From data guardian to data orchestrator
The vision: Over the past five years, innovative, smart, and communicative technologies have evolved from the internet of things, blockchain, 5G, and now Web 3.0. A system architecture connected through a cloud-based ERP like SAP S/4HANA or hyperscalers like Microsoft Azure or Amazon Web Service (AWS) spans companies across the value chain and transforms the way we extract, mine, share, and interpret data. This seamless flow of data facilitates financial and operational planning, unlocks new sources of value, and drives better and faster decision-making. And as businesses adopt work-from-anywhere models, diverse and disparate teams can still connect.
The reality: CFOs now need to add the role of data orchestrator to data guardian and drive data convergence. Shift to a cloud-based ERP or hyperscaler to connect your systems and consolidate disparate sources and types of data. Gather and integrate information beyond the financial and transactional. Data from across the business, suppliers, partners, as well as external industry data and market intelligence, should all be pooled and processed in one place. And build AI and ML capabilities, such as natural language processing (NLP) and optical character recognition, to translate data into a common language.
Consider agile operating models, such as global business services or finance-as-a-service, which combine a robust cloud data fabric, best-in-class finance operations, and advanced technologies. These services become an extension of your business, offering a wider pool of expertise and capabilities, and they enable your finance teams to adopt a more strategic role.