In today’s business world, ESG reporting has become extremely important. All companies are part of a value chain that includes customers, suppliers, and most importantly, you. Thus, both those required to report according to ESG standards and those who are not, cannot avoid the impacts of ESG reporting on their operations.

But why is ESG reporting so crucial? As mentioned earlier, your business involves customers, suppliers, banks, and other stakeholders. Large corporations are often required to report on their customers’ businesses, which means they will demand data from you for their reports, making you indirectly report as well.

Hidden ESG Benefits

ESG is indeed an investment-related obligation, but we suggest that you also use it as an opportunity to grow your revenue, save on costs, reduce risks,  improve your reputation and enhance innovation at your company.

Let’s take a closer look at the benefits of ESG:

Click on the image!

Challenges of good ESG reporting

In order for companies to comply with the regulators and at the same time achieve the advantages listed above, they must successfully master the following challenges:

Solution

To overcome these challenges, companies can turn to solutions that already exist on the market, that can improve the following:

ESG reporting is an opportunity to shape a better and sustainable future. With thoughtful approaches and collective efforts, we can create a world where sustainable practices and responsibility towards the environment and society are valued. Together, we can achieve positive changes and create a better world for future generations. Let us trust in our ability to effect positive transformation and choose ESG reporting that guides us towards a sustainable and responsible future.

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In 2022, we discussed in details through our blog posts and events about modern data challenges and how to systematically address them.

From customer information to financial records, every piece of data must be carefully collected, stored, and analyzed to ensure that it is accurate and accessible when needed. With the sheer volume of data being generated every day, managing it can be a daunting task. However, it is essential for organizations to prioritize data management and establish efficient processes to ensure that they can make informed decisions and stay ahead of the competition. In this blog, we will explore the challenges of managing data and provide tips for effective data management, governance and data trust.

Data Governance challenges

Data governance is an essential aspect of managing modern data trust. It ensures that data is accurate, secure, and accessible by authorized personnel. However, data governance can be challenging, especially with the increasing volume of data, sources, and formats. Here are some of the data governance challenges that organizations face today:

1. Data quality: Organizations struggle to maintain data quality due to data duplication, incomplete data, and inconsistent data formats. This makes it difficult to trust the data, leading to inaccurate decision-making.

2. Data privacy: With data breaches and cyber-attacks on the rise, organizations must ensure that sensitive data is secure and protected from unauthorized access. This requires compliance with data privacy regulations like GDPR and CCPA.

3. Data integration: Organizations must integrate data from various sources and formats to get a complete picture of their operations. However, data integration can be challenging, especially with legacy systems and incompatible data formats.

4. Data ownership: Data governance requires clear ownership and accountability for data. However, with the increasing volume of data and the involvement of various stakeholders, it can be difficult to establish clear ownership and accountability.

Addressing Data Governance challenges

To address these data governance challenges, organizations can use Talend. Talend is the data integration platform that empowers organizations to take control of their data. By using Talend, you can ensure that your data is accurate, secure, and accessible by authorized personnel. Here’s how Talend can help you overcome the data governance challenges that keep you up at night:

1. Data quality: With Talend’s data quality tools, you can identify and cleanse inaccurate data. This ensures that your decisions are based on trustworthy information.

2. Data privacy: With Talend’s data masking and encryption capabilities, you can protect sensitive data from unauthorized access. This keeps your business and your customers safe.

3. Data integration: With Talend’s data integration tools, you can easily integrate data from multiple sources and formats. This gives you a complete view of your business operations.

4. Data ownership: With Talend’s data lineage and governance capabilities, you can establish clear ownership and accountability for your data. This ensures that your decisions are based on reliable information.

Don’t let data governance challenges hold you back. Allow us to help you can make better decisions, grow your business, and achieve your goals. Get started today by contacting CRMT.

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In today’s fast-paced business world, time is a valuable commodity, and every minute counts. With one-button consolidation, you can automate your financial consolidation process and save time, effort, and resources. Imagine the peace of mind knowing that your financial reports are accurate and generated with just one click. It’s a game-changer that can help you focus on core business activities and drive growth. 

