Successful CFOs and finance professionals are looking to technology, analytics, and streamlined processes to help them achieve their goals
Beating the competition in today’s global economy means lowering costs, increasing productivity, and relying to a greater extent than ever before on data and the ability to analyze and interpret that data to foster growth and profitability. Those with the greatest responsibility for achieving these goals are CFOs and finance executives. Successful finance professionals focus on gathering the best, most accurate and most relevant data that will enable them to meet and often exceed the enterprise’s expectations.
This expanding role of the CFO was covered in some depth late last year in CFO magazine. The article, “How ‘Data-Driven’ CFOs Are Leading the C-Suite,” acts as an introduction, providing links to six different articles that detail how finance professionals are utilizing data and analytics to make strategic and profitable decisions.
Each of the linked articles covers different aspects of data-gathering and analytics and explains how these tasks play a vital role in moving a company forward. Three of the articles directly address just how important this is to the CFO role:
“A Manual for the Data-Driven Finance Chief“ tracks how leading CFOs are leveraging analytics to develop valuable insights and then making decisions based on those data-backed insights. It discusses the need for an agile analytics operating model and details how that can drive high performance in finance and in the enterprise as a whole.
“Mastering Predictive Analytics” explores the practice of “extracting information from existing data sets in order to determine patterns and predict future outcomes and trends.” Today’s CFOs may not have the crystal ball necessary to see what will arise in the near future; however the ability to use predictive analytics will help greatly and is valued as a very important skillset.
“Why CFO Should Own Analytics” discusses how the CFO is the logical choice within the enterprise to drive the pursuit and use of analytics since the position already is in control of huge reams of data from the finance, procurement, and customer service departments. CFOs are in a prime position to use data to affect operational productivity and develop more strategic positions.
These and other articles we’ve seen clearly show that if CFOs and their finance teams can overcome the complexities of data-management to identify opportunities and save money, their role within the company may be more important than ever.