In recent years the role of CFOs has evolved into a strategic business partner. The areas of change for CFOs include an increased use of digitalisation and automation, wider strategic and advisory functions, and the adoption of artificial intelligence.
The fast-changing environment, as well as the necessity for real-time finance and data analytics, demonstrate the importance of these themes. CFOs are increasingly taking on a more strategic role and the finance function is becoming more involved in business processes.
The corporate environmental, social and governance (ESG) is one of the key areas where CFO’s see the vital role Finance plays in the implementation and execution of their company’s ESG strategy.
With increased pressure from investors, consumers and regulators, companies are expected to deliver not only strong financial performance but also a positive social and environmental impact. Sustainability’s role is continuing to become ever more important, as it is now seen as part of compliance.
As part of a greater focus on sustainability, the role of Finance has to evolve and must include the reporting of accurate non-financial information both externally and internally. Finance teams now require personnel with extended skill sets, such as in-depth understanding of ESG themes, relevant laws, as well as data modelling capabilities, to enable high-quality reporting.
Whilst CFOs have a good understanding of the ESG disclosures that matter most to their investors and lenders, simply disclosing whatever ESG data a company has on hand on a pretty dashboard is no longer enough. The focus has switched to closing the gap between ESG data that is available and what is expected by the capital market, whilst improving the quality and accuracy of it.
How PRYZM is supporting clients
At PRYZM, data is at the heart of everything we do. We have experience in all disciplines of data from collection, cleansing and management through to building analytical solutions.
PRYZM is leveraging OneStream’s unified platform to support clients by:
Minimising human interaction where possible, by automating data collection and utilising automated data checks to ensure data accuracy.
Improving governance and auditability through enhanced control mechanisms and real-time user notifications.
Utilising “Investment Grade” data for analysis & further insights, by maximising the use of OneStream’s build-in blended-BI capabilities
Improving data collection frequency with direct connectors and enabling teams to analyse data almost real-time, whilst ensuring data accuracy by spotting and fixing data discrepancies early on.
Leveraging Machine Learning to make sure data sets are complete through automation, allowing predictive algorithms to identify data quality issues and flag right at the beginning.
Connect with us to find out how PRYZM is assisting clients in implementing innovative solutions that extract maximum value from their data whilst providing robust governance through automation.