As businesses grow and expand, the complexity of financial consolidation also increases. Consolidating financial data from multiple entities into a single report can be a tedious and time-consuming process, often requiring manual interventions and validations. However, with the addition of advanced technologies, financial consolidation can be streamlined and automated, saving time and improving accuracy. 

Let’s take a closer look at how one-button consolidation can benefit your business: 

Ready to simplify your financial reporting process? Schedule a demo with us today and see how our one-button consolidation feature can help you save time and reduce errors.

Schedule a demo

Click on the image, to get a better look!

Fewer Manual Actions and Faster Turnaround Time 

One of the significant advantages of one-button consolidation is that it requires minimal manual intervention. The process can be completed in just a few hours, compared to the 10 days it may take manually. The automated process eliminates the need for repetitive tasks and reduces the risk of errors. 

Subgroup Level Consolidation 

The consolidation process begins by uploading data from dozens of entities using ETL (Extract, Transform, Load) technology. The system then calculates and validates the data for each entity and eliminates intercompany (IC) transactions and financial investment to produce accurate financial data. 

Full Group Report 

The consolidated data from the subgroup level is then moved to second-level consolidation. The system repeats the actions from the subgroup level, calculates and validates the data, and eliminates IC and financial investment. 

Efficient Data Processing and Reporting 

One-button consolidation can process data and generate reports in minutes. It requires minimal manual input, with just a few unique annual journals to be posted manually.

Business Segmentation and Statutory Yearly Consolidation 

One-button consolidation provides a breakdown of the data into business segments without any action from the user. For statutory yearly consolidation, the system follows the same process as the subgroup and full group reports. However, despite extensive automatization, some supplementary information may require manual entry. 

Conclusion 

One-button consolidation can significantly streamline the financial consolidation process for businesses, making it faster, more accurate, and less labor-intensive. With advanced features and automated scenarios, it can adapt to different business requirements and ensure accurate financial reporting. It is a valuable tool that can help businesses focus on core activities and drive growth. 

Schedule a demo!

Ready to streamline your financial consolidation process and make it as easy as clicking a button? Schedule a demo with us now and learn how our one-button consolidation feature can simplify your life.

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Providing timely answers to customers or communication with your team is essential for a good work flow. But fast data doesn’t mean good data. Data integrity is becoming more and more difficult. One of the reasons is a rapid increase in the number of users, making it hard to track all the ways in which the data was edited.

So let’s look at some critical capabilities for data integrity and speed every organization needs.

Now that you have a general idea of what the capabilities are, let’s give you more details for each one of them.

Master data quality 

Bad data can come from sales, marketing, or engineering. According to Harvard Business Review, 47% of newly created data has at least one critical error. That’s why having data quality is so important. But it’s not just a one-time thing, because data is always evolving and transforming, we also need to keep up the process of improving the quality of our data. 

Prevent shadow IT

If IT systems, applications or personal productivity tools are used without approval, it not only creates a security and compliance issue but also enables every group to create its own data silos. And because of that when companies are making important data decisions, it results in more risk than anticipated.

Foster data ownership

Digital transformation requires single points of access, it allows for better control and a wider audience. When working with inaccurate and soiled data it makes it hard for the users to provide value to their customers. Having a proper data management strategy is a must when embarking on a digital transformation journey. 

Empower organizations

Because of the rise in social networks, machine learning, and smart pattern recognition technologies data governance isn’t just meant for the most skilled experts. Nowadays everyone can and should participate in data governance efforts.

Enforce regulatory compliance

A robust data governance program is pivotal to any data protection or compliance legislation such as HIPAA in the U.S. or GDPR in Europe. Non-compliance with GDPR could result in a fine of up to 4% of worldwide revenues. This is just one of many regulations on data assets popping up across regions and industries, forcing organizations to increase their data controls.

