What is in this article?:
- Are CFOs Turning Into CIOs -- and Should They?
- The Struggle to Achieve Analytics ROI
- Why a Functional Approach to Analytics is Fruitless
- How to Manage Data as an Asset for the Entire Business
The role of today's CFO has evolved beyond recognition. While CFOs still oversee economic stability and growth, competitive leadership and operational efficiency, the use of Big Data for effective decision-making has many CFOs questioning where their role ends and the CIO's role begins. While CFOs can learn much from the CIO's technical know-how, the ability to effectively tackle and leverage Big Data is not about having the right technology but the right strategy -- a function that fits squarely within the CFO's wheelhouse.
Few organizations today have seen the return they expected from their investment in business analytics. To a large extent, this arises from a strategy built to investigate questions that reflect the needs of a particular department instead of the needs of the business as a whole. CFOs need to start thinking differently about how analytics is applied to enable insight-based decisions across every aspect of the business. That means taking an end-to-end view of each process: order-to-cash, source-to-contract, procure-to-pay, quote-to-deliver, marketing campaign effectiveness and so on. Forward-thinking CFOs are achieving this by working closely with the CIO to take a centralized approach to enterprise-wide analytics and insights -- an approach called business process analytics.