Deloitte Consulting AG emphasizes the importance of a solid data foundation for finance teams to enhance efficiency, reporting accuracy, and decision-making. Key problems stem from poor master data, leading to erroneous transactional data and inefficiencies. Prioritizing data elements—starting with reference data, followed by taxonomy, master data, data sourcing, and scheduling—is crucial. An end-to-end approach to data management is recommended, involving the entire organization, not just finance, to ensure high-quality data for touchless transactional accounting and strategic reporting. Finance should focus on data quality, definitions, and automating pipelines to improve operations and decision-making.

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