Content thumbnail Partnering for Performance Part 3

Establishing information strategy, architecture and processes Obtaining and managing accurate, available and accessible data is a challenge for CFOs and CIOs “ Information management should follow a The three V’s of data — velocity, variety and volume — have never been multidisciplinary approach.” greater. For finance leaders, this is both a blessing and a curse. The possibilities to derive insight from data that can enhance decision-making and Stephen Pearce, CFO, Fortescue Metals Group strengthen performance management are unprecedented. Yet, at the same time, managing this vital asset is increasingly complex. Key findings about information management strategy The need for more accurate, available and accessible data to drive financial ‘Business intelligence’: the critical role of information and strategic decision-making is now a top priority. It is also the number one strategy, architecture and processes reason driving closer collaboration between the CFO and the CIO (see Chart 8, Most organizations are awash with data and information. Equally, page 18). though, many organizations struggle to put meaningful data into the No individual functional leader can solve this challenge alone. “Information hands of decision-makers. Often, the data that a decision-maker wants management should follow a multidisciplinary approach,” says Pearce. “It cuts is spread across different legacy platforms. Alternatively, because there across a lot of areas, including finance, operations and marketing. It’s got to are no defined standards for collecting data, various departments may be both broad enough and specific enough to cut across each of those areas be collecting the same data but in different ways, creating multiple in a way that fits the strategy and allows people to get on with delivery.” versions of the “truth.” This is why organizations need: • A strategy, which outlines the organization’s data priorities and where to focus effort and investment The need for more • A coherent architecture to reorganize the tangled web of legacy accurate, available 41% systems to enable data to flow more freely across the organization and accessible data compared to is an especially only 25% in • Defined processes, covering activities from ensuring data accuracy strong driver of closer the Americas to establishing its ownership CFO-CIO collaboration for respondents in These three elements are critical to turning information into business Asia-Pacific intelligence that decision-makers can then use. Partnering for performance Part 3: the CFO and the CIO 23

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