Big data is a catch-all term but, broadly speaking, it refers to the large volume of internal and external data that can now be captured and analysed to improve organisational and financial performance. Chief financial officers (CFOs) in UK businesses now have more data at their fingertips than ever before, and their role is changing as aĀ result.
Simon Bittlestone, chief executive of financial analytics firm Metapraxis, harks back 20 years to demonstrate how the role of the CFO has been affected by the advent of big data. āYou found more CFOs focusing most of their time on ensuring the numbers for business reporting were correct, and ensuring the business was liquid and the risks were being managed. And thatās still an important part of the role of CFO,ā says Mr Bittlestone, whoĀ explains that following the automation of financial reporting, the focus became how can we improve the business using the data weĀ have?
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