Unlocking opportunities in Big Data
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A recent survey of CGMA designation holders reveals that finance professionals need to adapt to a data-driven era, leveraging vast data for improved business insights and opportunities. While many companies are generating value from data, a closer partnership between finance, IT, data scientists, and executives is essential for success. The shift towards a data-centric business model presents new career opportunities for finance professionals, even for small and medium-sized enterprises.
Unlocking opportunities in Big Data
- 2. A new opportunity In a recent survey we asked Chartered Global Management Accountant (CGMA) designation holders, all of which are finance professionals, what today’s datadriven era means for business leaders and finance professionals. 2
- 3. A data-driven era The wealth of data available today is almost unlimited and increasingly powerful technologies create new opportunities to manage and analyse it. Finance needs to look beyond traditional business metrics to the commercial potential of this wider data set. 1. Financial data: Standard financial metrics, well tracked and understood. 2. Enterprise data: Financial data plus broader operational and transactional data that may be used to improve analysis and forecasting. 3. Big data: Enterprise data plus new types of internal and external data, much of which is unstructured, but some of which could yield new insights into business performance, risks and opportunities. 3
- 4. A core business asset Companies of all sizes and types are already generating material value from data in a range of ways. CGMA professionals we surveyed agreed, citing greater efficiencies and better KPIs as some of the benefits they expect from data. 4
- 5. The challenge for business For most companies, fully adapting to a data-driven era of business remains a work in progress. 5
- 6. Where finance can add value Finance professionals are well placed to help translate data into commercial insights and value. A combined knowledge of finance and business helps translate new analytical insights into commercial impact. 6
- 7. Finance-business partnering To truly unlock the opportunities in big data, finance will need to partner more closely with three sets of key stakeholders: IT Data scientists Company executives Financial professionals need to use a broad range of management skills: clear communication the ability to lead and influence a strategic business understanding 7
- 8. Career opportunities for finance professionals The data-enabled era creates an opportunity for today’s management accountants to develop new skills and competencies, and they can play a central role in converting the potential of data into real commercial value. 8
- 9. Big data – not just for big business Delivering on new data insights is as much an opportunity for small and mid-size companies, as it is for large ones. Although smaller businesses have fewer resources for data projects, they have less legacy IT complexity to deal with and a willingness to move quickly. They can also tap into a growing number of easy-to-use applications and data services. 9
- 10. Five steps to a data-centric business 1. Ensure you understand what new data would be relevant to 2. 3. 4. 5. your business model and competitive position Assess what data initiatives are already in place within your business Identify potential quick wins or small-scale proof of concept projects Conduct a formal data project to develop a related strategy Build on this initiative to start developing a data culture 10
- 11. Find out more about how CGMA professionals can turn data insights into financial impact – visit cgma.org/employers
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Editor's Notes
- #12: The full report is available at this urlIn addition to the report itself, there are related reports and tools available to down load from the CGMA website: Reports: Rebooting the businessBuilding resilience, an introduction to business modelsImproving decision making; unlocking business intelligenceTools:How to manage customer valueHow to develop non financial KPIsStrategy mapping toolReports: http://www.cgma.org/Resources/Reports/Pages/rebooting-business.aspx http://www.cgma.org/Resources/Reports/Pages/unlocking-business-intelligence.aspx http://www.cgma.org/Resources/Reports/Pages/building-resilience-an-introduction-to-business-models.aspx Tools: http://www.cgma.org/Resources/Tools/Pages/strategy-mapping-tool.aspx http://www.cgma.org/Resources/Tools/Pages/develop-non-financial-kpis.aspx http://www.cgma.org/Resources/Tools/Pages/how-to-manage-customer-value.aspx