By Sandy Pfeffer

Finance professionals influence the informed decision-making in multiple areas of operations often deemed priorities – from cost management and financial performance to growth, talent, compliance, and more.

Even with the access and ability to provide guidance across so many topics of importance, there is one useful cornerstone in completing the arch of this cross-organization feedback: harnessing the power of data. The key is focusing on the right type of data and creating a clear plan for collection, organization, and use of data.

A recent Deloitte report, It’s Time to Get Serious about Data, offers a chance to refresh your data strategy. Ask yourself the following six questions to determine whether you are taking data seriously and enabling your business to make sensible decisions.

Do I Think that All Data Is Important?

Serving organizational priorities means that we may want to prioritize relevant data. Recording and keeping any and all data may seem meaningful, but doing so can be counter to your productivity. More bandwidth and effort would be needed to determine what to keep or discard.

Instead, ask yourself, “What kind of data do I really need that will help me understand the value drivers of my business?” Once you answer that, then you can create a standardized data model that can help you capture and curate the data you need.

Do I Only Focus on Financial Data?

If your answer is “yes,” that’s understandable, especially if you are the finance point person. However, if you have nothing to link finance data to – such as forecasts and models spanning commercial, supply chain, operations, talent, etc. – will you be able to drive companywide decision-making?

Rather, identify the data that you need to collect from other departments that work alongside your financial data. The more that you align with data from other sources, the better-equipped you will be to help the business plan ahead and accomplish its objectives.

Do I Have a Formalized Finance Data Organization?

If the answer is “no,” now is a good time to establish one. Start by defining a dedicated data management team, with oversight from the CFO and in alignment with broader organization use. The team should be aware of all the stakeholders using the data and may need to proactively address challenges such as underlying data issues.

Do I Have Career Paths for "Data People?"

Often, data professionals are seen as only capable with data and finance professionals say they are not data people. Consider how to create or adapt roles and offer training to help ensure analytic-driven insights aren’t siloed. There are many ways to drive this. One is to establish several multidisciplinary career paths that align data capabilities with specific functions within the finance organization.

Am I Spending Too Much Time in Spreadsheets?

Data is more than numbers in a spreadsheet or slide deck. Spending too much time with those tools may be a sign of missed opportunity. Once you incorporate enterprise resource planning (ERP), which supports data automation, predictive analytics, and machine learning, you can open up a world of possibilities.

However, it is important to integrate ERP one step at a time instead of all at once. Remember, it’s all about prioritization of your resources.

Do I Ever Think about Automating Data?

If you haven’t tackled ERP, then you may not yet be moving forward with automation. Data stewards have their hands full, but the future holds potential for a time when machine learning can connect the dots for commonalities across the business.

To get there, automation will benefit from discipline, transparency, and traceability. And let’s not forget the human element: people should feel empowered to intervene as needed.

When there are many priorities in an organization, the world can start feeling a little watered down. And there may be times when priorities shift in alignment with the organization’s focus. But with some structure and clarity of purpose, data can support so many organizational functions and opportunities that it can be a singular – dare I say it – priority worth your time.

Sandy Pfeffer is the Greater Philadelphia marketplace leader for Deloitte LLP. Pfeffer is a member of the American Institute of Certified Public Accountants and the Pennsylvania Institute of Certified Public Accountants, and is a certified public accountant licensed to practice in Pennsylvania and New Jersey. She can be reached at spfeffer@deloitte.com.

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Statements of fact and opinion are the authors’ responsibility alone and do not imply an opinion on the part of the PICPA's officers or members. The information contained herein does not constitute accounting, legal, or professional advice. For actionable advice, you must engage or consult with a qualified professional.