Streamlining Financial Data to Boost Productivity
Using data governance & master data management to drive efficiencies and improved data quality
A global Communications Service Provider required an extensible data governance framework and master data management re-engineering to streamline key financial data and processes. These data-focused optimizations would reduce manual efforts, improve data quality, and help decrease overall financial close cycle times.
Delayed Financial Close – Multiple data integrity and efficiency challenges contributed to delays in producing key financial metrics needed for critical organizational visibility and direction.
Inefficient [Master] Data Management – “Swivel chair data entry” (manually entering data into one system and then entering the same data into another system) and manual approval processes caused inefficiencies and contributed to data quality discrepancies.
Disparate Data and System Landscape – Many disparate master data sources, versions, and hierarchies posed challenges in attaining a trusted source of truth for key financial data elements. Additionally, limited data lineage visibility posed challenges with effective Root Cause Analysis.
RevGen worked with each business unit’s leadership and technology teams to approach the challenges collaboratively and with a sharp focus on process optimization for financial data.The solution included partnering with the client to: