Building Trust Through Data in Finance - Divyasom Malhan - Making Better Decisions - Episode #19
In this episode, we explore the intersection of finance and data analytics. Divyasom has a wealth of experience in both consulting and financial reporting and dives into how finance professionals can enhance their data processes. We discuss the importance of data accuracy, automation in financial reporting, and the challenges of maintaining both speed and trust in a rapidly changing digital landscape. From automating repetitive tasks to balancing statutory requirements with innovative approaches, this episode is packed with insights for finance and data professionals alike.
Key Takeaways:
- Data Quality: The quality of your data needs to be fit for the intended use case. Poor-quality data leads to poor outcomes. While aiming for perfect data can lead to diminishing returns; focus on achieving quality data relevant to the use case.
- Trust and Auditability: Financial reports must be trustworthy and backed by auditable records, ensuring confidence both internally and externally. Organizations must ensure their data systems are structured to prevent unauthorized alterations and maintain consistency.
- Simplification: Financial reports need to be simple and understandable by non-financial stakeholders.
- Automation: Automating repetitive financial processes can drastically reduce turnaround time and improve data reliability.
- Finance and Data Synergy: The blend of finance and data analytics is powerful but requires careful management of automation, accuracy, and human oversight.
Quote of the Show:
- “What people need to focus a little bit more on is not to get too bogged down with having the perfect data. ” - Divyasom Malhan
Links:
- LinkedIn: https://www.linkedin.com/in/divyasom/
- Website: https://www.se.com/us/en/?utm_source=google&utm_medium=cpc&utm_purpose=marketo&utm_campaign=2024_jan_us_allbu_einnovation_google_consideration_sem_global_gmc24_corebrand&utm_term=Schneider%20Electric&campaign_objective=consideration&mcl_name=einnovation&gad_source=1&gclid=CjwKCAjw_ZC2BhAQEiwAXSgClmkm5_55i3EB0N6Bc88PLykcoCym9j-AGZ_Ya2hYyttCxFF6_N8lbBoC994QAvD_BwE
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