Perform real-time data integration

Quick integration of different data sources is the true measure of the success of your digital transformation. In today’s day and age quickly meeting customer expectations and requirements is how you rise above the competition. Timely data accelerates change and helps your organization make faster, more reliable decisions.

Get instant access to data

Having good quality data doesn’t help if users can even reach the data they want to use, be it it as a self-service business user or integrated into an application. And it should be available to the proper audience, at the right time, and in the right place. 

Enable access to self-service applications

If you really want to have the true value of data in your business you need to have the ability to deliver trusted data to business professionals. IDC found that only 19% of data professionals’ time is spent analyzing information and achieving valuable business results. Instead, they spend 37% of their time on data preparation and 24% on data protection.

Perform faster root-cause analysis

For a frictionless data chain you need transparency and traceability. A business needs to know where their data comes from, where it goes and who is consuming it, that’s the key to managing sensitive data and reducing risks. A modern data platform establishes an audit trail for impact analysis, data error resolution, internal control, or regulatory compliance. 

Accelerate data delivery

Nowadays organizations are expected to use trusted data in everything they do as part of their customer experience. An application programming interface or API enables data to be reused in a controlled way, be it within the organization or outside of it. It allows the data to be ever-present by allowing applications and servers to easily embed it. 

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Different in their look, united in security

Gartner reports that the biggest differences among 20 solutions were in reporting, data storytelling and automated insights. On the other hand, the capabilities that were the least differentiated, are data source connectivity, security and catalogs.

More vendors try to incorporate data science and machine learning into their solutions. With this move, they want to empower business analysts to create predictive models with little need to code.

What we recommend

For companies to maximize the use of Analytics & data science solutions, here’s what their leaders should do:

• Regardless of your preferred BI tool, give your business analysts the power to create data visualizations and predictive models.
• Support analytic consumer users by deploying more consumer-friendly capabilities. These are automated insights, data storytelling and catalogs.
• Standardize analytic tools by enforcing standards within a single subject area, department or use case. Avoid having multiple tools report the same measures.

See who is on top

BI tools were scored within 4 different categories based on 12 critical capabilities for a specific use case. Below, you can select the category and see how these vendors fair against each other.

Results for:

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We talked about RPA in the past in our blog posts and through meetups. This is an industry that continues to revolutionize the workplace. The RPA software market has boomed in recent years and there are more than 4 million software robots doing the repetitive tasks for us. Executives no longer see RPA as an automation toy, but rather as a tool, which definitely reduces the operational cost and speeds up your processes.

Is your daily work RPA ready?

On average, 35% of our daily work are actually repetitive tasks, which could easily be mimicked by software robots. Opening emails and attachments or sending confirmations, copying and moving files, transferring data between apps or printing documents, to name a few. Check out our RPA landing page for more.

Robotiq.ai

A disruptive solution for your process nightmare

Robotiq.ai is an enterprise-grade RPA platform, with built-in artificial intelligence for a simple deployment of software robots. One of its major characteristics is the simplicity of development which is implemented in the web process designer. The platform can be deployed on-premise, in hybrid model or in cloud.

Organizations focusing on cost reduction, operational excellence, and regulatory compliance might find Robotiq.ai as a flexible, low-investment, less complex alternative to traditional solutions like outsourcing, offshoring, process improvement, and system transformation.

With a dedicated team of experts, Robotiq.ai emphasizes the human-robot collaboration and a transparent pricing. To find out more about our partners products and services, please click here.

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Importance of ESG for Organizations

Challenges

With those problems in mind, let’s see how a software can unburden your organization.

The Benefits of a Software Solution

How We Can Help

CRMT has been CCH Tagetik’s partner for 10+ years and can help you implement solutions seamlessly into your current IT environment. Finding a solution that adapts to the changing ESG standards isn’t as easy as it might seem, but CCH Tagetik ESG & Sustainability Performance Management solution has got you covered.

