One of the key issues holding companies back from being able to better leverage data is the amount of time that is consumed gathering data from disparate systems and departments. According to a 2017 Harvard Business Review report, 80% of analysts’ time is spent discovering and preparing data, not actually analyzing it.
Organizations that do not have their data in a standardized format, accessible from a central location, face challenges of accuracy, timeliness, and reliability of their data. This results in inefficiencies and poor decisions.
As CFOs embrace their emerging roles as strategic business partners, they must become true collaborators with business leaders. This means that senior finance executives must leverage data and insights to shed light on how a decision to launch a new product, enter a new territory, or adjust the supply chain, among other business decisions, will impact the bottom line.
Download whitepaper to learn more about leveraging advanced analytics.