Predictive analytics enrich finance processes by offering insights into business problems and areas of potentialPredictive analytics tools are making CFOs even more so the go-to guy. Picture: 123RF/RAWPIXEL
It is the finance leader along with the CEO that will be responsible for navigating through the uncertainty ahead to ensure the company can follow through on its plans. Both will need to maintain a cool head and rely increasingly on predictive analytics to find that path through millions of rows of data.
Has the organisation automated processes for statutory reporting and generating financial statements? If the answer to either is no, the finance leader should consider replacing inflexible legacy platforms and manual processes with scalable, cloud-based solutions that offer real-time visibility into the organisation’s processes and supply chain. Until the right foundation is in place, the organisation will find itself cobbling together spreadsheet reports that are based on yesterday’s information.