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How to create valuable insights into the business through data?


Lino Cinquini, Professor of Management at Sant’Anna School of Advanced Studies, identifies 3 main aspects that are changing the Office of Finance.


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Transcript

One of the first problems CFOs have to face is to have the capabilities to prioritize and select what kind of financial and non-financial information are useful to target the right questions, the right issues that the business has to face.

For this purpose, both technological competency and business analytics are necessary to find and move to a new software that allows to filter and analyze data.

In this respect there are new expertise that are rising like data scientists that are able to extract the data properly and the CFO will be more and more the bridge between data science and managers, and this is one aspect.

Another aspect of change is the trend in producing real time reporting, today there is the possibility to produce information instantaneously, in the moment in which the data is elaborated.

The third point I would like to highlight is that the trend of being able to produce predictive data and predictive information able to reveal what should happen in the future is becoming more and more important for the CFO.

Also social media plays an important role here, because the proper use in producing and managing, revising and offering information to managers, but also to customers and external parties, is an issue that the modern CFO has to take into account.

These are, I would say, the main components of new competences of the CFOs in this environment.