The mood of the CFO in the current economic environment is one of cautious pessimism. A lot of CFO’s are just trying to hold onto their money; so a major investment in Big Data is not necessarily something they are looking into. However, it is something that also cannot be ignored forever, in this digital economy.
Here is a video where two data analytics experts weigh in on the subject:
They think that if utilized properly, analytics can help lift this cautious pessimism. They also agree that some investment in a data strategy is inevitable for CFO’s.
Not only are CFO’s becoming increasingly involved with IT, but it can also help them with other investments, and to better understand their economic situations.
CFO’s can use analytics to understand the marketplace, and to help them asses the economic landscape. In a world where business growth is achieved through acquisition, or gaining a greater market share, understanding the economic landscape and the market is key. But, these insights may require a greater investment in a big data strategy.
Luckily, for the companies that do not have as much to invest in such a strategy, data analytics can help them in other areas as well. With little investment, analytics can help businesses achieve greatness. These are three ways that the experts from the video discuss.
1.Optimizing pricing with analytics to improve gross profit.
2. Testing things before you invest (for example, will an interior or exterior renovation yield a higher ROI for a restaurant?)
3.Marketing expenditures (learning how to target your audience for less)