CFOs backing analytics for faster decision making
An IBM study reports that 60% of 1,900 CFOs are seeking to improve operations and analytics to enable faster decision making and pressure to reduce costs.
The finding is in line with several other reports which mention
increasing CFO support for analytics. Following
findings of the IBM study make these CFOs receptive for
* Over 40% of companies produce financial metrics manually
* Finance spends over 50% of time on transactional activities
* 50% lack a common planning platform; 36% lack a common reporting platform
* Nearly 60% not satisfied with their operational planning and forecasting analytical capability
* 47% are poor to average at anticipating external forces
Recession has expanded CFO role in IT decision making. Over 75% of CFOs say they have an advisory or decision making role on the entire company agenda.
The survey covered CFOs and senior Finance executives from 81 countries and 35 industries. Of those, 445 participants were from midsize firms, defined as companies with less than $500M in annual revenue.