Ed is a financial executive at a data software platform company. His friend Stacy is entering the finance world and needs some help to understand why analytics is so important for CFOs.
Ed tells Stacy that analytics are essential for CFOs because better data will enable better outcomes. While dashboards have been around for years, its value has never been as apparent as it is today. The analytics dashboards provide help to guide finance experts in making smarter decisions.
Data helps CFOs to make real-time decisions, improve technology in organizations, and increase visibility across departments.
Additionally, analytics help CFOs make accelerated decisions and track operational and tactical metrics. With the help of dashboards, CFOs are now able to make time-critical decisions by using raw data to gain information.
Ed continues to explain to Stacy that analytics are a powerful tool that helps CFOs look ahead and predict various business outcomes. CFOs are the stewards of value and the guardians of truth.
Analytics offer credibility and allow others in the organization to trust CFOs to lead successful analytical efforts. For analytics to reveal business insights, it is essential that a strong methodology for obtaining and entering data is in place to ensure the data is accurate.
For CFOs to be able to mitigate several business risks, finance functions must oversee business insight initiatives. When the finance department controls business insight, CFOs can explore the revenue and costs for customer satisfaction and loyalty, which, when strengthened, strengthens the company.
Analytics sponsor perspective and are a vital instrument for change. As companies change at an unprecedented pace, so is the role that finance plays within them. Digital distribution, globalization, and new business models continue to challenge businesses to drive faster product cycles, enter new markets and channels more quickly, and help evolve the market that a company is a part of.
Now that Stacy has a much better understanding of how important analytics are for CFOs, she is ready to successfully implement them into your efforts.
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