Financial leaders are ready for modern data strategies

Data empowers financial leaders with a clear vision and focused strategy to improve operational efficiency in our increasingly challenging world.

In the not too distant past, the primary role of the CFO was to set up financial plans at the beginning of the year and report on the progress of those plans in order to understand cash flow and liquidity. This will slow major strategic spending or the green light. This precise tracking of metrics was, in many ways, how business intelligence was born. It was the dawn of balanced scorecards, financial metrics, and careful tracking of plan versus actual values.

Faced with a world of faster business velocity, increased market risk, and an accelerating digital transformation, forward-thinking companies are now asking for more CFOs. Today’s CFOs are transitioning from budget keepers to strategic partners in the business growth journey. Increasingly, this partnership revolves around analytics. Financial managers are required to forecast market conditions and currency risk, improve credit models in real time and provide more real-time feedback regarding the effectiveness of corporate strategies. A lot has been put on their plate, which requires a transition from the world of batch-oriented data warehouse to something more modern and smarter.

If CFOs are to overcome the challenges of the current climate, they need modern strategies and solutions that leverage real-time data and analytics to support more timely and accurate decision-making.

Learn what behavioral data can do for you. [Watch demo now]

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Real-time data and analytics – an integral part of every financial strategy

The number one job of every financial leader is to make smart decisions based on numbers. What has changed is the expectation regarding the speed of these decisions. Although monthly and quarterly analyzes were the norm only a few years ago, decisions are now required within hours or even seconds.

according to Report By Gartner, nearly three-quarters of CFOs (72 percent) are focusing on improving budget flexibility and forecasting this year. More than half are also committed to reallocating capital based on volatile demand (60 percent). Nearly (58 percent) are striving to redefine the employee value proposition within these new hybrid work environments that have been introduced. Another Gartner Report I find that the number one job for CFOs over the next 12 months is to fund new or existing growth.

If finance leaders expect to deliver, they will need a modern data strategy that enables flexible decision-making, more accurate forecasting, and scenario planning. The focus of this is the real-time streaming of high-quality data.

See also: Financial Services 2022: Customer Experience Looming

Agility – essential to business success, essential to data updating

Agility is quickly becoming an important aspect of every organization. according to Report By Accenture, a large number of bank CEOs believe that if they adopted cloud technology sooner, they would be more resilient in responding to the many disruptions caused by the pandemic. This will be an important driver of examination, strategy and investment in the coming years as business leaders reflect on what they could and should have done to adapt to the onslaught of unexpected challenges.

And if they want to become more resilient, they will first need to update their data strategy. With speed of paramount importance – both in introducing new products and services, as well as responding to market needs and global events – organizations cannot wait to catch up. If they don’t take action now, they are already light years behind their competitors.

Speed ​​is thus becoming essential to the entire organization, and this affects how companies operate and how financial leaders support – and enable – everyone to work faster. By becoming more flexible, companies can more easily develop their strategies and solutions. Most importantly, they can better prepare to move in an agile manner and respond to the ever-changing and evolving market forces.

Insights – Invaluable to Financial Leaders and Decision Makers

Data empowers financial leaders with a clear vision and focused strategy to improve operational efficiency in our increasingly challenging world.

In addition to embracing an environment of constant change, leaders need to support more effective decision making aligned with growth objectives and cost controls. The ability to make predictions faster by leveraging data accessible across modern platforms – and adopting technologies, such as the cloud, artificial intelligence and automation – will enable the innovation and agility needed to stay ahead and deliver differentiated customer experiences in a rapidly evolving market.

Learn what behavioral data can do for you. [Watch demo now]

Limitations – Time to remove data limits while still protecting data

There is an amazing array of analysis tools available, but the tools often suffer due to a lack of access to the high-quality data they need. Modern self-service analytics relies on the integration and accurate indexing of data in order to make best use of the analytics tools. These state-of-the-art catalogs help understand, inventory, and protect data. This ensures that the correct types of data are well used while sensitive and private data is classified and controlled.

Given that data sources are growing at a very rapid pace, today’s modern data analytics solutions must be able to access insights from multiple data sources. From modern cloud data centers and on-premises storage to data lakes and enterprise resource planning (ERP) solutions, as well as data silos and more, CFOs need unlimited flexibility to collect and use their data.

Data and analytics are the critical differentiators that businesses need right now

These are exciting but uncertain times, and it is imperative that CFOs stay ahead of their game. They may face more challenges than ever before, but data and analytics can help them persevere. It’s an uphill battle, but actionable insights make a huge difference, and empower companies to lead with data. And when they do, CFOs will be able to guide their companies through difficult situations and better navigate black swan events.

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