Have you ever wondered how CFOs of successful organizations balance all their priorities? The CFO role can be a challenging one, as they need to pull together numerous data points from individual silos to paint a financial picture. CFOs spend considerable time reviewing financial statements and historical data, but are they taking trends and future goals into consideration and using that information to create a roadmap to improved results? In a world with growing talent needs, supply chain and inventory inefficiencies and antiquated forecasting processes, CFOs need financial analytics now more than ever.
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Identifying Talent Needs
It’s no secret there is a talent shortage across industries in the U.S. Many organizations are offering perks like remote work, unlimited PTO, childcare assistance, tuition reimbursement, etc. to attract and keep high-performing talent. Data analytics can help see the full picture and identify areas to improve by pulling together employee engagement and productivity data to track what’s working and where there are gaps. By using financial analytics, CFOs can also understand how budgets are affected in real-time to proactively identify hiring or outsourcing needs across the organization.
Supply Chain and Inventory Efficiencies
The pandemic has severely impacted supply chains worldwide. The labor shortage mixed with supply bottlenecks, rapidly changing demand and inventory challenges have caused major obstacles for CFOs making projections and accurate forecasts. Real-time data provides visibility into cash flow to see how money is coming in and out, creating more accurate cash flow projections. When the CFO has a strong understanding of how their supply chain is operating, they can put together the pieces of how logistics and financial information can be used to mitigate risk.
Better Cost Forecasting and Budget Analysis
CFOs often use KPIs to gauge success and assess gaps in their organization. There is a common misconception around financial analytics that if the data is there, it must be correct. But if CFOs are relying on spreadsheets and disparate data sources to evaluate KPIs, they’re leaving their data exposed to errors that could lead them to make inaccurate decisions. By cleansing and integrating data to be displayed in visual dashboards and automated analytics, CFOs can break down silos and create a path for better, centralized forecasting based on accurate, real-time insights.
Are you looking to implement or enhance data analytics in your organization? Anders partners with data analytics consulting firm Onebridge to provide the financial intelligence businesses need to grow. Learn more about our Business Analytics solution or contact an Anders advisor below to see how we can help your business make better, more profitable decisions with data.
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