Title: Confident Decisions Stem From Accurate And Protected Data
Speakers
Leader (Moderator): Leah McLean
Participants: Rusty Kennington: Sailaja Kotra-Turner: Harsh Kalra:
Companies are grappling with increased complexity, constant change and increased
risk. The growing threat of cybercrime and data privacy risks, the competition for talent,
the need for embedding social responsibility and the quickening and perpetual demand
for transformation, innovation and transparency, has significantly complicated
operational priorities as Enterprises’ struggle to maintain relevance. These issues
typically fall into three distinct buckets:
Challenge #1: Difficulties Analyzing and Reporting on Performance across
multiple regions and multiple cultures
First and foremost, companies are data companies, and it is that data that requires
effective categorization and analysis to facilitate accurate planning and forecasting.
Resilience demands deeper insights and superior decision-making. As strategic
leaders, we must be able to trust the accuracy of the data and our reporting
methodology. The difficulty for Enterprises is the inconsistence of how the data might
be categorized and used in different market regions and cultures. Another difficulty is
whether those making vital financial decisions have access to all current accurate data
in the first place. A high degree of errors creates a higher degree of financial risk and
could make for faulty decisions. We must be able to trust the data analysis to make
timely successful financial decisions.
Challenge #2: Implementing Effective Processes for Data Mining and Data
Protection
Data is the new oil and the life’s blood of every Enterprise. Effective controls for data
privacy and security are imperative to not only an Enterprises’ reputation and brand but
to its entire revenue stream and customer base. Although we would like to implement
Forte Nocks around our data, it is impossible because data is a living, breathing and
active part of the existence of the Enterprise and a required element that is shared
across the entire Enterprise. How can we protect the data and keep it active is the
million-dollar question that is top of mind of every decision maker?
Challenge #3: Ensuring Compliance When Compliance May Not Be Consistent
Across a Global Enterprise
Financial controls over Payroll, Accounting and Customer Data can be based on local
or regional laws and regulations. This makes it impossible for data to live in a central
location only. Operational complexity can include navigating local and regional laws
and regulations—such as tax compliance, privacy laws and anti-laundering laws that
may be unique and based on specific locations. Many global companies tend to
engage third-party accounting firms who are regional reporting experts to meet
corporate reporting needs. Others construct local finance departments in every
country, staffing them with local experts but this can create greater inefficiency and
complexity.
These complex systems tend to be disconnected therefore at additional risk requiring
advanced data protection and cybersecurity. Automation platforms that include
machine learning and artificial intelligence are proliferating across the Enterprise
especially where it pertains to data protection and cybersecurity to keep data active
and safe. Legacy Financial Systems cannot keep up with the complex demands for the
data structure.
Enterprises must find the answer to these complex situations while meeting
compliance regulations and increasing revenue simultaneously. Many third-party
solution providers are working proactively with Enterprises to solve many of these
complex problems without whom our Enterprises will never keep up.
Working hand and hand with Enterprises, technology partners are creating platforms
for the future to solve some of the most complex business issues facing Enterprises
now and for the future. This fragile ecosystem maintains its equilibrium through
constant diligence, adjustment and correction with the only constant in the
balance…change. Come join these amazing thought leaders in this lively and
interactive discussion working to solve these complex challenges for 2022 and beyond.