“We should teach the students, as well as executives, how to conduct experiments, how to examine data, and how to use these tools to make better decisions.”—Dan Ariely
In Part 1 of this blog series, we started and ended with the importance of data governance—a process to ensure data meets precise standards and business rules as it is entered into a system—in growing companies, and the significance of the triangle made up of people, process, and technology.
In Part 2 we offered up one possible answer to the question, “What about small- to mid-sized companies who may not be able to afford an extensive data governance system?” And we looked at the pros and cons of having to choose between people, processes, and technology.
And finally, here in Part 3 we examine how the Yooz AP automation platform offers a framework for data governance based on audit-ready reporting possible.
Yooz is the perfect example of a smart, cloud-based platform that can support small- to medium-sized companies for a specific mission, like for example, digitizing and automating the AP process. A great upside of such a platform is that it provides advanced reporting capabilities that can be used in the event of an audit.
Yooz provides very structured data collection and indexes all of the information within a database that can later be queried in any way necessary.
As a result, the user can create reports with data that is relevant to the use case. For example, when a compliance audit is scheduled, reports can be pre-built according to what the auditor in your particular industry is looking for.
I like to refer to the Excel® paradox. Excel is actually powerful enough to compute mathematical calculations to send a rocket to the moon! But for most of us, we merely use it as a calculator.
By the same token, our cloud-based AP automation platform—featuring advanced technologies like smart data extraction powered by AI—has been designed to streamline the invoice and payment (AP) process. Many finance leaders are using the reporting and analytics tool to give them more visibility into the payables workflow, but the data that is being collected within the Yooz system and can be used for much more advanced analysis. Like data governance compliance.
Mark Brousseau, consultant, Institute of Finance Management spokesperson, and AP automation subject matter expert, says, “Finance leaders today are expecting more from their AP function. They realize that if they can get at the information and data housed in their AP department, they can use it to support better management of their working capital, mitigate potential risk, and make more strategic decisions.”
The level of reporting and data analytics customization is made up of several layers.
- Layer One: Define what data will be extracted according to the use case, like data governance compliance.
- Layer Two: Build customized reports from the data that has been extracted.
- Layer Three: Compile the reports and make them audit-ready.