Getting more wins from your data - with Nicholas Mann
Aug 6, 2024
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Nicholas Mann, founder and CEO of Stratos Consulting, shares his expertise in optimizing data strategies for businesses. He discusses the journey towards a unified data architecture and emphasizes the crucial role of FP&A in a company’s overall strategy. Mann highlights the impact of AI on variance analysis and the importance of collaboration across departments. He also opens up about his personal journey living with achromatopsia, showcasing resilience in the face of challenges while transforming financial planning through data-driven approaches.
Nicholas Mann highlights the shift required in FP&A from siloed data practices to cross-functional collaboration for better decision-making.
The importance of automating data processes in FP&A is emphasized to enhance efficiency and redirect efforts toward value-added activities.
Mann discusses the potential of AI in FP&A processes, stressing that success relies on quality data governance and infrastructure.
Deep dives
Nico's Journey to Data Consulting
Nicolas Mann shares his inspiring career journey, which began with a combination of finance and information systems degrees. Initially working at a technology consulting firm focused on the Office of the CFO, he discovered the importance of data within finance teams, which was largely overlooked during his education. Through his experiences in various industries, he transitioned from consulting to an in-house role at a biopharmaceutical company, where he faced the challenges and inefficiencies of corporate environments. Ultimately, this led him to found Stratos Consulting, with a goal of improving data utilization across enterprises and fostering a positive workplace culture.
The Integration of BI and FP&A
Mann emphasizes the growing importance of Business Intelligence (BI) for finance professionals, particularly those in Financial Planning and Analysis (FP&A). He discusses how FP&A teams historically remained within their own domain while needing to embrace cross-functional data to support their operations effectively. The integration of BI allows finance professionals to better utilize data from other departments, breaking down traditional silos that hinder collaboration. By understanding data analytics, FP&A professionals enhance their strategic contributions and improve decision-making processes, ultimately strengthening the role of finance within organizations.
Data Automation for Efficiency
Mann highlights the necessity of automating data processes to eliminate time-consuming tasks typically associated with FP&A. He recounts an example where manual data downloads from ERP systems were unnecessarily slowing down the workflow, revealing opportunities for significant time savings through automation. By identifying repetitive tasks and implementing automation tools, finance teams can redirect their focus to value-adding activities rather than rote data entry. This proactive approach to data management not only enhances efficiency but also contributes to better organizational performance.
Assessing Data Maturity
The discussion touches on the concept of data maturity and the significance of a maturity assessment tool for organizations looking to improve their data strategies. Mann advocates for self-assessments that help identify current data practices and areas for improvement, encouraging companies to evaluate their investment in advanced analytics. Understanding where an organization stands in terms of data maturity informs strategic decisions regarding technology implementation and project prioritization. This process helps businesses avoid misaligned efforts and ensures resources are allocated effectively to maximize data utility.
The Future of AI in FP&A
Looking ahead, Mann discusses the potential of generative AI and its role in enhancing FP&A processes, particularly in automating routine reporting tasks. He suggests that as organizations advance in their data maturity, incorporating AI can streamline variance analysis and reporting. However, the success of AI initiatives hinges on the quality and accuracy of underlying data models, prompting a need for solid data governance practices. By leveraging AI in combination with robust data infrastructure, finance teams can achieve greater efficiency, focus on strategic initiatives, and improve overall organizational effectiveness.
Nicholas Mann, founder and CEO Stratos Consulting, has got the best out of the data for hundreds of companies. He has helped data and analytics leaders go from siloed, heterogeneous data source to a modeled data warehouse and analytics platforms. In this awesome analytics episode he shares some of his experiences:
Getting companies on their data journey
The importance of FP&A not just staying in their lane
Inner workings of how data is impacting the rest of the business
From deep finance domain expert to understanding the business
FP&A Data Maturity Assessment
When Business Grows – how do FP&A teams grow with them?
Data Stewards and how they work
Creating a finance and FP&A Center of Excellence
Why I favor the Snowflake ecosystem
What you should hire consultants for – and not hire them for when it comes to finance and data strategy
People in data: change management challenges
Using AI for variance analysis
About me: rare eye condition achromatopsia and how I have overcome the limitations
Notes
fpatoday.scoreapp.com (answer 15 questions to discover where you are in your data data journey)