Streamlining Financial Data to Boost Productivity
Using data governance & master data management to drive efficiencies and improved data quality
Project Overview
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.
Client Challenge
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.
Solution
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:
- Create an extensible Data Governance Framework to establish cross-functional collaboration, prioritization, and alignment on solving key organizational data challenges.
- Develop actionable plans and solutions for efficiently managing master data for the Finance organization.
- Review the data landscape to better understand data lineage, identify potential sources of truth, breakage points, and define clear data ownership and stewardship responsibilities.
- Facilitate prioritization of foundational data assets through the creation of a data inventory and corresponding prioritization matrix.
- Onboard data influencers (data owners, stewards, custodians, other) and form working groups to focus and resolve top priority data issues within their domain.
- Design and implement a Master Data Management solution to re-engineer and streamline processes via automation, improve data quality, and reduce manual swivel chair activities.
Results
- Reduction in manual data manipulation activities allowed for re-focus of personnel on higher value-add activities.
- Accelerated monthly financial close cycle time enabling leadership to run the business with timely financial metrics.
- Reduced time and effort required to investigate and correct downstream data discrepancies.
- Improved data quality controls and enforcement to prevent bad data and support reliable analytics.
- An extensible framework to facilitate cross-functional collaboration and focus on addressing the top priority data challenges of the organization.
Success Stories
Analytics & Insights
Redesigning the Financial Close Process
Navigating legacy systems and organizational differences to reduce time-to-close for financial reporting after a merger
View Success Story
