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Enabling financial transformation and agility across the enterprise.
To build a future-proof organization, companies must change how they operate.
Today’s organizations are facing increased competition from all sides. Disruptive business models and digital-native firms are stealing market share, forcing traditional organizations to react fast—or become obsolete. There's opportunity in the disruption, but to unlock it, companies must learn to pivot and build capabilities at scale while remaining profitable and optimizing costs.
Get the blueprint for finance transformation.
Explore how to create a financial data foundation that reconciles data from a variety of sources. This detailed architectural blueprint shows how organizations with Teradata Vantage™ can:
- Automate and post timely month-end results
- Shorten transactional data reconciliation cycles
- Streamline end-to-end front-office/back-office accounting data at various levels, covering all lines of business
Finance must be reimagined. But financial transformation isn’t easy.
The struggle to create financial visibility across the enterprise isn’t a new one. An Accenture study found that 76% of decision makers believe it will be difficult to achieve business goals without a single source of truth across the organization.
However, the traditional finance function spends most of its time collecting and reconciling data. 53% of decision makers believe finance is reactive and information sharing isn’t optimized.
Financial visibility and flexibility across the company is the key to enable digital transformation.
Organizations need data and intelligence to succeed and thrive in a disruptive landscape. And finance must evolve to deliver that information quickly and accurately. An Accenture study found that only 34% of finance tasks are automated, versus the 60-80% that could be automated.
The finance models, processes, and roles of the past aren't enough anymore. Financial transformation demands that finance evolve from a cost center to a strategic business partner. Finance must adapt to new compliance and regulatory reporting requirements while pivoting from backwards reporting to predictive capabilities and scenario planning.
Make informed decisions faster with a finance data foundation.
Access to all data across the organization is required for making informed decisions with confidence. A finance data foundation that reconciles data across the organization into a single, trusted, auditable source, is possible with Teradata.
We provide a solution for enterprise organizations to:
- Accelerate financial transformation, business processes, and time to insights
- Operate the business with agility
- Improve forecasting capabilities and financial visibility
- Enable a holistic, 360-degree view of the enterprise
- Reduce manual analyses and errors with automation
- Predict the impact of new product lines and services
- Foster machine learning and artificial intelligence applications
Case study: reconciling 80 million data points from 600 sources in 60 minutes.
A multinational banking and financial services company’s growth had led to disparate financial systems and static data repositories for reporting and regulatory compliance. Financial visibility across the organization was minimal. Meanwhile, regulators had become more stringent, often demanding granular balance sheet details. Teradata created a financial data foundation to reconcile data from a variety of sources and enable financial transformation. This led to month-end results within 5 days of close of month and 100% reconciliation of end-to-end front office and back office accounting data for all lines of business and over 1 billion transactions.