Why CFOs Need Better Data Analytics Tools
A significant number of CFOs are facing major challenges when it comes to big data and overall IT investment decisions, according to a recent survey from Epicor Software. Many reported that their finance systems need updating, given that a significant number of them still rely on relics such as spreadsheets for work tools. They're also encountering issues with planning and forecasting, and said the mistakes frequently occur due to inaccurate data. As a result, key strategic decisions are often stalled while CFOs and their teams strive to extract meaningful insights from the data. "Digital disruption has introduced more data sources, more channels, more numerous and complex business models, a more global nature of business and more reliance on external partners," says Malcolm Fox, Epicor Software's vice president of product marketing for financial management and services industry solutions. "This is a real challenge for all business leaders, but particularly so from the perspective of fiscal management and financial operations." An estimated 1,500 CFOs and other global finance business professionals took part in the research.