Organizations have long understood that there is value in data but the data capture processes and technologies involved often overlap completely different departments. Tom Bogan of Adaptive Insights argues that the CFO is taking, or at least should be taking, an expanded role in this area. Since organizational risks and financial planning have very large data analysis needs this would strengthen those business needs.
He references a 2016 report by Adaptive Insights that says, “76% of CFOs say they are currently tracking non-financial KPIs.” Organizations might also compare this information along with the KPMG Finance Benchmark Reports of 2015 and 2016 which show that many finance executives feel their organizations are not producing “insightful” information from the data.
The article goes on to say, “Ultimately, CFOs need to embrace the role of “chief data officer” and elevate their focus from tracking, reporting, and static planning to continual gathering and prioritizing, ongoing management, and active planning.”