CFO role being transformed by proliferation of data finds Economist Intelligence Unit report
- New report finds data access and synthesis moving beyond traditional IT gatekeepers
- CFOs are extending beyond traditional role with the help of larger data sets
- Role now about driving business strategy, not just optimising finances
A new report by the Economist Intelligence Unit (EIU) reveals that organisations are changing their approach to managing data, with IT staff no longer the gatekeepers for access and synthesis.
Data-driven decisions for all: A new business paradigm, sponsored by Tidemark, also explores the transformation of the chief finance officer (CFO) role. CFOs now have access to larger sets of data from more sources, allowing more advanced evaluation of the external commercial and economic landscapes.
The proliferation of data allows CFOs to spot irregularities in compliance or supply chain and aid in assessments of the labour climate, the report says. Formal and informal media can offer new insights around sales trends or even investor sentiment. These findings can help CFOs engage in more strategic tasks—identifying obstacles to a particular financial strategy or highlighting potential new paths for growth.
Interviewed for the report, Deborah Hopkins, chief innovation officer at Citi, said: “Data availability is one of the most exciting disruptions we are seeing, and it will impact every one of us.”
Data-driven decisions for all: A new business paradigm is available free of charge at:
Mathew Hanratty, Press Liaison, +44 20 7576 8546; firstname.lastname@example.org
Christine Emba, Editor, 1-212-541-0594; email@example.com
Notes to Editors
About The Economist Intelligence Unit
The Economist Intelligence Unit is the world leader in global business intelligence. It is the business–to–business arm of The Economist Group, which publishes The Economist newspaper. As the world's leading provider of country intelligence, The Economist Intelligence Unit helps executives make better business decisions by providing timely, reliable and impartial analysis on worldwide market trends and business strategies. More information about The Economist Intelligence Unit can be found at www.eiu.com or follow us on www.twitter.com/theeiu.
Tidemark helps companies foster a culture of performance with cloud-based enterprise analytics that engage the entire organization in business transformation. Tidemark’s apps involve multiple lines of business in core enterprise performance management processes, such as planning, forecasting, consolidation and analysis, for greater collaboration and context. Leading companies transforming their businesses with Tidemark include Chiquita, Hostess Brands, Chuck E. Cheese’s, HubSpot, ServiceSource and Brown University. Tidemark is funded by Greylock Partners, Andreessen Horowitz, Redpoint Ventures, Tenaya Capital and Dave Duffield. To learn more about Tidemark, please visit www.tidemark.com or follow us on twitter @TidemarkEPM.