Today’s CFOs face tremendous pressure amid changing regulations, advances in technology and heightened demand by senior executives for strategic insights and decision support. These new pressures complicate the fiscal team’s already mission-critical role as protector of company assets and booster of shareholder value.
Against this backdrop, technology-driven finance transformation has become the key to survival and competitive advantage. Key challenges to overcome include tight internal controls for regulatory compliance and financial auditing; a lack of capacity and tools for self-service analytics across the business; and the need for fast and accurate flow of financial reporting and risk information to key executives and far-flung networks of project managers and regional business directors.
Finding the Right Solution
Even for organizations that recognize these challenges and are ready for financial transformation, the range of tools and solutions available can be confusing – and companies often struggle with limited budgets for new advances in technology.
That’s why more businesses are turning to Teradata’s Finance Transformation solutions. With decades of real-world experience solving accounting, financial reporting and analytics problems, Teradata helps organizations leverage their existing data and infrastructure for advanced analytics to unlock the full value of financial data.
Powerful Tools for Finance Transformation
Teradata offers cutting-edge financial analytics and seasoned industry experts to help turn business challenges into positive business outcomes across a range of fiscal operations priorities, including:
- Financial Reporting – Teradata improves both external and management reporting via a single data platform to integrate all financial data and provide a flexible view of fiscal performance across ever-changing hierarchies within the organization – such as product, project or account. We automate summation of results across multiple operating or business units, regardless of geography.
- Sub-ledger Reporting – Teradata’s analytic database injects a company’s financial system infrastructure with true transparency – including consistent data definitions and performance metric calculations to clarify linkages between business events, operating activities and financial results.
- Spend Analytics – Teradata provides managers with a single, integrated and consistent view of all procurement information. This helps lower costs and reduce risk through vendor consolidation, purchasing policy compliance and increased supplier accountability.
- Planning and Forecasting – Teradata creates a single repository where detailed performance driver data can be identified, tracked and presented in the format most applicable to the user. This brings data closer to the business users who need it, helping clarify the impact of operational actions on financial results.
- Profitability – Teradata gives the entire enterprise a single source for profit methodologies and calculations, allowing granular and behavior-based metrics by dimension – including customer, account, product ID, SKU, location or any number of other dimensions.
Teradata is an industry leader with a proven track record of successful finance transformation. We created transparency for a leading European bank across 18,000 users in 22 countries and 50 markets. We helped Nationwide Insurance establish standard data definitions and governance across 200 key source systems. And we showed the United States Postal Service how to get a daily view of financial performance data across all branch offices – with report delivery to 50,000 managers and $350 million in infrastructure cost reductions.
These are just a few examples of how Teradata leverages best-in-class analytics solutions for CFOs and the whole organization to leverage for better performance and profitability. We have decades of experience building Finance Transformation architectures that are powerful, flexible and scalable up to even the largest multi-national corporate settings. The result is more accurate, credible and actionable insights to streamline operations and foster agility across the entire fiscal ecosystem.
Links to assets that support the business problem:
- Meet the New CFO – Data-Driven Insights Help CFOs Identify Opportunities, Save Money and Guide the C-Suite
- Make Finance an Analytic Champion
- Data-Driven Finance: “Moneyball” for CFOs
- Close Process Optimization
- More Dimensions, More Dollars: The Power Of Next-Generation Profitability
- Putting Profitability Insight to Work: 5 Ways To Improve Your Bottom Line
- Michael Ingemann
After starting out as a Coopers & Lybrand (now PwC) auditor in the early ‘90s, I worked in a variety of senior finance positions in the oil & gas and airline industries. In 2002, I changed tack. As a senior management consultant I began delivering all kinds of finance transformation projects for companies in Europe and Asia. And helping to optimise finance departments and enhance their analytical capabilities through data management have proved to be my main interest and key strength. I earned an HD in management/financial accounting (HD(R)) and an Executive MBA in General Management from Copenhagen Business School.