The Finance Data Strategy Project was a core initiative within the Finance Transformation Programme. Regulators were increasing their scrutiny and requesting more granular information on a more frequent basis. Shortcomings ranging from a lack of data standards and ownership, to no centralized reference data management and multiple application system deficiencies were identified. This resulted in a significant amount of time-consuming data repairs and risks.
We developed a comprehensive framework consisting of specific policies and guidelines to ensure quality, consistency and the supply of data. This encompassed the end-to-end data life cycle covering standard definition of data, application systems, data sourcing, transformation, reconciliation and presentation. Implementation would lead to greater global data consistency and cohesion, lower information production costs and improved accuracy and confidence in the numbers used for financial reporting, decision making and performance analysis.
We identified a possible 60% reduction of interfaces into the existing major data warehouses. We confirmed a 75% reduction of manual files into a major data warehouse and we also identified clear opportunities to “source once, use many” across a suite of finance applications. Implementation of these findings led to increased capacity, technology savings and reduced operational risk.