Modern finance operations rely on digital technology investments, process automation and business intelligence to strategically plan for an uncertain future, optimise and forecast business performance, and remain competitive in the marketplace.
Big Data Analytics
CFOs and finance professionals can no longer overlook the benefits of data analytics tools and software to integrate and analyse data generated through operations, and extract value from big data.
KPMG and Ernst & Young reports show that data analytics is key to profit growth for a majority of CEOs and CFOs, because of the increasing role of analytics in forecasting, risk management, and value-driven revenue growth. This is not surprising.
Cloud-based analytics and intelligence tools have emerged to assist finance leaders and CFOs in improving financial operations, delivering more accurate reporting, and building intelligent business strategies.
Quality Versus Quantity
While big data continues to remain a top priority, companies are turning their focus to quality data management to help drive business intelligence. The importance of quality data for strategic insights cannot be underestimated.
The role of CFO has evolved from data gatekeeping and monitoring to data quality control and strategic business leadership. Today’s main data challenge is ensuring quality control in data management to base all future predictions on accurate and actionable insights.
Intelligent Data Management
CFOs need to implement business management platforms that integrate modern technology capabilities to tackle the growing issue of data storage, analytics, monitoring and quality as seen above. Business intelligence functionality goes beyond data collection and analytics to improve KPI measurement, reporting and strategic planning.
Finally, as data analytics takes centre stage in the CFO’s activities, establishing a BI-driven data culture across the organisation is a great start to ensure seamless collaboration across finance teams, as well as improved access to analytics to make informed strategic decisions.
Read more on Microsoft’s Dynamics 365 blog.
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