionate about, rather than staying buried under manual reporting responsibilities or solving problems caused by bad data.
You likely already know you could benefit from getting some help with your data analytics strategy, but it’s hard to imagine exactly what a better strategy could do for your day-to-day work life. To help you imagine the possibilities, we put together this short description of a day in the life of a data-smart finance manager. Imagine if your day started like this:
Check your morning emails. For once, no data error issues have popped up overnight that you have to triage this morning, so no one overseas is staying late to await your response. You’re free to prepare for your morning meetings the way you’d like.
Hit your first meeting of the day. P&L results for the month are due soon, which is typically a headache for the team. But since you’ve started working with a data analytics firm, you’ve built up your internal team’s data literacy and ensured they have immediate access to real-time and reliable data. This means preparing the month’s reports are no longer a fire drill. In fact, you learn the team is ahead of schedule and has time to mine the data for more impactful insights—no more 13-hour days to simply meet requirements.
Meet with the CFO for a stress free one-on-one. Give them a first look at this month’s reporting so they have an advanced opportunity to ask questions and get familiar with the results. Now that you can rely on the quality of your data, you feel confident that true discrepancies and red flags will immediately reveal themselves. The CFO congratulates you on providing a more reliable understanding of the organization’s financial situation and becoming a more valuable partner to the business. Your finance department has become more of a trusted resource than ever before, with an earlier seat at the table and more input into decisions made.
Sit down and eat a real lunch instead of shoveling down a chopped salad during a meeting. Without the stress of racing deadlines and supporting a team constantly bogged down by data errors, you’re able to enjoy a healthy lunch and catch up on the latest office news with a few coworkers in the break room.
Take your first meeting of the afternoon. Sit with an internal auditor to discuss control processes and reporting procedures. Share the work your team has done with a data analytics consulting firm to standardize the way transfer pricing data is captured and maintained. For a business operating across multiple currencies, this is pivotal to success and will free up many hours spent fixing errors.
Get confirmation that the monthly numbers are loaded and your team is working through analysis and dashboard visualizations. You’re excited that they have more time than ever before to make more meaningful discoveries about the data, doing what they do best rather than wasting hours sifting through spreadsheets.
Head home at a reasonable hour. Rest assured that the rest of your team will, too.
Finance responsibilities are unique at every organization, so your day may look different than this. But imagine the additional time and resources that could be available to you and your team if you had constant access to real-time, trustworthy data analytics and systems that work. This is not impossible to achieve, even if your IT department isn’t equipped. With data analytics becoming one of the most compelling ways to keep a business thriving in today’s changing markets, there are plenty of consulting companies available.
The important thing to remember when looking for data analytics consulting solutions is to find those willing to learn the unique complexities of your business and tailor solutions and strategies that provide exactly what’s needed. Don’t be lured in by extra bells and whistles—always ask exactly how you will benefit from the solution they suggest. Look for firms that offer more of a partnership than a product, improving your organization’s data maturity from the inside out by building data literacy among your own employees.
The last thing you need is a one-size-fits-all solution that’s too difficult to customize for your business. That’s why Onebridge spends time embedding our team within our customers’ teams and understanding their unique challenges. We create a customized plan designed to solve specific pain points in your program or simply take it to the next level of maturity. Get in touch with us to learn more about how our data analytics services can help you transform the way your team (and your business) interacts with your data.