Big data is impacting every aspect of business today, with the sheer volume, sources, and veracity demands of data continuing to increase. But it is big data’s potential that is charting the course for strategic CFOs. Armed with real-time data and analytics, agile CFOs can respond to macroeconomic, industry, and competitive threats with greater confidence and foresight. When the financial outlook seems unclear, planning for multiple scenarios can enhance an organization’s agility, enabling it to better navigate market volatility and uncertainty.
In our Q1 2016 survey of 377 global CFOs, we found that two-thirds of CFOs cite economic uncertainty as the top financial risk to their companies, with nearly half (48%) saying planning for multiple scenarios is the activity that will provide the most strategic value during a market contraction.
Despite the economic uncertainty, CFOs are growing increasingly confident in their ability to accurately forecast, and 85% feel moderately, very, or completely confident in their forecasts for the first half of 2016. In fact, 78% believe applying financial data analysis to achieve profitability and growth is the best way they can bring strategic value to their organization, and 65% believe technical and analytical skill is the most beneficial attribute to their own performance.
We are excited to hear from our customers this week as they share their stories of how they bring strategic value to their organizations and how they transform their data into insights. Today kicks off our annual user conference, Adaptive Live, where more than 1,400 finance professionals gather in San Jose to share insights, learn, and network.
Check out our infographic below for more information on how agile CFOs are preparing to navigate through 2016’s market uncertainty and beyond.
Download the CFO Indicator Q1 2016 Report for more insights, survey results, and charts based on input from the 377 global CFOs in our latest survey.