HOME     MENU     SEARCH     NEWSLETTER    
CUSTOMER RELATIONSHIP MANAGEMENT NEWS. UPDATED 5 MINUTES AGO.
You are here: Home / Computing / How Big Data Sorts CFO Men, Boys
Build Apps 5x Faster
For Half the Cost Enterprise Cloud Computing
On Force.com
How Big Data Separates CFO Men From Boys
How Big Data Separates CFO Men From Boys
By Jennifer LeClaire / CRM Daily Like this on Facebook Tweet this Link thison Linkedin Link this on Google Plus
PUBLISHED:
MARCH
07
2014



Most CFOs -- in fact, 82 percent of them -- see the value of integrating enterprise-wide data. The bad news: only 24 percent think their teams are up to the task. So says a new IBM study that reveals a 205 percent increase in the gap between data importance and the ability to leverage its value since Big Blue first looked at the issue in 2005.

Conducted by IBM’s Institute of Business Value and entitled “Pushing the Frontiers,” the study draws from face-to-face conversations with 576 CFOs in companies worldwide. One of the big takeaways from the study is the importance of technology. Although macro-economic and market factors are still vital, tech has moved up from fifth to third on the list of most impactful issues since the 2010 study.

Bill Fuessler, a partner in the Finance, Risk & Fraud group at IBM Global Business Services, noted that the significance of technology and analytical tools in transforming the finance function and broader enterprise has continuously increased in the company’s discussions with CFOs over the past decade.

“Data has always sat in the center of a CFO’s job responsibilities, and CFOs now recognize how insights from big data are helping their company become more competitive,” Fuessler said. “CFOs are being asked to anticipate the future and discover new areas of revenue growth -- we anticipate this will spur a new strategic alliance between the CFO and CMO as they partner to drive the corporate growth agenda.”

All CFOs Not Created Equal

One noteworthy study finding is that some CFOs are more effective in finance efficiency and analytical insight than their peers. IBM has labeled these CFOs “Value Integrators.” The study also identifies another subset called “Performance Accelerators," CFOS who have mastered their core duties so thoroughly that they’re far ahead of their peers.

IBM reports this group has been 70 percent more successful than Value Integrators when measured in terms of revenues and profits generated during the past three years. What’s more, twice as many Performance Accelerators are effectively integrating enterprise-wide information when compared to Value Integrators. Performance Accelerators are also nearly twice as effective in continuously improving processes and developing finance talent.

What’s the Performance Accelerator’s secret sauce? How they use data. For example, the average CFOs rely on spreadsheets and intuition for 66 percent of their work, while 44 percent of Performance Accelerators combine internal and external data to produce insights. That gives the latter group an analytical edge in many areas, including tracking and forecasting supply chain financial data, planning and predicting resource capacity as well as conducting industry and competitor analysis. (continued...)

1  2  Next Page >

Tell Us What You Think
Comment:

Name:

Like Us on FacebookFollow Us on Twitter
TOP STORIES NOW
MAY INTEREST YOU
Salesforce.com is the market and technology leader in Software-as-a-Service. Its award-winning CRM solution helps 82,400 customers worldwide manage and share business information over the Internet. Experience CRM success. Click here for a FREE 30-day trial.
MORE IN COMPUTING
Product Information and Resources for Technology You Can Use To Boost Your Business

NETWORK SECURITY SPOTLIGHT
Sony is no stranger to breaches. Sony’s PlayStation Network was hacked in 2011 and attackers obtained 77 million user accounts. The latest attack comes against Sony Pictures Entertainment.

ENTERPRISE HARDWARE SPOTLIGHT
Chinese computer maker Lenovo got creative with the marketing campaign around its Yoga 3 Pro. Lenovo hired the Upright Citizens Brigade, a comic troupe, to help drum up visibility for its new device.

MOBILE TECHNOLOGY SPOTLIGHT
In its bid for the wearables market, Sony is reportedly developing a watch made out of electronic paper for release as soon as next year. The e-paper watch will emphasize style over tech innovations.

© Copyright 2014 NewsFactor Network, Inc. All rights reserved. Member of Accuserve Ad Network.