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Elevate Xchange Happy Hour, September 8, 2022

Title: Confident Decisions Stem From Accurate And Protected Data
Speakers

Leader (Moderator): Leah McLean

Participants: Rusty Kennington: Sailaja Kotra-Turner: Harsh Kalra:

Sonja Hammond: Eric Yancy:


https://youtu.be/ekkiaGCq4e




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 complianceprivacy 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.

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