October 27, 2023
How smart data tech can help modern CFOs
Smart data technology will give chief finance officers (CFOs) better insights into their business and allow them to use analytics to make data-driven decisions and predictions. Smart analytics tools can enable financial executives to assess risks and address new opportunities more efficiently.
A large part of any CFO’s job is reporting, which can be time-consuming and prone to errors. Being accurate and thorough is absolutely necessary, but this adds to the length of the process. Sifting through vast quantities of data simply makes it harder for CFOs to keep their finger on the pulse while trying to meet deadlines.
This is where smart data technology comes in. These tools can help shape financial strategies while enabling CFOs to add long-term value to their companies while keeping costs down and addressing risks. Smart tech tools are vital in any executive’s arsenal in the modern business environment; using advanced data and analytics software will improve business and financial outcomes.
How smart data tech makes CFOs better
Using intelligent analytics tools properly can unlock numerous benefits and opportunities for enterprises. These technologies are not as costly as CFOs may think and they can deliver advanced analytics and insights to their jobs, which is highly beneficial in the long run. They allow CFOs to leverage data analytics with ease, making them worth the investment.
Smart data analytics uses algorithms and software to find anomalies, outliers and even instances of possible fraud within datasets. Essentially, they free up a lot of time for CFOs and reduce the risk of errors. They make CFOs more effective and capable in their jobs, especially when these tools are used properly.
Accountants and auditors sometimes use analytics and data to find what they’re looking for, but as companies grow, the volume of data their process is almost unfathomable. Some accountants, financial managers and auditors are being taught to use smart data tech to become more efficient and thorough, meaning that CFOs need to keep up too – no CFO wants to miss something, only for it to be picked up by an auditor later.
As this tech becomes more powerful and present, it can be used to minimise financial losses, reduce fraud and ensure that there are no surprises when an audit is done. In enterprises where the risks are high, CFOs can use smart data tech to cross-reference data and send automated alerts when anything seems out of the ordinary with payments, deposits and budgets.
Running data analytics every month as a standard practice will allow auditors to validate reports and pinpoint any errors more accurately. It should also be run as a control test to reduce audit risks and help to that CFOs are on top of their game at all times.
Improving data analytics
Modern, intelligent data tech can run datasets and generate patterns for an easy-to-read assessment of finances and targets. This allows CFOs to glean insights and make better decisions with ease. By displaying data in a visually-friendly way, analytics tools create instant insights and a better understanding of what’s happening within the company.
The right data tools will enable financial executives to detect interesting trends, outlying data and potential errors or fraud within seconds. They can shine a light on wasteful processes or systems and allow CFOs to optimise strategies and refine their approaches to meet company targets.
Analytics goes beyond financial data for CFOs. It also allows them to analyse customer behaviour, documents, communications and other data generated across the company. Financial and non-financial information can be scrubbed by smart data tech, enhancing the value of these tools for CFOs and enterprises.
All of this information can help to develop a deeper understanding of business risk, performance and profitability. These tools can improve the correlation between qualitative and quantitative data. For example, customer feedback could be used to support revenue forecasts.
Of course, the right business partner is needed to establish an effective smart data suite of technologies for enterprises. SEACOM offers a range of ICT services to large companies in South Africa, including cloud infrastructure and connectivity services that enhance data collection and processing.
Our team of experts can set up bespoke networking and IT systems that improve business efficiency. We are on hand 24/7 for support and guidance with your cloud architecture. For more information about these services or to get a quote, email us at email@example.com or leave us a message.
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