Back in 2006, Clive Humby called data "the new oil,” and he wasn’t wrong. Fast forward to today, and data has outgrown its IT roots, landing squarely in finance. Now, CFOs are in the driver’s seat, turning raw data into smarter decisions and potential financial wins. And here’s how…
In a recent webinar hosted by Kleene.ai in partnership with Payhawk, a panel of finance and data leaders, including Konstantin Dzhengozov (CFO, Payhawk), Tannah Matus (CFO, Secret Food Tours), Abigail May (Finance Director, Biscuiteers), and Matt Sawyer (Founder, Sawinsight) shared their insights on how finance teams can lead successful data transformation initiatives.
From selecting the right projects to aligning financial goals with business strategy, the discussion explored practical steps to unlock cost savings, automate workflows, and enhance visibility. Here’s what we learned.
You can’t transform your business without transforming your data. But transformation is never a quick fix or a single software purchase. One of the biggest hurdles will likely involve dealing with multiple third-party data workflows and fragmented technology.
You might envision an all-singing, all-dancing system that solves every single data problem across your business, but the reality is much messier. The panel agreed: “The key is to start small. Understand the data you’re working with before you try to overhaul everything."
Rather than aiming for an overnight transformation, the panel suggested breaking it down into manageable pieces. Accept that this is a long game — likely a year-long project, not a two-month sprint. If you know that upfront, you can set the right expectations and avoid frustration.
How PinPoint Media cut spend chaos with custom workflows
Justifying the investment in data transformation can be a major hurdle.
Business leaders want to know: What’s the ROI? When will we see the benefits?
Unlike buying a piece of machinery with a clear efficiency gain, data projects often lack immediate, tangible returns. To get buy-in, you must build a compelling business case starting with the below:
Without this, convincing leadership to allocate resources will be an uphill battle.
Abigail May, Finance Director at Biscuiteers, says:
If I'm working on building a business case — which is something I often ask others in the company to do — I’ll focus on outlining the value, cost, and especially the payback period. When project timelines and value aren't clear, it's hard to justify a big upfront expense.
One of the biggest challenges in leading any kind of data transformation initiative is the cultural impact.
Teams get comfortable with existing processes, even when they're inefficient. When you introduce something for the first time, chances are there'll be a gap between your employees' skill sets and the new technologies.
People resist change when they don't understand it. Supporting data transformation isn't just a tech project; it's a mindset shift.
Konstantin Dzhengozov, CFO at Payhawk, says:
There's often cultural resistance to change as people get comfortable with what they're used to, and there's a gap between skills and the new technology. People fear the unknown, and breaking through silos requires a shift in mindset. We need to help them recognise that the current processes aren't scalable, and transforming how we use data and operate generally is vital.
The panel agreed, suggesting that to overcome cultural resistance, you should:
How do you know when your company needs a data overhaul? Here are the red flags:
Tannah Matus, CFO of Secret Food Tours, says:
It's twofold. First, answering questions from board members, directors, or investors can be time-consuming. If the information isn't easily accessible, then there's pressure on me to find it. Second, we closely monitor margins at a city level, analysing food and guide costs. So, if margins drop, we need to act quickly, as a few weeks of decline can result in significant losses.
The ‘TL/DR’? If your data isn’t giving you answers fast enough to make decisions, it’s time for a transformation.
How do you prioritise once you decide to embark on a data transformation?
“I consider how much data is generated in real time versus needing manipulation or month-end analysis. In our dispatch department, for example, data automation has made a big impact, improving efficiency with real-time dashboards showing parcel activity. The next step is filtering this real-time data to other teams,” shares Abigail.
Abigail continues: “Something that we encounter often is first setting a plan for the month ahead of what we're going to manufacture and produce and then landing a really big corporate order that knocks all that out of the park. A big order is great, but we've got a finite amount of capacity and capability in a month, so it’s important that we can quickly respond to having a big corporate order come and shift everything else.”
It may not apply to everyone's business, but at Biscuiteers, it’s important that we can use data dynamically to react quite as quickly to changes!
1. Identify business-critical areas: Start with pain points that are costing you the most time or money
2. Automate repetitive tasks: If finance teams are manually reconciling revenue or cutting and pasting data into spreadsheets, fix that first
3. Ensure data integrity: Clean, reliable data is the foundation for any transformation
4. Create real-time dashboards: Give leadership the ability to make data-driven decisions on the fly
The panel all agreed: If you’re still relying on manual processes, you’re leaving money on the table.
Automation removes human error, speeds up analysis, and frees up your team to focus on strategic work. Instead of wrestling with spreadsheets, they can focus on forecasting, optimising costs, and driving growth.
