1. KEY INITIATIVE Financial Data and Analytics
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KEY INITIATIVE Financial Data and Analytics
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2. Overview: Financial data and analytics
Top challenges and how Gartner can help
To support finance leaders in their efforts to improve financial data and analytics, our research will address the following common client questions:
How can we manage financial data (e.g., structure, definition, attributes) so it can be more easily aligned with other types of data (e.g., customer, marketing, operational performance)?
How can management reports advance decision makers’ understanding of performance and associated actions?
How do we identify opportunities for advanced analytics and scale them across the organization?
The topics we cover include:
Financial data management: Streamline financial information, structure data and standardize data definitions to create a high-quality data environment that ensures information integrity while enabling faster and more impactful analysis of business problems.
Finance analytics: Generate insights derived from the application of specialized and semiautonomous (i.e., machine-driven) analytic methods to create more impactful analysis for business decision makers.
Metrics and management reporting: Build effective dashboards and internal reports that balance historical views of performance with real-time and forward-looking KPIs to improve performance management.

3. Metrics and Management Reporting

4. Challenges with improving metrics and management reporting1 2 3
Finance produces a multitude of reports that no one consumes
Reporting does not help decision makers learn anything new about their business
Metrics do not truly reflect business performance
Only 56% of financial and performance data helps fill knowledge gaps about business or enterprise performance.
The adoption of digital reporting technologies and the emergence of self-service reporting have not solved the challenge of influencing decision makers with the right, forward-looking information and KPIs.
Finance teams struggle to streamline and prioritize report requests.
Processes to create reports are inefficient.
Finance does not leverage technology effectively to ensure capability and low cost.
More than 75% of finance’s internal reporting and financial analysis tends to be factually descriptive and static, weighted toward financial data, rather than forward-looking, “business centric” information that combines financial data with operational and external data.
Reports are not packaged well: key findings are obscured, data visualization is ineffective, drill-down data is unavailable, and delivery channels are not user-friendly.

5. Questions your peers are asking
Topics
Lorem
Key client issues
Select KPIs and metrics
What KPIs and leading indicators are other companies using?
How can we align KPIs to corporate strategy?
Build better scorecards and dashboards
How do we build effective dashboards and reports?
How do we ensure that management information is relevant to our business partners?
Improve the efficiency of reporting
How can we improve our reporting to improve utilization and adoption of the data?
What are the best practices to screen and rationalize requests for information?
Topics

6. Capabilities support each stage of your initiative
Diagnose current state
Benchmark performance metrics against those of your industry peers: Review the sample industry metrics cascade library.
Understand how your scorecards compare to best practice: Review this corporate performance scorecard example.
Identify optimization opportunities by auditing existing reports and structuring a review, rationalization and improvement process, as outlined in this case study.
Develop your plan
Select new KPIs for your organization using this Gartner Ignition Guide.
Design financial metrics that encourage innovation, as outlined in this report.
Build corporate performance dashboards and scorecards by following the guidance provided in this webinar replay.
Create business-centric management reports using this step-by-step guide.
Develop a disciplined approach to evaluating, planning and executing reporting transformations, as outlined in this case study.
Execute and drive change
Deliver data using a multi-channel model, as outlined in this case study.
Improve your process for supporting non-standard requests by following the guidance provided in this playbook.
Streamline routine analysis to include only relevant issues that the business can act on, as outlined in this case study.
Launch self-service analysis capabilities to improve metrics and management reporting, as outlined in this case study.

7. Gartner support organized against your timeline
Activity roadmap
Initiative
0-90 days
days
Improving metrics and management reporting
Issue Diagnosis: Benchmark performance metrics against those of your industry peers: Review the sample industry metrics cascade library.
Action Planning: Learn from your Service Associate how other finance leaders leverage support and resources from Gartner to evaluate, plan and execute reporting transformations.
Phone Consultation: Provide a copy of a recent management report to an Executive Advisor for review.
Toolkit: Select new KPIs for your organization using this Gartner Ignition Guide.
Research Findings: Design financial metrics that encourage innovation, as outlined in this report.
Key Steps: Improve your process for supporting non- standard requests by following the guidance provided in this playbook.
Phone Consultation: With an Executive Advisor, craft a multi-year strategy for improving metrics and management reporting to enhance the quality of business decision making.
Research Discussion: Stay abreast of emerging issues and trends being addressed by our research team and proven approaches to tackle them.

8. Comprehensive support for the finance leader
Finance Leader Effectiveness
Personal Effectiveness
Change Management
Finance Function Management
Finance Strategy and Org Structure
Finance Talent
Cost Optimization and Working Capital
Cost Structure
Working Capital
Indirect Spend Management
Indirect Strategic Sourcing
Indirect Category Management
Financial Data and Analytics
Financial Data Management
Finance Analytics
Metrics and Management Reporting
Budgeting, Planning and Forecasting
Budgeting and Planning
Forecasting
IT Finance
Internal Control and Technical Accounting
Internal Controls
Technical Accounting
Tax and Accounting Processes
Tax Operations
Record to Report
Real Estate Functional Management
Customer Relationship Management
Real Estate Strategy and Org Structure
Shared Services Functional Management
Shared Services Strategy and Structure
Shared Services Talent
Real Estate Optimization
Portfolio Strategy
Workplace Strategy
Shared Services Optimization
Shared Services Performance Management
Customer Relationship Management
Procurement Function Management
Strategy and Org Structure
Talent Management
Strategic Influence
Emerging Trends
Indirect Supplier Relationship Management
Indirect Supplier Performance Management
Indirect Supplier Innovation
Indirect Supplier Risk Management
Financial Strategy and Investor Relations
Capital Structure
Capital Allocation
Investor Relations
Finance Technology Optimization
Digital Technology in Finance
Finance Technology Strategy and Selection
Emerging Technologies and Trends
Cyber Security and Digital Risk Management
Procurement and Strategic Sourcing Applications
Procure-to-Pay Applications
Contract Lifecycle Management
Strategic Sourcing Applications
Driving Cost Optimization Across the Enterprise
Baseline Efficiency and Effectiveness
Cost Optimization Plan Development
Cost Optimization Plan Execution
Communication and Leading Change
Leading the Next Generation Workforce
Key Trends
Emerging Critical Skills
Key Talent Segments
Leadership Style and Structure
Driving Digital Business Transformation for Industry Leadership
Functional Digitization
Digital Business Transformation
Digital Business Strategy and Innovation