What do you think creates a beneficial working relationship between the finance department and data and analytics function? Has your experience working with the finance department been mostly beneficial or challenging?
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Communication is critical with any relationship. As is setting expectations and understanding roles and responsibilities. I lead a centralized data team at Greystar that serves the needs of the entire organization, which means I have many customers and projects to prioritize and keep everything moving forward. In my role communication is very important, as is agreement and buy-in from my multiple stakeholders.
One of the key benefits that can come about from a relationship between the finance department, and the data and analytics department relates to alignment on the goals set by the finance department. Does the data help support return on investments related to measured initiatives or projects? Or potential savings related to operational efficiencies? As long as the data and analytics function helps to support a deeper level of understanding, in relation to the financial goals, the relationship should be beneficial.
When I joined my company, I met with multiple teams and their leaders. I learned Finance had launched a project for their AP department prior to my arrival. I reached out to the Director and Managers to hold a meeting to see if I could help and learn more about the efforts. I found utilizing a customer centric approach allowed them to see me as someone who will provide benefits instead of roadblocks. Working on their time, their pace is paramount.
I also have found a delicate hand in advising many times gets the job done. Pointing to the risks they may not have seen is critical to develop the relationship.
Lastly, I found that if you don't know something, ask. If you don't understand, tell them. They will explain. Every company has a myriad of acronyms, they change with different organizations. Don't pretend like you know, ask.
Including Finance with a seat at the table is imperative when providing a cohesive and centralized data platform. Our logic (and even some of the SQL) for the daily/monthly financial data reconciliations was created by Finance. While working with Finance may feel challenging at times, the reality is by acknowledging their controllership mentality and responsibilities and implementing them directly into the D&A DNA ensures an extra level of rigor and correctness that is many times missing. When making decisions I frequently think, "WWFD" (What Would Finance Do?) which requires me to have close relationships and mentoring of methodologies and concepts to ensure I am making long term and sound decisions.
On the soft skills side, relationships need to be personal. Get to know individuals on a one on one basis. Find out what makes them special and who they are. It goes a long way in trust, patience, and frankly, making a great work environment. Hopefully none of us are heading to work each day with blinders on just wanting to make it through. Each day is an opportunity to encourage and make each other's days that much brighter. The walls of formality and being strangers is a detriment to everyone's success. Relationships start with you. Today.