Big Data refers to a collection of data sets so large and complex that capturing, storing, searching, sharing, analyzing, and understanding them is beyond the capabilities of commonly used databases and tools. Organizations are being inundated with a plethora of data that has the potential to revolutionize the way strategic decisions are made. Unfortunately, they are ill-equipped to manage, analyze, and translate that information into useful, actionable decisions.
The finance organization has strong potential to become a center of excellence in managing and analyzing Big Data. Finance is a natural home for building enterprise-wide analytics capabilities for several reasons.
- Finance professionals are already comfortable using data to influence strategy and business decisions.
- Internal stakeholders naturally turn to the finance organization to analyze and interpret data.
Finance professionals have a unique mix of business understanding, operational experience, and
relationship skills to solve enterprise-wide problems with Big Data.
Finance professionals, especially those performing FP&A, have the experience, foundational skills, and disposition to take on the responsibility of managing and analyzing Big Data. Although training and hands-on experience is necessary to properly prepare employees to manage this level of high-volume, high-velocity, and high-variety information, organizations do not need to look far for professionals capable of handling Big Data.
To read more about this topic, see Who Should Be Responsible for Big Data?: Management and Analysis.