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Data: Changing the Role of Finance

Finance professionals have access to an almost unlimited wealth of data sources. From customer service data, to web site utilization metrics - many teams have a deep pool of numeric information. Yet, over 75% of business finance teams only review and leverage traditional financial data on a regular basis. As the relevance and thirst for business data continues to grow, CFO’s and their teams need to recognize the business potential of embracing wider sets of data.

The Chartered Global Management Accountants recent report, From Insight to Action, shares market perceptions about the role data can and will play in the future. A survey of more than 2,000 finance professionals revealed:

85%

Think that increasing their ability to work with big data will enhance their career and employability.

87%

Believe that internal data holdings have the potential to change the way business is done.

86%

Feel that their businesses are struggling to get valuable insight from data. The biggest barriers: organizational data silos, challenges relating to data quality, and the challenge of working with unfamiliar non-financial data.

90%

Agree that finance has an essential role to play in helping their organization benefit from data-related projects by applying their combined knowledge of finance and business to help translate new analytical insights into commercial impact.

For finance professionals at every level, the ability to play a central role in converting the potential of data into business value helps them play a more strategic role in their organization, and enhance their skills.