2: Activities of Finance Professionals Flashcards
(14 cards)
4 functions of finance professionals
assembling information
analysing for insights
advising for influence
applying for impact
3 types of data
financial data (standard metrics)
enterprise data (financial data + operational and transactional data)
big data
qualities of information and data
accurate
complete
cost-effective
understandable
relevant
accessible
timely
easy to use
environmental scanning
process of gathering external information from a wide range of sources
data cleansing
identifying/eliminating inaccurate/irrelevant data within data sets
4 key functions of data connection tools
- data integration
- pre-built starter kit
- user-friendly functionality
- mobile reporting
data insights
identifying drivers of value for the organisation
4 levels of data analysis (CIMA)
- reporting - what happened?
- analysis - why did it happen?
- monitoring - what’s happening now?
- prediction - what might happen?
primary stakeholders
contractual relationships with the organisation
shareholders, directors/managers/trade unions, customers, suppliers/other business partners, lenders
secondary stakeholders
government, local community, natural environment
ICE model of stakeholders
internal - management and employees
connected - shareholders, lenders, customers, suppliers
external - local community, society, competitors, special interest groups and government
Mendelow’s matrix
interaction between level of interest and power stakeholders have
low power low interest - minimal effort
low power high interest - keep informed
high power low interest - keep satisfied
high power high interest - key players
communication considerations
audience, frequency, format
3 key stakeholders for business partnering
- IT function
- data scientists
- business leaders