Meet evolving compliance requirements with a configurable prepackaged solution

CCH Tagetik ESG & Sustainability Performance Management is a pre-built application with calculations, data models, templates, dashboards, and reports that are compliant with multiple standards and frameworks, including the EU Taxonomy, GRI, and SASB. 

At the same time, the solution is completely adaptable. Your ESG reporting workflow includes a pre-configured framework for data collection, data quality, KPI calculation, taxonomy, disclosure, reporting, and a KPI dashboard, each of which you can adjust to meet your needs — no IT intervention necessary. For companies that disclose ESG performance within annual reports, the solution provides disclosure templates for ESG performance that automatically update with the latest information.

Manage ESG data and see the true impacts of ESG initiatives

Since ESG reporting requires different departments to collect their data, it can be hard to get the full picture.

CCH Tagetik ESG & Sustainability breaks down data barriers by bringing ESG data together in a single platform. The solution gives you access to the bigger picture by showing you how ESG data, operational plans, and financial outcomes interact. The solution updates templates with data formatted in compliance with the standard of your choice. You’re also equipped to run scenario analysis. You can see the ripple effect of an ESG decision on financial statements, departmental plans, business strategy and your ESG score, or create forecasts to showcase the long-term benefits of an ESG initiative.

Set ESG KPIs — and exceed expectations

To optimize your organization’s ESG impact, you need to know what’s achievable, track your progress, and understand the impacts of ESG on your bottom line.

The solution gives you the power to monitor and manage ESG performance with intuitive charts, controls, and KPI dashboards. It also includes pre-built reporting templates that help you define, measure, and estimate your ESG score and set sustainability goals. To ensure ESG performance is transparent and accurate, the solution also provides you with a robust set of collaboration tools, including a process workflow that automates approvals, submissions, and data aggregation.

Want to prepare for the inevitable? Schedule a meeting with our team

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In May 2022, Gartner published its annual Critical Capabilities Report for BI platforms and MicroStrategy is number 1 for Enterprise Analytics. This report comprises 12 capabilities within 4 different categories.

MicroStrategy is a leader in the Enterprise Analytics category for the 3rd year in a row. Thus, their clear mission to make every enterprise a more Intelligent Enterprise™ is becoming a reality. MicroStrategy has been top-rated in this category since 2020. This is confirmed by leading analysts, such as Gartner, Forrester, Ventana, and Dresner.

Let’s talk about the Enterprise Analytics category. It enables an enterprise to distribute analytics content to a large community of analytic consumers. The four highest-weighted critical capabilities in this category, where MicroStrategy scored best:

Don’t take our word for it, here’s what Gartner says about MicroStrategy

With a focus on reporting, security, governance, and catalogs, enterprise analytics is MicroStrategy’s strongest use case. MicroStrategy scored well above the market average on all four of these enterprise analytics capabilities. In particular, for reporting, MicroStrategy is very strong at every sub-criterion, especially parameterized reporting. For governance, MicroStrategy is particularly strong at telemetry, usage analytics, and facilitating the promotion of certified content. For catalogs, MicroStrategy enables the automated inventory of analytic content and enables users to easily search the catalog to find selected content, such as reports or metrics. And finally, for security, MicroStrategy offers best-in-class auditing, authentication, and authorization.

MicroStrategy scored well above the market average on all 4 enterprise analytics capabilities: Governance, Catalog, Reporting, and Security. In particular, for Reporting, MSTR is very strong at every subcriterion.

In search of a perfect BI platform?

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1. Data Trust Challenges

Data trust challenges are more common than we think. They are noticeable in all industries and are both technical and cultural in nature. That means there is a divide between the data user and the data owner, and their perception of data trust.

Today we gather data from so many different sources it’s almost impossible to keep up with.  According to IDC, the amount of data created, captured, and replicated annually across the world will grow more than five-fold to 175 Zettabytes by 2025.  But getting data isn’t enough, and can present a risk unless you can trust it.

Results from the PwC study from 2020 show that user confidence in the data decreased by almost 30% in just two years, although companies think that customer confidence in the data increased by 50% over the same period.

