Nov 2 2020
Step 2 - Move from Silos to Workflows
CFOs now more than ever must use their position to lead businesses through the current economic environment by encouraging better communication and visibility across multiple business units. They need to empower collaboration, introduce automation, and better facilitate departments working together to break down existing silos.
Silos, now accentuated due to remote working circumstances, stem from different business objectives clashing with a lack of transparency and a lack of clear communication channels.
This is where the essential combination of data and workflow comes into play for CFOs.
Approach process automation holistically rather than in silos to achieve the biggest impact. Real-time information gives CFOs data-driven control that enables capacity and agility.
Fluid Operations Driven by Data
A quick win is to enable fluid access to data from existing systems and convert these into impactful lines of communications. This platform then becomes a rich source of functionality that captures and visualizes data to facilitate the break-up of unwanted silos.
To realize significant transformation however, CFOs must strategically identify how and where to apply a data-driven strategy. A 2019 survey by Forbes of 302 executives around the world, ‘Intelligent Automation Benchmark Study’, reviewed fluid access to data via the lens of a simple Acquire-Process-Analyze-Deliver framework.
Acquire: the input of data and how is the data ingested?
Process: once data is ingested, what needs to happen to it?
Analyze: after the initial processing of data, or even during processing, is there a requirement to synthesize information from many sources to draw insights or make a prediction?
Deliver: how should information be delivered back to the user? What information is relevant and more importantly what is not?
Resultant new insights from such as framework can be used to guide better decision making and allow businesses to alter course faster towards common and more uniform business objectives.
Informed and transparent decision-making can only be successful when accurate information from all business units is readily available. This enables fast and accurate communication leading to agile collaboration on common objectives.
More about this topic and the four steps to overcome new challenges and make the business more competitive in contained in this CFO Guide. Download the complete guide on transformation