SSA & Company’s John Rodgers and Nick Kramer authored “How do data analytics-savvy CFOs stay ahead of the game?” in CFO Tech Outlook. New technologies, additional data, and other digital disruptions dramatically impacted today’s business landscape. Consequently, CFOs must lead efforts to adopt and invest in digitization and analytics as a broad business initiative to improve company performance.
The authors suggest CFOs must “identify, measure, and view non-financial performance indicators that predict financial performance” and apply analytics to strategic key performance indicators (KPIs). Examples include improving forecasting and go-to-market speed, managing brand reputation risk through analytics, understanding customer behavior to drive financial performance, and applying predictive modeling to customer behavior to improve receivables.
With direct control over IT, CFOs must fully utilize new technology tools and ensure transformation and ROI. CFOs could accomplish this by first identifying today’s data needs and then develop the data “piping,” followed by equipping the right levels with the right tools and skills.
With new technology and increasingly available and accessible data, CFOs should assume a larger role in a company’s overall digital transformation. CFOs who find ways to effectively make use of new analytics and digital tools will drive stronger performance, create efficiencies, and steer their company’s innovation.
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John Rodgers is Managing Partner and Chief Operating Officer at SSA & Company.
Nick Kramer serves as Senior Director of Advanced Analytics & Data at SSA & Company