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CFO’s To Step Up To Big Data
August 5, 2016 News

Although the amounts handled in terms of debit and credits by finance professionals may not require the full services of big data analytics, it may be time they started looking at how it can be used to improve the companies financial advantages.

Managing partner at Everest Group, Eric Simpson has said that the opportunity where big data lies for finance is in identifiying business processes in operations and finance to generate insights into what drives those financial results.

Enterprises ahead of the pack have already begun their dash to applying big data and advanced tools to reduce reliance on manual systems, improve their competitive advantage, significantly reduce costs and increase efficiency.

CFO’s are now required to proactively inform their daily decision making in finance and operations so as to gain an advantage by having a quick response. They require sustainable financial analytics that needs constant updating with very little effort.

They also require real time insights on a daily basis in order to identify the necessary action to take and avoid unnecessary costs. CFO’s who are data driven are able to spend more time going through latest trends and plans for the future over just reporting their results.

For a wireless telecommunication service, collaboration between the finance and operational groups give better insights of call centre costs to capture and analyse among other things, customer behaviour, web activity, call center and customer data. These insights will help to identify cost cutting probabilities and still improve customer satisfaction.

The health-care industry manufacturer needs are slightly different in terms of post-sales insights. Usage logs and sensor data of its equipment status are better monitored through Hadoop by being proactive and preventative in taking care of the customers’ equipment. It helps ease component replacement costs while maximising their usage.

The advantages that these companies gain from applying analytical data platforms that can support future initiatives at a fraction of the cost as they can leverage pre-integrated data for extended use with new data types and subject areas. The CFO’s then can take steps to venture into big data waters and improve their understanding between the financial results, operational and behavioural motives.

The future is to build and leverage financial systems uses with big data advanced analytics. CFO’s who are taking the first steps towards that goal are in fact helping their company to achieve that future.

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