Konstantin describes:
New technology now enables real-time visibility and control, saving time on many low-value finance tasks with smart automation. At Payhawk, we've built our entire platform around this principle. We can integrate with your ERP, streamline approvals, and create a robust control framework — whether using purchase orders, accounts payable, complex approval workflows, or more.
At the heart of data transformation is one simple goal: Empowering your business to make smarter, faster decisions.
If your current systems are slowing you down, holding you back, or making life harder than it needs to be, it’s time for a change. The businesses that thrive in the future will be the ones that take control of their data today.
So, where do you start? The panel were unanimous. Break it down. Prioritise. Automate. Educate your team. And get ready to make better, faster decisions with confidence.
Knowing what to focus on is one thing, but a list of must-dos is even better. Here are the top five ways to implement data transformation in your business:
Data transformation isn't just about tools and technology; it's about behaviour. If your team treats data like a magic answer generator rather than a source of strategic insight, you need a reset.
A top tip? Expose the consequences of bad data habits.
When someone repeatedly makes the same mistake — clicking the wrong button, processing a refund incorrectly — measure it. Set KPIs and report them back to the team.
One company found that showing individuals the knock-on effect of their actions (e.g. turning a single incorrect refund into three hours of reconciliation work) was enough to drive change.
Tannah Matus explains:
Lazy data users might expect instant answers and ignore processes, but repeated mistakes can cause issues (despite warnings)... We created KPIs around tracking errors, showing users how their actions affected data quality. Once they saw the impact, they became more mindful, improving processes and reducing mistakes.
How to implement this:
Not all data initiatives will move the needle. The key is to align data projects with business goals and identify where you can use your data to actively drive strategic outcomes.
If your finance team is constantly in firefighting mode, your first priority should be projects that automate repetitive work and improve visibility.
Finance leaders need to stop chasing receipts and start shaping strategy. Automation isn’t just a convenience — it’s the key to better control over spend.
Abigail describes:
We implemented Payhawk about a year ago, and we're really happy with it. We've seen huge value through Payhawk; it's doing multiple things that I thought we'd need three pieces of software for. Relying on (and pushing what we can get) from software means frees up our finance team to use their time more efficiently.
By integrating real-time visibility and control into a single platform, you can streamline finance workflows by automating approvals, embedding policy controls, and reducing manual reconciliation.
How to start automating your finance workflows:
Switching software can feel daunting, but if you select the right tools, they will work hard for you.
If your finance software isn’t solving all your problems, it’s worth revisiting what’s out there. A consolidated system should 1) Reduce manual data entry, 2) streamline workflows, and 3) enable smarter decision-making (giving you all your data in one place).
Make sure you do the following:
AI is changing the game, but it’s only going to benefit you if it’s properly clean and structured.
As Tannah explains:
AI is only going to be as good as what you're feeding it. If you can't get that baseline accurate, usable, and correct for the processes that you're doing to generate that data, then implementing an all-singular dancing AI solution is not going to help your business.
Before implementing AI in finance, you should:
The key webinar takeaway? Data transformation isn’t just a finance project: It’s a business-wide shift.
From breaking down silos to automating workflows, the companies that invest in structured, strategic data initiatives will be the ones making faster, smarter decisions.
But transformation doesn’t happen overnight. The advice is clear: start small, set realistic expectations, and prioritise the areas where automation and visibility will have the most impact.
With Payhawk, you can centralise spend data, automate approvals, and streamline reporting — all in one platform. If you’re ready to take control of your finance workflows, book a personalised demo and see how we could help your business transform spend data into smart decisions.
Trish Toovey works across the UK and US markets to craft content at Payhawk. Covering anything from ad copy to video scripting, Trish leans on a super varied background in copy and content creation for the finance, fashion, and travel industries.
Whether you have tens, hundreds, or thousands of employees, we’re making your business spend work for you, giving you control over spending at scale with a single solution. Say goodbye to tedious finance tasks, schedule a demo with us today.
Payhawk Limited, All rights reserved. Payhawk Limited is registered under company registration number 11747263, Chancery House, 53-64 Chancery Lane, London WC2A 1QS. Payhawk Debit and Credit Cards are issued by Payhawk Financial Services UAB and Paynetics AD in the EEA, Payhawk Financial Services Limited and Payrnet Limited in the UK, and Cross River Bank, Member FDIC in the US.
The Payhawk product is not available for micro-enterprises or small charities based in the UK as defined in the UK Consumer Duty Regulations. See the FCA website for more information.
The Payhawk Visa Debit card and Payhawk Visa Credit cards are issued pursuant to a license from Visa.
