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Do finance and big data analytics go hand-in-hand?

The Association of Financial Professionals (AFP) has published a guide to big data, explaining how financial professionals can harness big data in core financial processes.

How FP&A Can Embrace Big Data to Drive Smarter Decisions looks at concrete steps finance departments can take to get ready for big-data projects.

According to the guide, there are also real issues around data integrity and governance, the adoption of the right integration and analytics tools, and a necessary shift in FP&A’s mindset and skill set.

The guide even goes so far as to state that “finance is poised to assume a leadership role as the analytics 'hub' for the organization.”

The guide has the following 'key takeaways':

  • Big data is destined to change finance’s role in the organisation.
  • It’s creating an opportunity for FP&A to instil an insight-driven, forward-looking culture.
  • Finance is catching up with other functions in adopting of big-data strategies.
  • A large telecom company, Ratner Companies, and Payless ShoeSource weigh in.

This item appears in the following sections:
Cash Flow Management & Forecasting
Cash Flow Forecasting
Operations
Best Practices & Benchmarking in Operations
Control & Compliance in Operations

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