The ability to collect massive data has had an impact on every industry and especially in the finance department. This report from CFO Innovation, sponsored by IBM, talks about just that. The findings are based on a round table discussion about finance and analytics with senior finance professionals in Hong Kong.
Most of the attendees agreed that it takes a lot of time to collect, analyze and intepret data for everyone to use, and this job is expected to be done by the CFOs. Reports are also expected in real time and to be produced on a short notice, nothing the attendees felt comfortable with. Data must be verified and analyzed before it can be presented.
A key point coming from the discussion is that CFOs must engage the key stakeholders, and analyze what kind of information the leadership really requires before putting together a suitable presentation.
- The data burden
- Excel pain
- Trusting data vs. experience
- Predicting the future
- Tools for the journey