In terms of business operations, the finance team is responsible for scanning data, identifying opportunities, predicting future trends, and reporting their insights to superiors in an easy-to-understand manner。In addition to knowledge of a range of financial modeling systems, the finance team needs to know a lot about effective data management。

With the global data market set to be worth nearly $78 billion by 2025, finance teams need to understand how to manage all the data they interact with in order to gain insights.。Due to the size of the project, these teams need to understand data management, compliance and regulatory practices as the core of their work。

How to get more information from financial data？

To better serve the business, finance teams need to be able to draw as much insight as possible from the data。In addition to insights, all the data they generate must have a specific purpose and deliver value to the business。Therefore, they must follow the best practices of modern data management to ensure that they can keep up with the new influx of data.。

Here are the top strategies that finance teams can use to innovate the way they manage and interact with each other:

• Centralized Data Management
• Leverage automation for compliance
• Working with the data team

Centralized Data Management

One of the most impactful things an enterprise can do to improve the efficiency of data management in its finance team is to ensure that all data is centrally managed。The best way to do this is to use a single data source, such as a centralized cloud data warehouse that stores all your enterprise data。

When comparing leading cloud data warehouse providers such as Apache Pinot and Druid, you can see that you will be able to store large amounts of data and scale your storage to meet your requirements。Especially when managing financial data, which is often real-time and will continue to flood into the company, and the cloud approach is by far the most effective method。

Centralizing data creates a single repository that gives all finance team members access to the most recent data。This will prevent multiple team members from working on the same data without their knowledge, and will help to follow good data practices to ensure that data sources are up-to-date and accurate。

And for generating insights, a centralized repository is a must for finance teams。

Leverage automation for compliance

When it comes to data management, poor data compliance management has been holding companies back。In data management, data compliance is integral。Without compliance, businesses can face hefty fines, inability to process certain types of data, and potential security risks。

Nevertheless, compliance is also one of the most tedious parts of interacting with large data repositories because it represents several additional steps that teams must take when interacting with data。Regions and governments will only continue to add more compliance regulations over time, so this is an important aspect to consider as soon as possible.。

One way to improve data compliance to reduce the time required by financial and data teams is to adopt a series of automated tools and systems。Automation software can be integrated directly into the data platform of your choice and help you comply with specific data requirements。

For example, you can find an integration that automatically takes data from a connected platform and imports it into a cloud data warehouse。This immediately eliminates any manual process of moving data, giving your finance team more time to focus on analytics。

You can also find tools to help with data compliance by eliminating the most time-consuming tasks。By taking advantage of automation where possible, it will be much easier for everyone who touches data and doesn't have to worry about whether they are following the right compliance initiatives。

Your business can go one step further and ensure that all your finance teams are trained in compliance before they touch the data。Providing courses that explain what data compliance is and how to properly comply with and enforce these regulations will ensure that your team is always on the right track。

Compliance won't go away, so the sooner the finance team takes control, the better.。

Working with the data team

While finance teams often engage with data, analyze it, and draw insights from it, they are not the actual owners of the data。Instead, it's the data team that really manages the cloud data warehouse and makes sure it runs smoothly。

In light of this, issues arise between data and finance teams in some organizations, with conflicts over ownership and management responsibilities。In order to avoid the above situation, the best way is to maximize the contact between these teams。

Of course, by managing data centrally, you can already do this。However, you can go a step further and ensure that both teams follow the same practices and processes when interacting with data。While this may seem time consuming, it ensures that problems are reduced and the entire data pipeline runs smoothly。

More importantly, requiring all parties to follow the same process will help improve the observability of the data, thereby ensuring that all financial data is accurate when analyzed。

Conclusion

Data has risen rapidly to become the most valuable resource at the disposal of enterprises.。Without data, teams cannot generate effective insights and create value for the business。A steady stream of information helps organizations pinpoint opportunities, uncover hidden values, and move toward successful business practices。

This is best reflected in the finance team, which is directly tasked with finding ways to maximize profits and minimize expenses。By leveraging the practical tips and strategies in this article, finance teams will be able to get more out of their data and build more effective data processes in their operations。