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Pymnts
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CFOs and Treasurers Embrace Leading Role in Organizational Data Monetization
- To monetise the vast amounts of data that businesses now produce, CFOs and treasurers must play a leading role in data-driven processes and planning, according to PYMNTS. Data value management, data resource life-cycle measurement and executive-level data leadership make up the key pillars of a business culture that acknowledges big data as a valuable strategic asset. Among the three, data value realisation involves the deployment of actionable insights that translate to gains in revenue or customer experience improvements. For maximum efficiency, efforts must be aligned with broader business strategies.
- Treasurers have a key role to play in bridging the gap between financial priorities and technological possibilities. Meanwhile, data life-cycle measurement involves measuring the financial impact of data over time, as well as its reuse across different departments and how it contributes to revenue generation and cost savings. By properly tracking and analysing data, businesses can make better informed decisions and allocate resources more effectively.
- Finance teams play a crucial part in data monetisation, providing analytical rigour for measuring the financial and non-financial gains that data initiatives deliver. They also ensure that data projects are prioritised and aligned with a company's broader financial outlook and funding requirements. Smart data management will become even more important as businesses migrate further to the cloud and adopt artificial intelligence technologies.
- At present, 77% of treasurers believe closer collaboration between departments is necessary and to reap the full benefits from data monetisation all participants must share a common approach. CFOs, meanwhile, have a critical role in measuring the potential return on investment in data-oriented initiatives, prioritising the most impactful and setting budgets accordingly.
- Finance teams want to automate their sectors. According to Flashfood CFO Chris Taylor, 'We’re super-focused on automating all the financial flows within the finance function.'
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