Big Data is becoming even bigger, and for good reason. A report by PwC states that 62% of companies believe that proper utilization of the huge amounts of data they create will give them a significant competitive advantage.
Proper leveraging of data allows businesses to gain valuable insight into not just their operations and customers, but to all other aspects of the business. These insights enable companies to make more informed choices regarding operational efficiencies, customer profiling, as well as risk analysis. Examining current and past data can also help identify trends and enable a much more accurate prediction of future performance, which can then be used as a solid reference for planning.
Big Data also allows businesses to be more agile. Immediate access to real-time performance data empowers stakeholders to quickly spot risks and hazards, addressing them before they happen.
CFOs should take charge
It makes sense for the finance function, particularly the CFO, to be in charge of Big Data adoption. Why? Because CFOs already own the company’s existing data from its operations. This means that CFOs already have a holistic view of company performance, and hence would be in the best position to decide how to make the most of Big Data and increase ROI.
However, in order to extract actionable insights out of your data, the right mix of tools and talent is essential. A review of your current business structure is also imperative for you to know if your company is ready to adopt Big Data. Here are few considerations:
Read the full report here.
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