Business analytics, in the past primarily evaluated by IT departments or data scientists are finding their way in the hands and plans of the CFO. The CFO has the skills and expertise to more fully utilize these analytics, leveraging the power they can offer. Utilizing real-time data access, and an ability to analyze large amounts of data.
As technology continues to evolve, companies are required to manage supply chain and inventory turnover. This is where business analytics come in, providing the CFO with a comprehensive understanding of what is going on within their operation, in real-time. CFOs will be able to find potential costs savings to improve sales insights. In addition, errors can be quickly identified, resulting in quick action and mitigation of issues. Additionally, CFOs are able to stay abreast of what’s happening in their market, watching their competitor’s prices and products in order to remain competitive within the marketplace. Ultimately, real-time data access from business intelligence allows CFOs to make smart and fast business decisions.
For the CFO, the way information is presented will impact their ability to analyze it and use it to make smart business decisions for their organization. Having to sort through multiple spreadsheets can complicate the data and provide less than a full picture. There are software systems available that will create financial reports that encompass all of the financial information and integrate into, easy to read reports that are pulled from an integrated dashboard. This desirable format will also prove helpful when presenting information to other company executives and stakeholders. These reports may also help CFO’s to manage their key performance indicators (KPI’s) by providing real time insights into company data, sales, and balances.
Once the right software is in place and providing thorough analytics, CFOs will be able to more accurately predict trends, both current and past. These analytics will provide endless business opportunities for your organization.
