For modern finance leaders, expectations are higher than ever. You’re tasked with moving faster, planning smarter, and delivering insights that guide strategic decisions—not just report on them.
But too often, the tools you rely on are working against you.
Data lives in too many places. The ERP handles one part of the picture, the CRM another. Budgeting happens in spreadsheets. Reporting pulls from outdated snapshots. Nothing speaks the same language—and it’s costing time, trust, and opportunity.
This isn’t just frustrating—it’s a fundamental blocker to transformation.
Speed, precision, and adaptability aren’t just competitive advantages anymore—they’re prerequisites. And none of them are possible without one essential shift: establishing a single source of truth.
The Problem with Fragmented Data
Many finance teams still operate across siloed systems: ERP for the general ledger, CRM for revenue forecasts, spreadsheets for manual reconciliations, and legacy tools that don’t communicate effectively. The consequences are significant.
Finance professionals spend countless hours collecting data instead of analyzing it. Month-end close processes get delayed, conflicting numbers across departments erode trust, and outdated or inaccurate insights lead to missed opportunities.
As highlighted in a Nova Advisory podcast episode, over 70% of finance teams dedicate half their time to data collection and preparation. Even more concerning, 85% of companies make critical decisions based on incomplete or inaccurate data—leading to an average loss of $15 million annually.
Why Unified Data Is Step One
Finance transformation isn't about a single initiative or technology. It's about evolving the finance function from tactical operator to strategic partner—a shift that requires clean, connected, and real-time data.
According to Accenture, companies that have unified their financial and operational data through cloud platforms have achieved:
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2–3x faster forecasting cycles thanks to accelerated planning processes
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Up to 70% time savings in budgeting processes by streamlining workflows
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Improved collaboration across departments through shared data and alignment
When data is unified, finance teams can drill down from dashboards to journal entries, reforecast in real time as market conditions shift, automate complex tasks like intercompany eliminations, and establish a single, reliable version of the truth across the organization.
Finance Transformation Starts with Visibility
Unified data powers the three pillars of finance transformation:
1. Faster Close & Reporting
Integrating real-time data across systems eliminates days of manual prep. OneStream customers have reported reducing close times by 30–60%. For example, West Bend Mutual Insurance streamlined its close process and strengthened internal controls by implementing OneStream's platform.
2. More Accurate Forecasting
AI and predictive tools need high-quality data to work effectively. Endeavor Energy cut its forecast time from two days to ten minutes using OneStream’s AI capabilities—without requiring a dedicated data science team.
3. Strategic Decision-Making
Today’s CFOs are expected to lead strategy, not just report on performance. Unified data enables them to connect financial outcomes to operational drivers. Accenture’s finance transformation illustrates how intelligent operations can shift finance from reactive to strategic.
A Quick Checklist: Is Your Finance Team Ready to Transform?
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Are you spending more time gathering data than analyzing it?
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Is your forecasting based on current insights or outdated snapshots?
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Can your team drill from P&L summaries to source transactions in seconds?
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Do you have a single source of truth for both financial and operational performance?
If the answer to any of these is “no,” your transformation is likely being blocked at the foundation.
Where to Start
Begin with a data flow audit. Identify bottlenecks, duplicated efforts, and key dependencies. Then explore unified Corporate Performance Management (CPM) platforms like OneStream that bring together data, workflows, and reporting in one place.
Finance transformation isn’t about moving faster—it’s about moving smarter. And it all starts with unifying your data.
Note: Examples provided are based on publicly available case studies and industry research. For deeper insight, consult resources from Accenture, OneStream, and Nova Advisory’s CPM Customer Success podcast.
