Financial data quality remediation
A blockchain-based payment start-up implemented a new Enterprise Resource Planning (ERP) system. Due to an ill-defined data governance framework and poorly defined financial operating model, the set-up of the ERP was inadequate. As a result, it limited straight through processing, required manual data entry and manipulation, resulting in a high risk of inaccurate financial data and reporting.
To develop a financial ecosystem that would drive efficiency and accuracy, we:
- Diagnosed the root cause of the issue
- Mapped out clear data lineage and identified golden sources of data across the Finance function
- Implemented clear roles and responsibilities with regards to financial data and its ownerships
- Cleansed financial data within the ERP and procurement data sources
- Increased automation with the current set of tools to allow creation of timely reporting to support strategic decision making
We created the foundation for a financial ecosystem where production activities are seamless and require low manual intervention. The ecosystem also provides the basis for advanced analytics and insight generation that can facilitate real-time business decision making. This is key in moving from a resource-heavy, inefficient finance department to a department that truly adds value across the whole organisation. Operational risks were also significantly reduced in the process.