CFO and Integration
Many are not aware that information technology usually falls under the CFO (Chief Financial Officer) in organizations if the company does not possess a CIO (Chief Information Officer). Other than the CIO, CFO’s are very interested in data integration. According to Lawson the reasons are, “one driver is regulation but the main driver is the regulators enforcing those regulations, who increasingly require the integration of models into day-to-day business decisions, these models can be called upon to operate at a pace consistent with business demands (2012)”.
This discussion is about the assigned role as a CFO (Chief Financial Offer) and the type of integration that would be preferred within a company, within this role.
The biggest factor being a CFO is the quality of the data. The data must be accurate as SOX (Sarbanes Oxley) is a very high regulation that must be obtained by almost every organization. The preferred integration would be ETL (extract, transform and load). It is realized that the lag between the times of retrieving data is one of the downsides however, the batch files can be created to run every 5 minutes if the company required the details.
There are many benefits to using ETL and that would be the tools provided. “A lot of ETL tools are now capable of combining structured data with unstructured data in one mapping (Van der Linden, 2014)”. This would assure accuracy of the data that is required.
“ETL is a data movement technology specifically, where you are getting data from one application’s data store and moving it to another location rather than trying to interface to an application’s programming interfaces (InetSoft, N.d.). This would help with combining of multiple databases is needed.
ETL covers pretty much most of the concerns. The pricing will depend on the tools purchased but the quality, the combining of multiple databases and the functionality overall should be the key factors when integrating data proficiently.