Strategic organizational collaboration is required in order to enhance financial information from a strategic standpoint. Financial indicators provide invaluable insight of the operations from a financial prospective. As well focusing on operational indicators only does not provide all the information in order to undertake strategic decision making. Organizations that undertake a collaborative approach are able to be proactive with decisions in a competitive environment. In fostering such collaboration concerns, risks, and opportunities maybe realised while focusing on the organizational strategy.

Finance Professionals have used forecasts and budgets in order to compare what is expected to occur vs what has actually occurred. The undertaking requires the application of good judgment from information provided by business units within the organization. Although traditional financial reporting is based on what has occurred, the importance cannot be underestimated. Understanding why an event has occurred can be as important as predicting what is expected to occur. Traditional budget and forecasting methods used may not have taken into account patterns based on internal and external factors. The use of information technology has allowed information to be collected, cross-referenced, and categorized based on specific data-points. As a result, such information can be obtained through the use of databases, statistical formulas, as well as Client Resource Management (CRM) in addition to traditional enterprise resource systems (ERP).

The Finance Department is well positioned to use data analytics strategically. Consider the amount of information that is collected regarding customers, vendors, supply chain to name a few within ERP systems that is not fully utilized. With increased information comes the need to capitalize on a well-positioned analytics capability. With the use of technological tools, organizations can gain a better insight into customer insight thus allowing for strategic planning..

Effective Internal controls are an important factor for any business that can go overlooked. Consider for example the importance of information tracking within the finance department. Without proper oversight and controls, it is possible that funds could be misappropriated, not recorded properly, or not recorded in the proper period. The benefits of Internal Controls are not limited to Finance, but also include Human Resources, as well as the information technology areas within the organization. .

Finance Business Partners were mainly seen in larger organizations, their roles demanded more than just number crunching month end results from their finance professionals. The transformation of finance professionals as a key business partner can be seen in smaller and medium-sized organizations where finance is playing more of a value-added proactive approach. The traditional month-end finance function that is part of every organization for internal, as well as external reporting. Such reporting was based on after period variance analysis with little input with regard to analytics for future direction, thus more of a passive role..

The role of Finance in organizational reporting goes beyond reporting on monthly financial results. The importance of reporting on the monthly financials should not be underestimated including the traditional role finance has played within the organization. Historically finance may have been seen an isolated unit that did not interact with other units within the organization. The role that finance plays will increasingly be strategic that is to assist business units with strategy. In the case of not-for-profits or government agencies, the role could be within the efficient use of resources in order to provide services more effectively.

With the use of Big Data analytics, finance professionals are able to further assist marketing and sales with their functions. Rather than just reporting on historical financial results, big data has brought together various departments within the organization to work together on not only analyzing the effectiveness of past strategies but also determine the next step within an organization. Such analysis allows for a better understanding of the cause and effects of decisions on a geographical level, as well as an organizational level. Some of the challenges faced with big data are determining which sources of data should be used, both internally and externally for decision-making. Other challenges that may be faced is to filter out data that is required for specific decision making from data that although is useful may distract from analyzing a specific strategic move.