Analytics is arguably one of the top tools driving business today. As the discipline matures and technology advances, many companies are finding analytics to be an absolute necessity to better gauge a wide range of factors that directly affect their business—from customer demand to weather patterns.
But is finance at the center of the analytics revolution? According to a recent study, only 30% of respondents say FP&A is a priority where accessing information and analytics capabilities is concerned. In other words, the very people who need the tools the most don’t appear to have access to them. This makes it challenging for FP&A to drive analytics if they don’t have what’s necessary to succeed.
Mention the words “finance” and “creativity” in the same breath, and you’ll likely be greeted with a skeptical squint, a doleful eye-roll, or a blank stare. Let’s face it—the finance department does not typically carry a reputation of innovation, daring, or creativity. But for any business that wants to compete and thrive in today’s economy, that has to change.
Simply put, CFOs and the people who report to them need to start thinking and acting like visionaries—the way many artists, entrepreneurs, and inventors do. They need to take more risks, engage in more bold thinking, and try a more creative, innovative approach to managing finance.
Today’s nonstop, manic, unpredictable business climate simply won’t tolerate a finance function stuck in the 20th century. Tasked with growing the business in different ways, finance professionals should think differently. Continue reading →