Why CFOs should own Analytics

An interesting and relevant article for all FP&A functions, by Frank Friedman, CEO of Deloitte LLP:

 

In summary, “analytics can be a powerful tool to look ahead, helping answer such questions as:

  • What challenges will organisations face a few years out, and
  • what services might they need?
  • How should those services be priced?
  • What type of resources might be needed and where?
  • Where might the business be vulnerable if the data underlying certain assumptions change?”

 

Frank goes on to highlight that “the power of analytics depends heavily on several factors:

  • the quality and preciseness of the questions being asked;
  • the organisation’s ability to gather the data that can address those questions;
  • the integrity of the data gathered;
  • and the ability of users to draw insights from the data in an objective manner”

 

“Many CFOs area already using analytics to better understand where the business is strong and where it needs improvement, and how to allocate limited resources more effectively. Analytics empowers CFOs to exercise more centralised control of operational business decision making. As profit can fall between the operational cracks, analytics can be a game changer by leading to improved operational discipline.”

 

To read the full article, click here (it will open in a new browser).