What’s more, research also shows that 60% of business executives don’t always trust their company’s data. That means most decisions aren’t data-based, because how can a decision-maker who doesn’t trust the data trust their own decisions?

That’s why companies need a data trust strategy, so they can keep up with all the information and also have an efficient business. But how do we address the complex challenge of having the right data, fully trusting it, and also make sure consumers trust it as well?

First, let’s look into what it means to trust your data.

2. Do You Really Trust Your Data?

Business users make a lot of strategic, tactical and operational decisions about markets, budgets, customers, and products daily.
However, these decisions are only as good as the data used to make them. A study from KPMG shows that only 35% of executives have a high level of trust in their organization’s data and that over time, the distrust of company data increases.

Having data that is healthy and ready to act on is the pinnacle of data trust. Data like that ensures employees can provide exceptional customer experiences, improve operations, ensure compliance, and drive innovation.

Every data team’s needs will be different. Teams must make their assessments of the metrics that trusted data should meet. For example, finance teams require an exceptionally high level of accuracy, while other departments may place a premium on timeliness instead. Data quality as part of data management is only one but very important metric of the data trust score, but it can give you extensive insight into your data.

3. Five Metrics of Data Trust Score

Data Trust Score is a single number, which represents the level of confidence in the data. It is combined from different metrics. The Talend Trust Score™ for instance aggregates five metrics into a single and easy-to-understand score, that scales from 0 to 5.
These metrics are:

Data that performs well in one dimension can’t necessarily be 100% trusted. As shown above, you might have information that’s valid but not accurate, or accurate but incomplete. It could also be high-quality, but inaccessible. 

4. How Can You Get Better Data?

Improving the health of data used by a company should follow a core set of principles, which we refer to as: “the five Ts of trust.” Your data must be thorough, transparent, timely, traceable, and tested. The new Talend Trust Score, designed to help users dynamically rate data sets based on these criteria, could fundamentally change the way we use all available data and insights to make decisions.

Data Trust Score helps you make better decisions on higher quality data. This is made possible by the new Data Inventory application that:

• Automatically and systematically assesses underlying data to ensure the use of more meaningful and trustworthy data
• Provides a Trust Score that combines proprietary Talend technology for assessment of data quality with crowdsourced metrics, such as user ratings and times shared
• Uses advanced search technologies to deliver immediate access to the right data for anyone

Talend Trust Score automatically indexes datasets with a crawler to provide a complete picture of data health before they start using it. Data can be assessed in multi-cloud, on-prem, and in hybrid environments. The Trust Score exposes metrics used to calculate data trust. Metrics include validity, popularity, completeness, discoverability, and usage. Talend Data Fabric also automatically resolves data problems by recommending the appropriate transformations using semantic types.

Don’t miss out on the chance to evaluate your data and gain insight into how trustworthy your data really is and get your free data trust score!

Get your free data trust score

5. Resources

KPMG: Guardians of trust

IDC: The Digitization of the World from Edge to Core

OECD: ICT Access and Usage by Businesses

PWC: In data we trust: living up to the credo of the 21st century

Talend: DH_Survey_report

The post The Modern Data Trust Challenges appeared first on crmt.com.

Get your free data trust score

Note: this button will take you to Talend’s page, where you will continue the data assessment process.

Carefully Monitor These Five Metrics

It is crucial to monitor and measure the different metrics of the data and combine them into a single number called a Data Trust Score, which represents the level of confidence in the data.

And that’s exactly what The Talend Trust Score™ does. It aggregates five metrics into a single and easy-to-understand score, that scales from 0 to 5. These metrics are:

The Talend Trust Score™ is updated every time an action impacting those parameters is performed.

You can improve the Talend Trust Score™ of your dataset by using Talend Cloud Data Preparation, Talend Cloud Pipeline Designer, and Talend Cloud Data Inventory.

Check Your Trust Data Score and Get Guidelines on How to Improve it!

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