Why CFOs Need Better Data Analytics Tools
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Why CFOs Need Better Data Analytics Tools
By Dennis McCafferty -
Top Issues
28% of CFOs and other finance professionals said big data is one of the top issues their department will face in the next two to three years, while 27% said investment in new IT will be a top issue. -
Major Challenge
33% said planning and forecasting is currently a major challenge. -
Finance Facelift
32% of respondents said their finance systems need updating. -
Flawed Intelligence
44% said mistakes primarily occur due to missing or false information, while 37% said inaccurate data is the biggest cause of mistakes. -
Mission Barrier, Part I
28% of respondents said decision making is hampered by the inability to make effective use of information. -
Mission Barrier, Part II
23% said they struggle to extract meaningful insights from data. -
Time-Tested Tool
60% of the executives still use spreadsheets alongside other work systems. -
Decisions, Decisions
46% rely on gut feeling and instincts to make decisions. -
Collective Effort
52% of the respondents said they make decisions collectively with people outside of finance, including IT executives.
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.