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How the data explosion is challenging the Office of Finance?

In this interview Marco Pierallini explains why data has become a strategic asset for today’s organizations and the expanding role of CFOs.

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Today we're living in a world where data is proliferating as never before.

Everyone recognizes today that data is a strategical asset for organizations but data itself is not an asset, it's the way you can use data in different ways in the organization.

One way to transform data, this asset and create value from this asset is putting in place processes to transform all data coming from different operational sources and transform this operational data into information and then turn this information into valuable insights.

Valuable insights to make informed decisions, important business decisions or in other words to implement an effective data-driven decision-making process.

Also the CFO is impacted by this new data-driven world because the traditional way of operating of the CFO of preparing financial report, showing the variances of actual vs budget and vs last year is not enough.

It's not enough because if you want to explain the reason behind this variance and take action you have to go into different details that cannot come from general ledger.

In other words you have to have behind the financial KPIs, operational KPIs produced from data coming from operational sources.

This wasn't typically the traditional scope of responsibility of the CFO, but this is where the CFO should move in the modern CFO era.