Many CFOs and finance teams still hold common misconceptions about what advanced analytics really are.
As the role of the finance function continues to become more complex, proactive CFOs are recognizing that obtaining a real-time view of all business operations is no longer “nice to have,” but imperative. Gone are the days of living and dying by the spreadsheet, and waiting for monthly or even yearly figures to make financial projections and operational course-corrections. To act as a strategic business partner within the C-suite, finance needs advanced, robust data and analytics capabilities. In fact, a recent survey by Oxford Economics found that having a strong influence beyond the finance function and improving efficiency with automation were paramount in boosting performance. When using the right tools, finance executives can measure overall performance, shape strategy and look for opportunities to grow.
While the importance of data intelligence is felt, many CFOs and finance teams still hold common misconceptions about what advanced analytics really are. When speaking with customers and CFOs, there are three misconceptions that seem to be most prominent:
- Advanced analytics are expensive
- Advanced analytics take a long time to deploy
- Advanced analytics are complex