Technology can be the panacea
It’s crucial that businesses gain full visibility and an in-depth understanding of the information landscape. This includes the business systems and corresponding data flows, the spreadsheets and EUCs and their distinctive data flows, and ultimately the numerous potential risks they present, intertwined across the combined landscape.
Manually trying to understand these vast and complicated data landscapes that go beyond functions, departments and jurisdictions is an impossible task. On the other hand, by adopting a technology-led approach, organizations can automate the analysis of the data flows, identify the data lineages across the landscape, and continuously track and monitor the data usage via well-defined change management methods. This disciplined approach delivers greater quality, accuracy and integrity to the data being used by an organization, as well as the auditable transparency required by the C-suite.
An automated, best practice methodology to data and spreadsheet management is key to overcoming the business challenges posed by data chaos, and thereby mitigating operational, regulatory and reputational risk. When CFOs review their finance dashboards, they must have complete confidence in the figures and outputs they see and potentially present to their Boards.