The current fascination with using big data to sharpen business decision making is not lost on finance and accounting leaders. They know it is imperative that finance get up-to-speed with this powerful trend and learn how best to apply big data concepts in the realm of financial planning and analysis (FP&A). Unsurprisingly, recent APQC research shows that there is strong enthusiasm for enhancing FP&A; in tandem with that, a growing number of CFOs are sanctioning a closer look at cloud-based applications for planning and reporting. Finance Improvement Today—Plan to Apply Beautiful Minds (Collection)
But here’s the rub. On the one hand, nearly 40 percent of APQC survey takers who support FP&A improvement said better knowledge of data science (i.e., math, statistics, and computing) is very or extremely important. On the other hand, finance staff training in general does not appear to be getting the attention it needs. Only 16 percent of all survey takers said their finance organizations are committed to training people with any real frequency. Given the way big data and analytics are set to change the way companies compete and thrive, CFOs should rethink their cost-vs-benefit assumptions.