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.
Hours of Content
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?
OpenGov Asia releases new digital content daily on trending topics within technology and the public sector. Join our newsletter to have weekly digests of our content conveniently sent to your email address.
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
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.