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Chief financial officers (CFOs) can enable right-time decision making by creating a data governance model, reporting structure and information delivery systems that keep pace with the data explosion underway.
According to a recent survey by Accenture, only one in four executives usually rely on data as a basis for decision making. The rest turn to instinct, intuition or past track records—a strategy that can have disastrous results if the product launched fails, the customers served are not profitable or the deal closed doesn’t deliver the expected synergies.
Modern CFOs must consider how to evolve from making decisions based on gut feeling to using data to drive fact-based decision making. Without ignoring one’s instincts and past experience, it is possible to combine art and science to validate hunches with hard data.
The following best practices can help CFOs leverage data analytics to drive better decision making:
Create a strong governance structure to support data integrity by implementing a framework that combines policy, process and technology. This will enable enhanced data availability, quality and consistency across the organization.
Select data analytics tools that address your problem and ensure the right data.
Invest in the right analytics tools and platforms to deliver the information in a timely and best manner to decision makers.
Read the complete article to learn more about “right-time” decision making.
Access the complete 5 Minutes on Modern Finance Best Practices Series.
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