The use of large volumes of data has become a necessity for all companies. Thanks to analytics they can also use that information to improve their market position.
A few years ago, getting financial information from inside any organization was a long, costly and time-consuming process. CFOs were obliged to cede their strategic role to those within the company to spend time ‘looking for the numbers for every area’ or ‘pressuring people to obtain them as soon as possible’. These processes could take weeks.
Luckily, this has changed with the coming of digital platforms and tools for managing huge volumes of data – known as ‘Big Data.’ Senior managers now have direct access to all of the data related to the business, in real time and anywhere, even on their smart phones.
However, consolidating all of the financial data still wasn’t enough to make a significant impact on short-term corporate strategy. Along came advanced analytics solutions.
Broadly speaking, analytic tools provide the organization with the ability to integrate, classify and deepen all of the information from Big Data. They help generate knowledge that makes it possible to solve complex problems within the different parts of the business.
This isn’t a minor change. Managers can become aware of day-to-day changes in the business, identify problems quickly and help to solve them as soon as they appear. Better still, they can create predictive models to make the most of opportunities and reduce the risks of …
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