Finance struggling to make the most of data
Failing to effectively leverage vast volumes of data is hitting business' revenues, warns CIMA
FAILING TO ANALYSE data efficiently is “significantly” impacting on revenues, according to a new survey.
A third of the 2,000 finance professionals surveyed by CIMA and the AICPA see revenues hit by poor data utilisation. Nearly nine out of ten (86%) are struggling to turn vast volumes of data into valuable insight.
Almost half (44%) said they failed to have sufficient tech tools in place to understand new trends impacting the business, with 53% investing in data capabilities. Those currently decided against investment cited the cost, lack of perceived value, and time availability.
Peter Simons, technical specialist, CIMA, said: “Big data is increasingly becoming a core business asset. According to the survey, 93% of respondents agreed that finance has an essential role to play in helping organisations benefit from data-related projects.
“Finance professionals, especially CGMAs, are well placed to do this by helping organisations translate analytical insights into commercial insights to create value.”
Those struggling to make the most of data said it was difficult to bring information together from different databases and silos, and ensuring capturing good quality data in the first instance.
Other issues include ensuring that insight gleaned from the data is converted into business improvement, and how the data is reported.