Optimize Efficiency and Mitigate Risks with One Source of Truth
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Gauging the financial health of your organization is a lot easier when your data comes from one source instead of disparate systems. View this deck to see why finance leaders in professional services are making the move to one source of truth.
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Optimize Efficiency and Mitigate Risks with One Source of Truth
- 1. HOW FINANCE LEADERS OPTIMIZE EFFICIENCY AND MITIGATE RISKS BY MAINTAINING A SINGLE SOURCE OF TRUTH August 26, 2020
- 2. SPEAKERS John Bax Chief Financial Officer OneSource Virtual Patrice Cappello Global Head, Professional and Business Services Go To Market Workday Moderator: Joe Fleischer Editorial Director, Finance Channel Argyle Group Kris Murphy Principal The Hackett Group
- 3. AGENDA • Introduction and Opening Remarks • Discussion • Questions and Answers
- 4. PLACEHOLDER FOR POLL QUESTION #1 Please indicate the extent to which you agree with the following statement: My company maintains a single source of truth about its overall performance. a) Strongly agree b) Agree c) Disagree d) Strongly disagree e) I don't know
- 5. With regard to measuring performance, top challenges for professional services firms include: • Gathering accurate financial data about multiple lines of business, • Relying on disparate sources of data about the same lines of business, and • Maintaining multiple systems whose data about the same line of business is inconsistent from system to system.
- 6. Professional services firms are particularly at risk of introducing and perpetuating inaccurate data if they: • Implement multiple systems that maintain incompatible data about the same business units, and/or • Employ different definitions to refer to the same type of data in each business unit.
- 7. To gauge its financial health accurately and efficiently, a professional services firm should be able to: • Identify bottlenecks in gathering data from multiple systems, • Eliminate dependence on manual processes to reconcile data from incompatible sources, • Establish consistent data definitions among different business units, and • Gain support for and collaboration on maintaining a single source of truth about the firm's performance.
- 8. PLACEHOLDER FOR POLL QUESTION #2 Please indicate the extent to which you agree with the following statement: To gauge its performance, my company typically relies on disparate sources of data about the same lines of business. a) Strongly agree b) Agree c) Disagree d) Strongly disagree e) I don't know
- 9. DISCUSSION John Bax Chief Financial Officer OneSource Virtual Patrice Cappello Global Head, Professional and Business Services Go To Market Workday Moderator: Joe Fleischer Editorial Director, Finance Channel Argyle Group Kris Murphy Principal The Hackett Group
- 10. PLACEHOLDER FOR POLL QUESTION #3 Within what timeframe, if any, does your company intend to improve its ability to maintain a single source of truth about its performance? a) My company does not need to do so b) Within fewer than three months c) In at least three but fewer than six months d) In at least six months e) My company does not intend to do so f) I don't know
- 11. QUESTIONS AND ANSWERS John Bax Chief Financial Officer OneSource Virtual Patrice Cappello Global Head, Professional and Business Services Go To Market Workday Moderator: Joe Fleischer Editorial Director, Finance Channel Argyle Group Kris Murphy Principal The Hackett Group
- 12. SPEAKERS John Bax Chief Financial Officer OneSource Virtual Patrice Cappello Global Head, Professional and Business Services Go To Market Workday Moderator: Joe Fleischer Editorial Director, Finance Channel Argyle Group Kris Murphy Principal The Hackett Group
- 13. HOW FINANCE LEADERS OPTIMIZE EFFICIENCY AND MITIGATE RISKS BY MAINTAINING A SINGLE SOURCE OF TRUTH August 26, 2020
Editor's Notes
- Joe
- Joe
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- Order in which Joe directs each question to panelists: Kris, Patrice, and then John *** Discussion Questions *** 1. Why are professional services firms particularly at risk of maintaining inaccurate data about their financial performance? 2. What is the effect of not having accurate data? 3. In your experience, what are the primary reasons that a professional services firm would use multiple systems to gauge the performance of the same line of business? 4. What are the underlying reasons that companies maintain incompatible data about the same business units? How would you advise that finance leaders remedy this issue and prevent it from arising in the first place? 5. How can finance leaders at professional services firms eliminate bottlenecks in gathering data from multiple systems and eliminate dependence on manual processes to reconcile data from incompatible sources? 6. How can finance leaders collaborate effectively with other executives within their companies to establish consistent data definitions among different business units? 7. How can a finance leader garner support for and collaboration on applying advances in technology to maintain a single source of truth about a company's performance?
- Joe