Data empowers financial leaders with clear vision and focused strategies to improve operational efficiency in an increasingly challenging world.

In the not-so-distant past, the chief financial officer’s primary role was to prepare financial plans at the beginning of the year and report on the progress of those plans to understand cash flow and liquidity. This slows or greenlights key strategic spending. This careful tracking of metrics was, in many ways, how business intelligence was born. It was the dawn of balanced scorecards, financial metrics, and careful tracking of plans and performance.

In the face of a world of faster business speed, higher market risk and accelerated digital transformation, forward-thinking companies are now demanding more from their CFOs. Her CFO today has moved from being a balance sheet controller to being a strategic partner in the growth process of the business. The partnership increasingly revolves around analytics. CFOs are asked to forecast market conditions and currency risks, improve real-time credit modeling, and provide more real-time feedback on the effectiveness of corporate strategies. The need to move from the world of batch-oriented data warehouses to a more modern and agile world puts a lot on them.

To overcome today’s climate challenges, CFOs need modern strategies and solutions that leverage real-time data and analytics to drive more timely and accurate decision-making.

See how behavioral data can help. [Watch demo now]

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Real-time data and analytics – essential for any financial strategy

The first job of every finance leader is to make smart decisions based on numbers. What has changed are expectations related to the speed of these decisions. Monthly and quarterly analysis was the norm just a few years ago, but today decisions must be made in hours or seconds.

Gartner reports that nearly three-quarters (72%) of CFOs are focusing on improving budgeting and forecasting flexibility this year. More than half also commit to reallocate capital based on fluctuating demand (60%). A similar number (58%) are striving to redefine their employee value proposition within these new hybrid work environments as they are introduced. According to another Gartner report, her CFO’s biggest job over the next 12 months is to fund new or existing growth.

If finance leaders expect results, they need a modern data strategy that enables agile decision-making and more accurate forecasting and scenario planning. At its core is a real-time flow of high-quality data.

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Agility – critical to business success and critical to data modernization

Agility has quickly become a critical aspect of all organizations. According to an Accenture report, many bank CEOs believe that had they embraced cloud technology earlier, they would have been more agile in responding to the many disruptions caused by the pandemic. This will be a key driver of research, strategy, and investment for the next few years as he considers what leaders could and should have done to adapt to the onslaught of unexpected challenges. will be

If you want to be even more agile, you must first modernize your data strategy. Businesses are impatient to catch up, both in introducing new products and services, in response to market needs and world events. If they don’t act now, they’re already light years behind their competitors.

As a result, speed has become imperative across organizations, affecting how businesses operate and how finance leaders support and enable them to run faster. By increasing agility, businesses can more easily evolve their strategies and solutions. More importantly, they can move in an agile way and be better prepared to respond to ever-changing and evolving market forces.

Insights – invaluable for financial leaders and decision makers

Data empowers financial leaders with clear vision and focused strategies to improve operational efficiency in an increasingly challenging world.

In addition to embracing an environment of constant change, leaders must support more effective decision-making that aligns growth targets and cost controls. Leveraging data accessible through modern platforms and employing technologies such as cloud, AI, and automation, the ability to make predictions faster will keep you ahead and differentiated in a rapidly evolving market. Enable the innovation and speed you need to deliver a superior customer experience.

See how behavioral data can help. [Watch demo now]

Limitations – It’s Time to Break Data Boundaries While Protecting Data

There is a dizzying array of analytical tools available, but they often struggle because they don’t have access to the high-quality data they need. Modern self-service analytics rely on data integration and careful cataloging to get the most out of analytics tools. These modern catalogs help you understand, inventory, and protect your data. This allows you to label and manage sensitive and personal data, while making better use of the right types of data.

Given the rapidly expanding data sources, today’s modern data analytics solutions must be able to access insights from multiple data sources. From modern cloud data centers and on-premises storage, to data lakes, enterprise resource planning (ERP) solutions, data silos, and more, CFOs need limitless flexibility for collecting and using data.

Data and analytics are the key differentiators businesses need now

These are exciting but uncertain times, and it’s imperative that the Chief Financial Officer stays at the top of his game. They may be facing more challenges than ever before, but data and analytics can help them persevere. It’s an uphill battle, but actionable insights can make all the difference, empowering businesses to leverage data to take the lead. In doing so, CFOs can lead their respective companies through difficult times and successfully navigate Black Swan events.

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