Data + CFO's
CFOs, we’re talking to you.
The balance sheets is a very powerful weapon in your business’s arsenal, But do you leverage the big data on your balance sheets in specific, measurable ways?
It’s okay if you don’t (yet). Data, especially big data, is often confined to spreadsheets. It’s hard to gain insights from simple rows and columns, no matter what level of excel genius you are. But the time for excuses is over.
Here are three practical ways you can animate your data for increased profitability:
1. Better company planning and forecasting.
As a CFO, you are already pretty well versed in your external industry. But sometimes, there are trends that are hard to anticipate. Synthesizing your data with predictive analytics can help you prepare for and respond to situations that are often not so cut and dry.
2. More strategic financial management.
Your financial data is not kept in the spreadsheets alone. As a CFO, you are responsible for understanding cross-departmental data that drives your organization. Sales volume per capita, revenues, inventory levels, and any other financial data needs to be captured for your best strategic decision making. Effective strategies come from real-time, contextual data that gleans actionable insights from your organization as a whole.
3. Enhanced statutory reporting.
Real-time data reporting is your new best friend. The days of sifting through reports, creating spreadsheets, and manually reporting information are over. Real-time data, when partnered with a BI, reduces the risk of errors and keeps your reports up-to-date. In addition, BI technology makes integrating internal and external data easier and more cost effective.
CFOs today are expected to deliver more than ever before. By harnessing your company’s data, you can rise to the occasion and deliver actionable insights and value that your organization needs to succeed.