At financial services firms today, CFOs are called upon to deliver operating improvements and increased profitability while adhering to ever-greater regulatory requirements. To make matters more difficult, CFOs often have to deal with poor data quality, outdated technologies and data processing misalignment. Accenture estimates inefficiencies like this impose a “cost” of as much as 50 percent on the traditional finance function.
However, advancements in technology and analytics are creating an opportunity. Thanks to the quicker availability of meaningful insights, CFOs who capitalize on this Big Data explosion can shift their role from a monitoring and control function—with an emphasis on activities such as budgeting, forecasting and performance monitoring—to a constructive partnership with the business, with proactive involvement in strategic investment choices and the discovery and development of new opportunities.
A data-driven finance function, led by a CFO comfortable with the opportunities provided by Big Data, can benefit from tangible reduction in costs—up to 35 percent by our estimate—along with a substantial strategic upside.
To learn more about how CFOs are uniquely positioned to propel their organizations into being data-driven enterprises, and reaping the benefits that come with directional shift, read our full report.