Data provides a wealth of insights, not just when it comes to customers and marketing but with respect to the health of a business too. Those organisations embracing the tidal wave of data that is available, and investing in individuals and infrastructures to tame it, are the ones most likely to prosper. Well managed data will give CFOs key information, both when it comes to the business itself and also the wider market. Now is exactly the right time to take steps to embrace the use of data in finance.
Why CFOs need to embrace data in finance right now
1. Paving the way for a more profitable business
For CFOs, investing in data will have the effect of increasing the value of finance to the wider business. The insight and understanding that result from embracing data provide the opportunity to delve deeper into the business and to achieve more profitable outcomes as a result. Crucially, data will enable CFOs to find new opportunities for growth by shedding light on key questions, such as what customers want, what they are complaining about and whether a potential range of new products or services is likely to work with an existing audience.
2. Data requires investment of time and resources
There’s no doubt that data is going to have an increasingly crucial role to play for CFOs. However, there is significant investment involved in ensuring that the right data is being collected at the right time, analysed and evaluated by the right people and fed into the right strategic decision making channels. This is not something that can simply happen overnight. Decisions, such as how data quality is going to be assessed and what steps are going to be taken to ensure data security, must be considered in advance.
New training structures and staff may be required and a range of new skill sets employed. Plus, the way that finance and data management integrate with each other will need to be established before heavy investment is made. Given the investment of time and resources required to make data really work in finance, CFOs need to start embracing it now to remain competitive.
3. Achieving a different type of growth
Data has the potential to support businesses in faster growth. It feeds into a wide range of different areas that have a big impact on development, including reducing mistakes and improving cost effectiveness, providing a much deeper understanding of the customer base and enabling testing of ideas in advance.
Data also has a crucial role to play in analysing trends that may affect the business and improving decision making right across the business structure. The combined effect is to provide a firm foundation on which growth can be stimulated and accelerated.
Given the importance of data, and the necessity of being prepared when engaging with it, now is exactly the right time for CFOs to start embracing the use of data in finance.
Get in touch with FinanSys today to find out more about how our SunSystems software could make your data management much simpler today.