#33 The Future of Financial Data with Joe Garafalo of Mosaic
Jul 29, 2022
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Joe Garafalo, financial data expert, discusses the future of finance, leveraging data for decision making, and moving from reactive to strategic CFO approach. They explore challenges of financial data management, risk of adopting new tools, flexibility of financial data software, trusting financial data, raising funding, importance of experience, and significance of CRMs for finance leaders.
Breaking down silos and connecting systems will be crucial in the future of finance.
Mosaic aims to provide real-time access to integrated data, empowering finance teams to become more strategic.
Deep dives
The Origins of Mosaic: Solving Finance Challenges
Joe Garofolo shares his journey from working at Palantir to co-founding Mosaic, a finance software company. Palantir's experience with building financial models and analyzing data led to the creation of Mosaic, which connects various cloud-based tools and integrates them into a central database. This allows CFOs and their teams to ask questions about the business and get reliable answers quickly. The success at Palantir prompted other departments to request access to Mosaic, changing the way decisions were made.
Mosaic's Solution: Breaking Down Silos and Unifying Data
Mosaic simplifies the process of connecting different systems and unifying data for comprehensive analysis. By logging in with admin credentials, users can retrieve relevant data from each system and bring it onto the Mosaic platform. An example is the customer journey, which starts in the marketing system, moves to the sales team and the finance team, and includes payment processing. Mosaic maps and joins data sets from each system, providing a 360-degree view of the customer's lifecycle. It goes beyond customer data and can also connect HR systems for rich analytics.
The Shift to Strategic Finance and Mosaic's Role
Mosaic aims to empower finance teams to become more strategic by providing real-time access to integrated data. This shift requires setting up infrastructure and technology that work for finance, along with collaborating with other departments to ensure data accuracy. With reliable and connected data, finance teams can focus on analyzing the numbers and translating them into strategic insights. Mosaic's goal is to become a key tool for finance 3.0, offering more data connections, flexibility for customizations, and enhanced collaboration capabilities.
“The future of finance is all about breaking down silos, connecting the systems across the business and producing analytics and models at fast speed, which other people across the business can actually consume.”
Mastering data is one of the main keys for businesses to navigate and operate at their best in the future of work. And Joe Garafalo’s team at Mosaic is working to make that a reality everywhere.
Joe got serious about financial data at Palantir, where he helped build an internal tool to connect various SaaS platforms. This turned into a prototype for Mosaic, a tool that gives companies data to make better decisions.
In this episode of the CFO Yeah! podcast, we discussed the future of finance, and how CFOs can leverage data to position their function at the center of company decision making. He also dispenses great advice on how CFOs can move from a reactive to a strategic approach.
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