Reliable finance data governance for state-of-the-art analytics

In a rapidly changing business environment, Chief Financial Officers (CFOs) need to ensure effective data and analytics (D&A) governance.

As Gartner’s “CFO Guide to Effective Finance Analytics Governance” points out, poor D&A management can compromise trust in financial data, undermine effective reporting, and slow the adoption of AI in finance.

Axway Financial Accounting Hub (AFAH) provides a concrete response by improving the quality, traceability and accessibility of financial data, while reducing costs.

Financial data governance challenges

The Gartner report identifies several major obstacles to effective D&A governance:

• Lack of clarity of roles and responsibilities: The absence of structured governance leads to compartmentalized management and uneven data quality.
• Technical complexity: Data governance involves technical challenges that hamper the involvement of finance teams.
• Reliability of financial data: Poor data quality compromises decision-making and analytics, hampering AI implementation in particular.
• Integration difficulties: Poor governance leads to integration problems between different data sources.

AFAH : a complete solution for optimal governance

Axway Financial Accounting Hub acts as a centralized accounting and financial hub, guaranteeing data integrity. It enables :

• Centralized accounting rules: Unify management of accounting principles across the company.
• Improved data quality: Reduce rejects and apply multi-level validation controls.
• Process automation: Reduce reliance on manual tasks and spreadsheets.
• Richer data: Add analytical axes and exploit corporate repositories.
• Enhanced traceability: Provides a detailed history of events transformed into accounting entries.
• Seamless integration: Connects financial and accounting applications, regardless of the vendor. 

Key benefits of AFAH

Implementing AFAH brings significant benefits, such as:

• Increased reliability of financial information so you can trust your data.
• Optimized dashboards and reports for more accurate and relevant analyses.
• Accelerated AI adoption: quality data facilitates advanced automation.
• Reduced risk of non-compliance thanks to improved traceability and exception management.
• Autonomy for finance teams with the help of no-code tools: manage rules without relying on IT.
• A unified, real-time view for finer-grained financial and extra-financial analysis.

Axway Financial Accounting Hub is a key solution for meeting the challenges of financial data governance. By strengthening data quality, traceability and accessibility, it enables finance departments to make more secure decisions, improve analytical performance, and prepare for the future with advanced tools such as AI.

Strategic implementation and rigorous practices will guarantee a successful transformation of D&A governance.