How will data & analytics transform the role of the CFO

    How will data & analytics transform the role of the CFO

     

    Chief Financial Officers (CFOs) are exceptionally positioned to lead organisational shift into digitization. Leading the finance function results in them being uniquely set to have insight into the whole organization, individual business units and how these interact with one another. This then allows them to help their organizational counterparts understand the why of finance data — not just the what — and ultimately leading to smarter decisions throughout the organization. 

    With the enormous amounts of data that organizations posses, applying data analytics effectively, will result in valuable insights into customers and products, business operations and staff. (Big) data is the starting point for a differentiated customer experience, process improvement and risk modeling.

    "The more real-time and granular we can get, the more responsive, and more competitive, we can be"

     

    What are the actions CFOs need to take? 

     

    • Set clear ambitions for (expected) outcomes and benefits of data & analytics
    • Define your focus area for people, processes and performance (how does it fit in the broader transformation agenda and how to integrate in business)
    • Setup the appropriate governance model & structure for data & analytics (including approach, prioritization and governance - see earlier post on this)
    • Involve employees in designing and implementing the solutions (and understand the impacts and how this empowers them)
    • Prepare your people and yourself (see earlier post on the skills revolution)

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