Most CFOs know they need to take a leadership role in insights and analysis, as companies turn to finance for answers to critical questions. However, despite having a high appetite for data and analytics (D&A), most finance organizations are struggling to get the value they want from their D&A capabilities, and many CEOs are concerned about the integrity of the data that drives enterprise decisions.1
Building maturity is not as simple as embracing new technology and reducing headcount. Instead, to realize the greatest benefit from insights and analysis—which is the accurate, real-time intelligence that drives profitable growth—finance must look beyond cost savings alone and accept that the entire ROI may not be visible at the beginning of the journey. The organizations that succeed will build trust in D&A and bravely move forward.
A new mandate: The need for speed in building analytics
Between economic uncertainty and the growing pressure for accurate insights, this leap of trust is becoming the new imperative for finance. It means ensuring data quality, integrating processes, adopting emerging technology to fuel advanced analytics, developing new skills and talent, and creating an analytics-based culture that supports business partnering.
To remain relevant, the finance organization must transcend its role as a recordkeeper and become an enterprise-focused data steward that delivers financial, operational, and strategic insights. And as the speed of change increases, finance also must move quickly.
Read this whitepaper to explore the CFO’s role in the enterprise data strategy and considerations for building a performance-centric finance function amid big data and other emerging technologies.
1 KPMG LLP, 2017 U.S. CEO Outlook