Data Silos: Good for Storing Corn, Bad for Finance Data

Data Silos: Good for Storing Corn, Bad for Finance Data
data silos

The diagram above illustrates the ever-growing number of SaaS point solutions that impact revenue reporting. Imagine the real-life nightmares most CFOs face when their teams desperately try to navigate this stack of siloed systems. If blind spots in your finance tech stack keep CFOs up at night — dreading compliance exposure and audits — your company is not alone.

These siloed financial systems create impeded visibility that increases the risk of financial oversights, revenue misstatements, and poor capital allocation decisions. Sadly, these financial faux pas are often only fixed after damage has occurred.

With increasingly complex IT constructs — especially with the rise of data volume and specialized SaaS point solutions — automating your financial data across your tech stack is now more challenging than ever before. Many of today’s more archaic ERP systems with rigid relational data models can’t make connections between data from disparate systems. Additionally, today’s status quo of juggling dozens of spreadsheets, customizing your ERP, and building custom applications on top of your data warehouse fail to provide the holistic and real-time visibility that CFOs need. That inability to unify and normalize data — let alone view it — inevitably causes dangerous blind spots.

It’s time to stop the madness of bandaging together siloed financial systems that impede clarity. Today’s CFO demands a Financial Data Management solution that offers accurate, real-time GAAP financials with holistic visibility across systems supported by a single source of truth for finance data.

You wouldn’t put a blindfold on an air traffic controller. Similarly, more companies realize it’s a mistake to burden CFOs with finance data silos. Fortunately, the next generation of Financial Data Management solutions ensures that CFOs rise above the fray. In fact, everyone in your organization has the ability to access accurate GAAP financials quickly, and are no longer flying blind in the dark.

Canva’s CFO leveraged a Financial Data Management solution to gain confidence in GAAP financials to trust his strategic decisions. Click here to get our case study!