Today, report readers are looking for quick, 30-seconds-to-one minute reads, they want to decide quickly and move on so the businesses can remain agile and keep up with rapidly changing global markets. (Source: Analytics in Finance and Accountancy, ACCA)
As data becomes more complex and voluminous, decision-making is becoming more data-driven.
CFOs, together with finance and accounting teams have expanded beyond traditional roles and functions in the past 10 years to look into business data from various sources and further analyze for better forecasting and prediction of cash flows.
CEOs and their executive teams are increasingly looking to the CFOs and finance teams to provide insights that will help them make better decisions.
However, most CFOs are still struggling to embrace data analytics.
If your organization's finance team is struggling to keep up with the ever-growing demand for data-driven insights, you are not alone.
Even though business leaders are growing more and more reliant on data-driven insights, the finance team can't keep up. Their team is hampered by a lack of data literacy, outdated tools and processes, and siloed data.
On the execution level, finance and accounting professionals are stuck in a legacy mindset and don't have the skillset to work with analytics.
Without data literacy, the data and analytics that the team relies on may not be up-to-date or accurate, leading to wrong decisions being made.
Without the ability to analyze data, businesses can't make informed decisions about where to allocate resources or how to improve operations.
It's time to expand your analytics paradigm beyond the boundaries of the finance function.
To make informed decisions about your business's future, start developing a data literate workforce.
Explore the emerging roles of finance and accounting professionals and how data literacy plays important role in growing your business functions with Mr. Chari TVT, the former Group CFO of Axiata.
In the webinar, we covered key topics such as:
- Importance of data literacy
- Top data literacy skills accounting and finance professionals need to start picking up
- Discover the changing role of the accountants in facing the new disruptive digital world using data analytics.