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how finance teams should merge data from different sources

Gather information on all data sources and their formats

Identify common data fields and formats across sources

Assess data quality and consistency in each source

Determine the primary data source for the merged data

Create a mapping document to match data fields between sources

Define rules and transformations required for data alignment

Ensure compatibility of data formats (e.g., date formats, currency)

Review and update data dictionaries for consistency

Extract data from each source using appropriate tools

Consolidate data into a single repository or database

Validate and reconcile data to identify any discrepancies

Resolve conflicts or inconsistencies in merged data

Identify and remove duplicate or redundant data

Perform data cleansing to correct errors and anomalies

Standardize data formats and units for consistency

Apply data validation rules to ensure accuracy

Establish a common structure for merged data

Integrate merged data with existing systems or tools

Validate data integration and perform a trial run

Conduct comprehensive data analysis for insights

Document the entire data merging process and steps taken

Record any assumptions made or issues encountered

Communicate the merged data availability and access to relevant stakeholders

Update data governance policies and procedures if necessary

Establish ongoing monitoring processes to identify data issues

Conduct regular audits to ensure data accuracy and consistency

Continuously review and improve the data merging process

Provide training and support to finance teams for data utilization

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