Critical Issues Facing Analytics For Finance
Chief Financial Officers (CFOs) today find themselves under tremendous pressure to execute Financial Planning and Analysis (FP&A) processes faster in order to discover insights that would augment the company’s future results.
Many finance departments find themselves tasked with faster closing times, real-time consolidation and elimination of manual tasks, in the interest of overall business agility. So the role of the FP&A professional is not only under more focus but also changing. He is expected to help decision-makers within his company optimize strategic performance and resource utilization.
It is often found that business managers and the finance teams are often not on the same page. There needs to be collaboration between the two in order to apply finance analytics. Needless to say, those making the decisions need data analysis to tackle problems and deveop finance strategies.
Some of the challenges being faced by this industry are: