As promised in the previous article, let us go deeper into the relationship between FP&A and Data management (DM) and see how Data management enriches your FP&A role and successes. Using the FP&A Analytics Maturity Model, that was developed by London FP&A Board, you have definitely checked , which state of the FP&A maturity corresponds to your company and which goals are to be reached in the nearest future.
Let’s now to check:
Before we continue with a definition of Data management, let me ask you three questions:
If all answers are ‘YES’, then it means that you already deal with Data management on daily basis and there is a reason for you to continue reading the article.
As discussed in the article (1), you as FP&A professional deal with a company value. Data is also a company asset and to be treated and to be managed as assets.
What are the main elements of Data management which might be of your interest and require your attention?
These are not all established Data management elements, but if you are in control of these five elements for your data, you safeguard an outstanding quality of your FP&A work results.
In order to define the maturity, you need to know, which deliverables of each DM areas are to be measured.
So, let’s make a short list of the main deliverables.
The main deliverables can be briefly described as the follows:
Data governance is measured by presence of a Governance Policy, roles, and/or procedures that describe who is responsible for what in regard to solving data-related issues among different departments;
Data architecture is measured by:
Data quality practices include:
DWH/BI is measured by the availability of tooling for report generating and for the dissemination of reports.
Data security can be assessed by the presence of policies and procedures, data classifications, monitoring and issue resolution mechanisms.
Let’s now to combine these areas with FP&A maturity model (see the picture below).
Thanks in advance if you let us know, at which stage of the Maturity level you will put your company.
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