Cynthia Bianco, President of MicroStrategy* in Brazil
Obviously there is no point and it would even be “rain in the rain” to introduce the importance of analytics, analytical culture and business intelligence in the financial area and also for the people in front of you. Since 2017, some forecasts have already shown that these departments, which are the heart of corporations, would become totally dependent on the analytics solutions to deliver affordable insights, In real time. And this is one of the trends that continues in 2018.
Whether as the project owner or its sponsor, the responsibility for its success will always rest in some way with the CFO or CFO. Here are some key factors CFOs should consider to ensure successful and profitable finance business intelligence projects:
#1 You must have the data
The importance of having goals is already clear. But a second point is to make sure that the data that will fulfill those purposes is available. Often times, no matter what needs to be done, dirty data appears along the way, spread over several places, which increases the complexity of the project at its end.
#2 Choosing the data that promotes change
The business intelligence project in the financial area must actually work with data capable of promoting course changes. It is necessary to think about what is necessary to make the decision that month and not just offer information about what has already happened. Many people look at BI only as the past.
#3 Quick wins
I always say that a project doesn't have to be perfect, but in addition to short-term returns, low cost is the watchword. Remember that if the implementation is quick and doesn't cost too much, it will be easier to redo it if necessary.
#4 BI is a living being
What works today may not work tomorrow. Everything is changing. Customers change, the market changes, data changes.
#5 Disseminate the analytical culture
People's minds make all the difference and it is the role of the CFO to try to spread the importance of an analytical and data-oriented culture within an organization. It will be this that will help to measure up ahead if this business intelligence project in the financial area is being efficient. Having adhesion and bringing quick results are super important points in this regard.
#6 None of this will make sense without governance
It is not enough just to have the guarantee that the source data is clean, but that the data being presented, whether in ppt format or in a system, is coherent with the companies' line of business. Time is money and it doesn't make sense to spend a lot of time analyzing data that has been transformed.
In short, I have been closely following how the use of analytical tools (mainly for real-time data access) has changed not only the culture of companies, but also the dynamics of the market. I think that business intelligence projects in the financial area are no different, so it's worth looking at the points I mentioned above and thinking about how analytics can be effective and bring returns to a CFO, who becomes more agile, cultivate better decision making, achieve better results at work, gain more credibility with everyone and gain a boost in your business and your career.
* MicroStrategy, a pioneer company in the area of BI, analytics and in combining mobility, augmented reality and natural language with analytical platforms
Disclaimer: The opinion presented in this article is the responsibility of its author and not of ABES - Brazilian Association of Software Companies.
Whether as the project owner or its sponsor, the responsibility for its success will always rest in some way with the CFO or CFO. Here are some key factors CFOs should consider to ensure successful and profitable finance business intelligence projects:
#1 You must have the data
The importance of having goals is already clear. But a second point is to make sure that the data that will fulfill those purposes is available. Often times, no matter what needs to be done, dirty data appears along the way, spread over several places, which increases the complexity of the project at its end.
#2 Choosing the data that promotes change
The business intelligence project in the financial area must actually work with data capable of promoting course changes. It is necessary to think about what is necessary to make the decision that month and not just offer information about what has already happened. Many people look at BI only as the past.
#3 Quick wins
I always say that a project doesn't have to be perfect, but in addition to short-term returns, low cost is the watchword. Remember that if the implementation is quick and doesn't cost too much, it will be easier to redo it if necessary.
#4 BI is a living being
What works today may not work tomorrow. Everything is changing. Customers change, the market changes, data changes.
#5 Disseminate the analytical culture
People's minds make all the difference and it is the role of the CFO to try to spread the importance of an analytical and data-oriented culture within an organization. It will be this that will help to measure up ahead if this business intelligence project in the financial area is being efficient. Having adhesion and bringing quick results are super important points in this regard.
#6 None of this will make sense without governance
It is not enough just to have the guarantee that the source data is clean, but that the data being presented, whether in ppt format or in a system, is coherent with the companies' line of business. Time is money and it doesn't make sense to spend a lot of time analyzing data that has been transformed.
In short, I have been closely following how the use of analytical tools (mainly for real-time data access) has changed not only the culture of companies, but also the dynamics of the market. I think that business intelligence projects in the financial area are no different, so it's worth looking at the points I mentioned above and thinking about how analytics can be effective and bring returns to a CFO, who becomes more agile, cultivate better decision making, achieve better results at work, gain more credibility with everyone and gain a boost in your business and your career.
* MicroStrategy, a pioneer company in the area of BI, analytics and in combining mobility, augmented reality and natural language with analytical platforms
Disclaimer: The opinion presented in this article is the responsibility of its author and not of ABES - Brazilian Association of Software Companies.
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