Big Data has become a key focus for today's corporate leaders. Our research shows that nearly nine out of ten (87%) of finance professionals view Big Data as holding the potential to change the way business is done, with just over half (51%) of corporate leaders ranking big data and analytics as a top ten corporate priority. Are you ready for the big data revolution? Take a look at the top 5 traits of the Big Data enabled CFO.
1. Data Enabled CFOs are able to identify which data points are useful in understanding what drives the business.
Data-enabled CFOs understand the fundamental drivers and metrics of the business, as a foundational element in assessing new, less structured sources of data.
2. They have a clear sense of what customers care about most, and ideas about how to track this.
They also have a clear grasp of why customers choose their organisations’ products and services, how those customers are acquired and what helps retain them.
3. Are able to embrace new forms of data, and creative ways to incorporate this into business decision-making.
Beyond pure financial and enterprise data, a data-enabled CFO needs to be open-minded about new types and sources of data, from sometimes unexpected or unconventional sources – both for themselves, and their team overall.
4. Comfortable with uncertainty, including the reality that big data may not provide definitive answers.
As they embrace new and in some cases less proven data sources, companies move into types of analysis that may not provide the certainty finance prefers. CFOs need to embrace fresh techniques and strategies that can boost decision-making in a world flooded with data.
5. Explore new ways to interpret data to better inform management.
Data-enabled CFOs are also adept at quickly picking out the results that matter from data, often finding new visual ways to communicate the points that matter most – and to ensure a stronger commercial uptake and impact.