{"id":70430,"date":"2022-11-21T17:07:13","date_gmt":"2022-11-21T15:07:13","guid":{"rendered":"https:\/\/www.sage.com\/en-za\/blog\/?p=70430"},"modified":"2026-01-29T14:17:02","modified_gmt":"2026-01-29T12:17:02","slug":"straight-as-a-new-data-driven-standard-for-finance-leaders","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-za\/blog\/straight-as-a-new-data-driven-standard-for-finance-leaders\/","title":{"rendered":"Straight As: A new data-driven standard for finance leaders"},"content":{"rendered":"
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\n\t\t\t\t\t\t\tTechnology & Innovation<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t
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\n\t\t\t\t\t\tStraight As: A new data-driven standard for finance leaders\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

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\n\t\t\t\n\t\t\t\t\"\"\t\t\t\tInge Barry<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

\u201cHow do you know if your data is trustworthy when there are multiple versions of the truth?\u201d<\/p>\n\n\n\n

This was the question that Mohammed Mosam, Director of product marketing for Sage Africa, Middle East, and Asia, posed to delegates at Finance Indaba 2022<\/a> during his talk on \u2018Unlocking real-time insight: Master your data and analytics\u2019.<\/p>\n\n\n\n

With accelerated digitalisation to accommodate remote and hybrid working models, many roles have shifted and deepened\u2014and the finance profession is no different.<\/p>\n\n\n\n

In his talk, Mohammed highlighted the importance of data analytics in the finance industry.<\/p>\n\n\n\n

\u201cCloud-based solutions enable you to move beyond spreadsheets to give you a single version of the truth\u2014no matter what format your data is in. From this verifiable state, you can do dimensional reporting, and deep-dive analysis\u2014Excel can\u2019t do that.\u201d<\/p>\n\n\n\n

Data means nothing without insight<\/strong><\/h2>\n\n\n\n

Mohammed shared the results of a survey, which found that when it comes to tech priorities, 80% of CFOs rank data analytics as the most important. From a business priority perspective, 82% of CFOs say improving cash flow tops their list.<\/p>\n\n\n\n

Ultimately, the former enables the latter through one key element: insight.<\/p>\n\n\n\n

You can have the most colourful and organised Excel spreadsheet, but if you can\u2019t turn the data into actionable information quickly and accurately, you\u2019ll become more of an administrator.<\/p>\n\n\n\n

Accountants who turn their spreadsheets into reports and insights spend hours or even days sifting through the A1s and F100s, trying to make sense of it all.<\/p>\n\n\n\n

However, if you really want to score straight As, you need to spend less time creating<\/em> and managing<\/em> the data and more time analysing<\/em> it to get data-driven insights.<\/p>\n\n\n\n

Mohammed shared his ideas on how to do this.<\/p>\n\n\n\n

Straight As for the overachiever<\/h2>\n\n\n\n

When it comes to scoring top marks in data analytics, you\u2019re not just getting scored for reducing your own time and effort on capturing data, but you\u2019ll also receive a gold star from your stakeholders for the insight you deliver.<\/p>\n\n\n\n

To do that, Mohammed advises that CFOs focus on four As: Accuracy, Audience, Accessibility, and Arrangement.<\/p>\n\n\n\n

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  1. Accuracy<\/strong><\/li>\n<\/ol>\n\n\n\n

    Accurate, verifiable numbers can make or break your reputation. Whether it\u2019s financial, statistical, or key performance indicators and metrics, if your data is inaccurate, neither you nor your stakeholders will be impressed.<\/p>\n\n\n\n

    But when your data is standardised from the get-go, accuracy becomes a non-issue because you\u2019ve already achieved it. Your cloud solution is designed to keep data accurate and secure. All you need to do now is extract the information and turn it into insight.<\/p>\n\n\n\n

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    1. Audience<\/strong><\/li>\n<\/ol>\n\n\n\n

      Once you have accurate information, you need to get it to the right people\u2014that\u2019s where the audience comes in.<\/p>\n\n\n\n

      Ask yourself:<\/p>\n\n\n\n

      Am I\u2026<\/p>\n\n\n\n