Data and the finance function

Question 1

Strategic Decisions

Answer 1

Long term, complex decision made by directors and senior management.

Question 2

Tactical Decisions

Answer 2

Medium term, involve putting the strategic plan into action. Involves selecting what products to stock in the current season or whether to open new branches.

Question 3

Operational Decisions

Answer 3

Day to decisions at junior levels of management concerned with the practical day to day running.

Question 4

Digital Assets

Answer 4

Assets held by a business in digital form that do not have a physical substance.

Question 5

Digital Asset Management System (DAMS)

Answer 5

Designed to coordinate the digital assets of a business, ensuring they are held centrally in an accessible, secure and logically designed repository.

Question 6

Features of a DAM

Answer 6

Database designed to manage digital assets
Single central location for digital asset storage and access
Often facilitated by cloud based software
Access levels built into the system
Assets categorised by format with associated metadata

Question 7

Data Protection

Answer 7

Process of safeguarding important information from corruption, compromise or loss.

Question 8

Chief Data Officer (CDO)

Answer 8

Holds overall responsibility for governance and protection of data as well as strategies to optimise the use of data as an asset.

Question 9

Five Building Blocks of Data Strategy

Answer 9

Identify
Store
Provision
Process
Govern