Finance leaders are transforming the way they do business to deliver maximum value to their customer thanks to advancements in data analytics software. Companies have had access to large amounts of data for a long time, but it has only been more recent that companies now have the software capabilities to interpret that data to make better informed decisions.
How Finance Leaders Can Leverage Operational Data Analytics
For a lot of us, sci-fi films like The Avengers or The Matrixare a fun look into what the future might hold. But we’re also seeing big shifts in what’s possible right now. By leveraging operational data that's collected throughout the organization, finance leaders are transforming the finance function and extending the value they offer to their organizations far beyond reporting and compliance. With the sheer volume of data available and the recent advancements in corporate performance management (CPM) software, finance teams now (finally) have the capability to deliver on advanced analytics.
The Financial Data Landscape
Although we’re able to collect vast amounts of organizational data, access to raw data is ultimately meaningless without the capability to interpret that data and understand the impact on financial results. Typically, the finance department has been slow to adopt newer, advanced technology, but with advanced analytics delivered as part of modern CPM software, we now have the technology in place to analyze large volumes of operational data and predict what will happen with a high degree of accuracy.