Here are some common questions CFOs (Chief Financial Officer) needs to ask when considering data.
- How to gain strategic benefits from available data?
- How can data make good impression on the stakeholders?
- How can data identify key elements of business?
- How data-based strategies be implemented in marketing?
- What are the competitive advantages and risks from advanced data analytics?
- How long the value of data will last?
Here is what we think CFOs can do.
ALSO READ: How Smart Workplace Tech Is Transforming Companies in 2022?
Strategic benefits of data
Business insights need to grow more productive systematically with the help of data analytics and data science. Implementing comprehensive strategies can optimize business processes agile and help in making informed decisions. It can mitigate risks, identify, and address frauds, strengthen transactional due diligence, and accurately determine tax exposures.
Impression on stakeholders
Stakeholders in an organization can be of two types – the internal team in charge of projects and the investors of the company. Data analytics can bring forth the qualified people for projects and tasks that the company take over. Stakeholder analysis can ensure that quality of selection. Apart from that, data insights can give the stakeholders possible results of projects, how it can grow revenue, the impacts, and economic feasibility of the project.
Identify the key data elements
Key data elements can impact your organization’s business operations, decision-making capabilities, regulations, compliance, or market demand generation. Not all data in the storage is useful for the business. CFOs can identify them with conditional filtering; to measure, monitor, and implement as necessary.
Data strategies in marketing
CFOs need a better understanding of their own customers based on the gathered data. It helps to tailor the perfect marketing strategies that are data-backed, creative, impactful, and to the point. A CFO can utilize data to inform, guide, analyze, and track the progress.
Competitive advantages and risks
Collection of data is now much simpler with the advancement of technology and solutions. Internet-connected applications can gather information like personal details, search behavior, content choice, communications, social media posts, GPS location, or usage patterns. Data-enabled learning of such information can gain CFOs the competitive advantage in terms of market overview.
Value-time of data
CFOs of fast-moving consumer companies need to be on the look out for the time frame of data validity. As trends keep changing, consumer data that is collected over the years may not be useful for further products down the line. Each new trend brings with it a new set of data to study. The best solution for this is to be on edge with the data flow, applying real-time data analytics and strategic updates.
