MORRISTOWN, N.J., Nov. 12, 2019 /PRNewswire-PRWeb/ -- The Financial Education & Research Foundation (FERF), the independent non-profit research affiliate of Financial Executives International (FEI), today released Data: The Strategic Asset report sponsored by EY. It explores issues surrounding data strategy and quality as well as how companies can leverage high-quality data to create a sustained competitive advantage.
More than 80 percent of organizations surveyed view data as a strategic asset. Surprisingly, however, 60 percent of respondents have not considered the organizational impact of poor quality data. As discussed in this report, data can be an invaluable asset for business success when used for strategic decision making and regulatory compliance. It can also be a major operational investment when considering the cost of manpower and technology systems implemented to manage it. Therefore, ensuring that the harvested data is of the highest quality possible is paramount to organizations aiming to derive any real value.
"Data transformation is necessary for businesses to modernize their financial functions and to thrive within today's professional environment," said Andrej Suskavcevic, CAE, President and CEO of Financial Executives International and Financial Education & Research Foundation. "For some companies, as much as 80 percent of their staff's time is spent compiling and organizing data prior to any analysis even being done. That is a massive productivity investment that can be better deployed elsewhere assuming the right data strategy is put in place. With this report, FERF aims to help financial leaders understand what goes into such a successful plan—from the people you hire to the tools you use."
Data: The Strategic Asset introduces the two basic tenants of a strong data management strategy. First, a good strategy considers the data's purpose, intended use, source, and stewards. Second, the strategy uses proven advanced methods and technical solutions for governance and analysis. Given this, the report presents a detailed outline for financial executives to use when developing a strategy, the key elements being:
1. Purposes and Uses of the Data
2. Sources of the Data
3. Stakeholders
4. Technology, Management, and Processes
5. Controls
6. People
FERF's Data: The Strategic Asset report is available online at http://www.financialexecutives.org/Research.
About Financial Education & Research Foundation, Inc.
Financial Education & Research Foundation (FERF) is the non-profit 501(c)(3) research affiliate of Financial Executives International (FEI). FERF researchers identify key financial issues and develop impartial, timely research reports for FEI members and nonmembers alike, in a variety of publication formats. FERF relies primarily on voluntary tax-deductible contributions from corporations and individuals, and publications can be ordered by logging onto http://www.financialexecutives.org/Research.
About FEI
Financial Executives International (FEI) is the leading advocate for the views of corporate financial management. Its more than 10,000 members hold policy-making positions as chief financial officers, treasurers and controllers at companies from every major industry. FEI enhances member professional development through peer networking, career management services, conferences, research and publications. Members participate in the activities of more than 65 Chapters in the U.S. FEI is located in Morristown, NJ. Visit http://www.financialexecutives.org for more information.
About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
SOURCE FERF
Share this article