
How Business Intelligence is Enhancing the Role of CFOs?
BI departments act as collectors of data, leveraging a wide range of tools, applications, and methodologies to enable smart decision making. BI facilitates impartial measuring and accurate reporting
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CIO Applications Europe | Monday, September 28, 2020

BI departments act as collectors of data, leveraging a wide range of tools, applications, and methodologies to enable smart decision making. BI facilitates impartial measuring and accurate reporting.
FREMONT, CA: The role of a Chief Financial Officer (CFO) is an integral one in any company. Earlier, finance departments have been in charge of keeping books, managing budgets, and looking after cash and capital. However, when it comes to working with data beyond accounting postings, CFOs and their teams mostly use Excel to manually collect data and store it, instead of studying and understanding it. The result is disconnected and inconsistent data silos. As global economies become more competitive, it becomes essential for every organization member to add value. CFOs have been presented with an opportunity to do so much more. C-suite members and directors have become more demanding from traditional CFOs, counting on them to offer insight, advice, and strategy for the company. This makes the CFO role the perfect one to leverage the most out of the data provided by Business Intelligence (BI).
BI emerged in the 1960s as a method of sharing information across an organization. However, the advent of computer technology has transformed and expanded the role of Bi in the financial sector. The big data revolution has changed the way businesses operate, and Bi has much more to offer, like data mining, reporting, querying, data preparation, and statistical analysis. BI departments act as collectors of data, leveraging a wide range of tools, applications, and methodologies to enable smart decision making. BI facilitates impartial measuring and accurate reporting.
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There is much more to BI than business analytics. BI departments bring in a large amount of data from various sources, structuring it and defining it to leverage it in practical use cases. Regardless of the nature of the business, BI provides a comprehensive view of the organization's data while using that data to drive change, adapt to the market, eliminate inefficiencies, and more. Finance departments can act as a powerful agent of change throughout the organization. This makes the CFO office and the BI department a perfect match for one another, a powerful combination that can elevate a company to the next level. The BI department is the way for CFOs to add more value to the organization by having lots of high-quality data and knowing how to use it. A strong relationship with BI allows a CFO to do something more effectively with the data collected, enabling them to elevate their role from accountant to strategic advisor.
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