Often when companies attempt to use new technology in their business, they don’t consider how it will change the culture of their workplace.
The very reason technology solutions, such as financial planning software, are implemented in an organisation is to solve a particular problem or series of problems with the current way of doing things.
Naturally, this means the new technology will affect the current processes in the business.
And, to make the implementation effective, staff will have to embrace these new processes.
For financial planning solutions, this culture change must be led by the CFO and incorporates important areas like processing and valuing data, gatekeeping, and building transparency.
In current market conditions flexibility is a must.
Unfortunately, many organisations are stuck using traditional methods for their financial planning.
This includes using spreadsheets and creating a once a year static plan, which is poorly communicated throughout the company.
Planning in such a way has significant risks.
A common business tool, spreadsheets are still heavily used in organisations for financial planning.
Unfortunately, their use comes with significant risk.
As Belinda Johnson, CEO of Mindfull, found in a previous role as the CFO for a large property development firm, not summing a column right to the bottom led to a million-dollar mistake.
Why are NZ businesses increasingly mindful of data risk and sovereignty? And what does that actually mean?
A Missed Opportunity and A Significant Risk
In this increasingly data-driven world, companies that are able to turn their data assets into results, revenue and growth are the ones getting ahead.
However, most companies have no idea what data they have and where it is.
A recent study of US IT and IT security professionals found that 62% of respondents are most concerned by not knowing where their organisations’ confidential or sensitive data is located.
And, even if they do know where it is, it’s unlikely they know its quality and whether it’s suitable for analysis.
This is not just a missed opportunity to discover valuable insights, but also a significant risk to their business.
Without visibility of their data and where it is located, they have no idea about their data’s sovereignty, security, or who has access to it. Making data governance extremely difficult.