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OpenGov Asia is pleased to invite you to an exclusive OpenGovLive! Virtual Breakfast Insight aimed at imparting knowledge on the democratisation of data and analytics in the office of finance and best practices to achieve a culture of analytics, upskilling of employees, and service efficiency.
Increased governance, high risks and strict compliance requirements – these are complexities that the office of finance in any organisation grapple with daily.
The role of Chief Financial Officers (CFOs) has moved beyond traditional financial and accounting oversight. They now operate in the centre of the organisation delivering relevant insights on business performances that underpin and guide the entire company functioning. CFOs are increasingly becoming key advisers to business, where the critical need is for making near real-time, data-enabled decisions.
Finance roles have long used descriptive analytics, presenting information as dashboards and reports describing past events. Unfortunately, the office of finance is still heavily reliant on the aggregated level of available information.
With the insights derived from accounting, consolidation and reporting engines, multiple data extractions on business applications, the finance team is faced with an enormous amount of siloed data deluge and spreadsheet applications.
As data becomes more distributed, dynamic and diverse, data no longer resides in a single enterprise source. Instead, it is likely to be housed and processed in multiple parallel operating locations, such as ERP systems, billing systems, or commerce platforms.
It is imperative to develop advanced forecasting capabilities and new finance management technique which provides the opportunity to take analytics capability and data beyond the finance function to support the enterprise holistically.
Along with developing new talent and skillsets, and through investment in technology, using analytics in finance enables CFOs and finance teams to generate a competitive advantage and growth for the entire enterprise.
Analytic Process Automation as an Enabler to Democratisation of Data and Analytics in Finance
A data-driven finance function recognises the full potential of granular data, managing data as a strategic asset.
Therefore, priority has to be making data more accessible to everyone across the departments and organisation. Increasing accessibility of data sources, reducing time collecting and preparing data sets for analysis and integrating analytics into outputs to create transformative business outcomes become the need of the hour.
This is where Analytic Process Automation (APA) comes into the fore. APA democratises data and analytics by simplifying and widening self-service access to data, analytics, data science, process optimisation, Artificial Intelligence (AI) and Machine Learning (ML) without requiring specialised skillset from the team.
By intelligently automating the hundreds of repetitive and complex analytic processes, the finance team could save hours of manual works and be able to spend more time on delivering vital outcomes. On top of that, the accuracy and flow of data would significantly be improved in its operation as APA streamlines entire data-driven processes in a preferred consumption format.
Achieving Culture of Analytics and Employee Upskilling
Human capital is regarded as one of the biggest assets and investments of an organisation. Many are transforming their workforces to drive productivity, innovation and growth. Upskilling employees at all levels is the key.
APA enables a culture of analytics across the organisation without the limitations and restrictions imposed by technology. With the mundane and complex processes being automated, any employee could easily turn data into results and unlock predictive and prescriptive insights that drive performance gains and return on investment.
With the full visibility of data across key financial management systems, it enables every function in the finance team to take advantage of data and easily collaborate across departments, where the analytic effort can be shared and reused.
The core question then becomes – How can the CFOs and finance team best leverage Analytic Process Automation without dependencies on IT department?
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Very welcoming professional staff organising a virtual event. The contents of the event is very useful and clearly explained
Krung Thai Bank PCL
The live session is fantastic!
TISCO Financial Group
I like the discussion and sharing session as I keep learning new ideas and knowledge from this meeting
CIMB Thai Bank PCL
© 2024 OpenGov Asia – CIO Network Pte Ltd.
Philip Madgwick is the Regional Director ASEAN for Alteryx based in Singapore working closely with the team to support clients across the region to turn their data into actionable insights and support their path in digital transformation. He has 11 years of enterprise software / platform solutions with BT Global Services (BT Radianz & BT Unified Trading) & MuleSoft which was acquired by Salesforce in 2018.
As a global leader in analytic process automation (APA), Alteryx unifies analytics, data science and business process automation in one, end-to-end platform to accelerate digital transformation. Organizations of all sizes, all over the world, rely on the Alteryx Analytic Process Automation Platform to deliver high-impact business outcomes and the rapid upskilling of their modern workforce. For more information visit www.alteryx.com.
Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.
As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.
Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.
Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.
Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.
SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.
HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices.
IBM is a leading global hybrid cloud and AI,
and consulting services provider, helping clients in more than 175 countries
capitalize on insights from their data, streamline business processes, reduce
costs and gain the competitive edge in their industries. Nearly 3,800
government and corporate entities in critical infrastructure areas such as
financial services, telecommunications and healthcare rely on IBM’s hybrid
cloud platform and Red Hat OpenShift to affect their digital transformations
quickly, efficiently, and securely. IBM’s breakthrough innovations in AI,
quantum computing, industry-specific cloud solutions and business services
deliver open and flexible options to our clients. All of this is backed by
IBM’s legendary commitment to trust, transparency, responsibility, inclusivity,
and service. For more information, visit www.ibm.com
