Capture Data and Create Dashboards

The Operational Driver competency contains the following five skills:

1. Lead operations?
2. Implement & Integrate systems?
3. Optimize processes
4. Embed finance across the company?
5. Capture data and create dashboards?

Today's Newsletter will focus on Skill #5: Capture Data and Create Dashboards

Capturing and analyzing diverse data is crucial for CFOs because it can significantly enhance financial decision-making, leading to improved operational efficiencies and strategic insights. Additionally, by implementing customized financial dashboards, CFOs can provide relevant information to stakeholders, thereby supporting informed decisions that drive the company's success.

Modern organizations capture vast amounts of data from various sources, offering significant potential for product development, operational efficiency, and customer experience. CFOs should determine which data to analyze and how to capture it, engaging stakeholders to align data usage with business objectives.?

Financial dashboards are essential for monitoring performance and key metrics, with modern technology enabling customized dashboards for informed decision-making. The finance industry is increasingly leveraging Big Data to enhance profitability, and understanding its characteristics involves considering the seven Vs.

Big data analyzes large data sets to uncover trends and patterns, providing competitive advantages in areas like marketing and product development. It uses diverse sources, including social media and financial transactions.?

CFOs play a crucial role by funding Big Data initiatives and using insights for better decision-making. Effective implementation requires capturing, analyzing, and storing the right data. There are seven steps to help CFOs maximize Big Data benefits:

• Beneficial data review: The CFO needs to determine what data is beneficial to the business versus what can be discarded.
• Identified sources: Identify where the data is coming from such as internal systems, social media, financial reports, customer surveys, and website analytics.
• Global storage hubs: Companies need to determine storage hubs within a trusted secure platform that can integrate with each relevant system.
• Data source connection: Connect the data sources so that you can collect and process each category of selected data.
• Analysis of data: Determine what the performance data is telling you and how it can be used to improve the business.
• Testing procedures: Check the data accuracy and that the procedures work correctly, for example by performing spot check and reconciliations.
• Automated reports: Create automated reports to provide data to each stakeholder in a clear, concise and well-structured format.

By following these steps, you can effectively implement Big Data into your business and reap its full benefits. With the right data, your company will make better decisions, driving growth and profitability.?

Join our upcoming Future CFO preview event to enhance your leadership skills across various CFO functions. Gain valuable insights and strategies to navigate challenges and elevate your role in driving operational excellence:

Future CFO Program Preview Event