Data & Analytics: Key Technology Trends Aiding CFO’s for Better Decision-Making
CFOs attempt to make the best judgments they can in the shortest amount of time under today’s disrupted operating conditions. Still, the historical data they’ve always depended on is becoming less and less valuable. Leading analytics to support operational decision-making requires a high-level commitment to move the business from a backwards-looking to a forward-looking mindset. It also necessitates the commitment to invest in individuals and resources who can assist you in determining and implementing the analytic skills you’ll want. It also requires CFOs to be the drivers of digital strategies capable of operational decision-making analytics.
While the years 2020-21 will undoubtedly be remembered for their unprecedented events, many of the patterns noticed this year would have a long-term influence in the next calendar year, if not longer. Staying ahead of the curve gives CFOs and their companies a significant competitive edge, allowing them to learn to adapt to a quickly changing environment with the correct tools at their disposal.
Here are the top data and analytics trends that will aid CFO’s in better decision-making:
Increased use of Data Analytics Understanding data and analytics trends as a CFO is critical to the organization’s success. As the leader of your company’s analytics strategy, you’ll be in charge of
evaluating which business operations can gain the most value, efficiency, and competitive advantage by incorporating analytics into decision-making.
To do so, you’ll need to collaborate with stakeholders across the organization to identify decision-making challenges, model the potential benefits of implementing an analytics strategy to address those challenges, and assist the company in choosing the advanced analytics that best fits its operational structure and goals. Then you’ll need to collaborate with individuals in the company who are skilled and willing to assist you in implementing and deploying the analytics tools and strategy.
The correct analytics solutions can assist CFOs and strategic teams in analysing current and historical patterns and gathering other data to make more intelligent business choices in less time than ever before.
The rise of Artificial Intelligence
CFOs nowadays have a lot on their plates, from leading vital business goals to ensuring that the proper cybersecurity processes are in place to secure the financial data associated with each business sector. Artificial intelligence-driven emerging technologies have the potential to assist CFOs in better managing their multiple tasks. CFOs may spend more time applying insight to value-added business choices and working on their businesses’ most significant potential for risk and reward by employing AI to help the automation of regular processes and the analysis of massive data sets.
Real-time analytics and data visualization
CFOs may monitor real time performance data using effective, user-friendly data visualization technologies. Data insight provides transparency and accountability across the company, allowing challenges and investment opportunities to be discovered immediately. Without the need for time-consuming manual operations, these visualizations enable you to constantly monitor key performance metrics, profitability, risk, and important patterns or trends.
Data visualization insights can assist CFOs in identifying potentially lucrative new customers, markets, collaborations, research, and other initiatives and guiding company choices with the lowest risk and best return potential.
CFOs must understand that continuous improvements in their analytical skills are now expected by the board of directors, CEOs, and top management peers. Boards of directors and management teams are committed to spending considerable sums of money on sophisticated data analytics, particularly given that they have vivid, pandemic-era examples of resilience. It’s time for CFOs to rise to the occasion and get acquainted with a new age in finance marked by sophisticated data analytics and become the drivers of digital strategy.
Learn more about the event CFO Leadership Summit
Event by Exito Media Concepts