Why treating finance as strategy, not just compliance, can unlock your next phase of growth
Data is an enabler — it’s not meant to entirely drive your strategy, but to support it.
That was the starting point of Colin Wenngatz’s masterclass at ScaleUP Week — and if the audience took one thing away from the session, it was likely that.
Wenngatz didn’t hide his disdain for the overuse of terms like “data-driven,” arguing that without strategic intent, all the dashboards and metrics in the world won’t move your business forward.
If you’ve ever felt like your monthly reports are more like a rearview mirror than a GPS, you’re not alone. Many growing businesses reach a point where finance starts to lag behind operations. Reports arrive too late. Dashboards multiply without focus. And your team is working hard just to explain what already happened, not what to do next.
This is where financial intelligence comes in: the practice of using financial data to inform strategy, shape decisions, and enable growth, not just track it.
Wenngatz, partner and vice president of data analytics, and his colleague Cam Bawol, director of business development — both from MNP, one of Canada’s largest national accounting, tax, and business consulting firms — shared how companies can elevate finance from a support function to a core driver of growth.
Their advice is to stop treating finance as a formality and start using it to lead.
From historian to navigator
Traditional finance teams often play the role of historian, summarizing what happened last month. But that view is increasingly outdated.
“Financials are the outcome, not the driver,” said Wenngatz. “We’re looking to move from compliance to reliance.”
That means building systems that can forecast outcomes, test scenarios, and respond quickly when conditions change.
For example, MNP worked with a Saskatchewan-based manufacturer that was juggling variable interest rates, supply chain tariffs, and multiple acquisitions.
By modelling scenarios with real-time data, including external inputs like tariff trends, they avoided a risky acquisition and reallocated capital more effectively. A conventional reporting cycle wouldn’t have caught the risk in time.
Tip: Ask yourself, “What would I do differently if I knew this number in advance?” If there’s no answer, it’s not a strategic metric.
More dashboards aren’t the answer
As companies chase digital transformation, many fall into the trap of tracking too much. In one case, a client had 187 dashboards.
“Most of them were never used,” said Wenngatz. This resulted in confusion instead of clarity.
MNP recommends starting with a single business question and identifying only the metrics needed to answer it.
For example, a homebuilder had detailed data across five spreadsheets. MNP consolidated that into a single Power BI dashboard that revealed profitability differences between similar homes in different communities. This insight led not only to capital shifts but also to changes in how executive time was allocated.
The lesson: Don’t build dashboards without knowing what decision they’ll inform.
Strategy should lead, not follow data
It’s tempting to believe that the right data will surface the right answers. But that’s backwards.
Bawol noted the importance of starting with a clear business question, cautioning that building dashboards without knowing what decision they support often leads to confusion.
One audience member asked, “What if the strategy is just to see where the data leads us?”
Wenngatz cautioned against this. Without a goal, it’s easy to get lost in the noise. Instead, he suggested setting a strategic direction, and let the data help you navigate there.
They also flagged the risk of “science fair projects” — flashy analytics experiments that don’t tie back to real business value. If a KPI doesn’t influence action, it’s not helping.
Automation unlocks strategic time
Financial intelligence is about freeing up capacity. Many finance teams still spend hours compiling reports by hand. Automating this work allows more time for strategy and scenario planning.
Tools like Power BI, natural language queries, and pre-built forecasting models are increasingly accessible, even for mid-sized companies.
Wenngatz noted that tools once considered out of reach for smaller firms, like AI-enabled dashboards or automated forecasting, are now accessible to mid-sized businesses thanks to falling costs and simpler implementations.
And it doesn’t require perfect data. In fact, integrating systems often helps identify inconsistencies and gaps. Cleaning up data isn’t a prerequisite — it’s part of the process.
Transparency, done right, builds accountability
A common question in the room was how much financial data should teams share internally?
“Transparency drives accountability, and accountability drives results,” said Wenngatz. But that doesn’t mean everyone needs to see everything.
One way to strike the balance is to build a single source of truth, then control access depending on role or seniority. Dashboards can show different views without duplicating the underlying work.
For companies navigating change, especially scale-ups with evolving teams, this kind of structured transparency can help align people around priorities.
Where to start
If you’re looking to apply financial intelligence in your business, start small and stay focused. MNP recommends beginning with a discovery session or strategic workshop, not a tech rollout.
“Crawl, walk, run,” said Wenngatz. “Pick one or two high-value questions and build from there.”
Examples of where many companies start:
- Forecasting cash flow or working capital
- Understanding customer profitability
- Testing pricing or market expansion scenarios
Whatever you choose, the key is to tie your efforts to a specific decision or outcome, not just a desire to be “more data-driven.”
Key questions to ask yourself
- Are we using financial data to make decisions, or just explain them?
- What’s the next strategic choice we need to make, and do we have the numbers to support it?
- Which KPIs actually change how our team behaves?
- How much time does our team spend compiling vs. interpreting data?
- Could we automate one reporting process this quarter?
Build a finance function that grows with you
Financial intelligence isn’t reserved for large enterprises with massive analytics teams. In fact, the more nimble your business is, the more valuable this approach becomes.
Scale-ups have a unique advantage in that they can embed strategic finance thinking early, before inefficient habits calcify and reporting silos grow too deep to fix easily.
Wenngatz said that financial insight doesn’t need to wait for perfect systems or a fully staffed finance department. Many companies can start by aligning external advisors, existing data, and internal priorities around a specific goal.
Automating even one core report or building a focused dashboard tied to growth can create immediate value.
And while the tools and terminology may feel overwhelming, the goal is simple: get your team better aligned with the future, not just better informed about the past.
If your business is scaling, your finance capabilities should scale too, not just in volume, but in strategic influence.
Financial intelligence helps ensure your numbers aren’t just accurate. They’re actionable. And that’s what makes the difference between keeping up and pulling ahead.
Digital Journal is the official media partner of ScaleUP Week 2025.
This coverage is supported by the Calgary Innovation Coalition (CIC), a network of 95+ organizations working to accelerate innovation and entrepreneurship across the Calgary region.
This article was created with the assistance of AI. Learn more about our AI ethics policy here.
