Democratize Finance data to unleash enterprise value

August 22, 2023

Let’s dive deeper into the concept of data democratization, specifically how a focus on democratizing finance data can help empower business users outside of the finance department. With accurate and accessible data at their fingertips, business users can make better-informed decisions in real time.

In contrast, stale and slower-moving traditional organizations will lock up their financial data away from the reach of business users within the finance department. This antiquated approach creates silos in data and decision-making, creates a slow process to support key business decisions with financial analysis, and leads to missed business opportunities. 

Let's explore the top five examples of how focusing on a data democratization strategy can help companies provide better access to financial data.

  1. Faster decision-making: By democratizing financial data, businesses give non-finance users access to insights and financial information that would otherwise be hidden behind complex financial statements. This empowers business users to make quicker and more informed decisions so that they can respond to market changes or unexpected events without waiting for an analyst's report.
  2. Increased collaboration: Collaboration is essential for any successful business. By democratizing finance data, businesses can foster better collaboration across departments, enabling them to take advantage of new opportunities, reduce operational costs, and complete projects more efficiently.
  3. Elevated data quality: Data democratization promotes better data quality by encouraging transparency in data collection, analysis, and dissemination. When more people have access to financial data, increased scrutiny and analysis contribute to better-quality data that can be trusted.
  4. Reduced data-related risks: The democratization of finance data reduces the risk of data silos and shadow IT by bringing structure and governance to the data. This reduces the likelihood of errors, fraud, and data breaches.
  5. Reduced workload on finance teams: When non-finance personnel have access to financial data, they can answer many of their own questions, freeing up finance teams from tedious requests for information. This allows finance teams to focus on more strategic initiatives that drive the business forward.

As you can now see,  data democratization is a powerful tool that benefits businesses by enabling non-finance users to make more informed business decisions faster than ever before. It helps promote collaboration, data quality and reduces data-related risks. By implementing data democratization, businesses can transform the way they operate and make the most of their financial data. So, get started today on breaking down data silos and democratizing financial data – the future of your company's success depends on it!