Finance analytics is maturing at an accelerated pace, but the standards, tools, and talent still have a way to go.
COVID-19 has brought about one of the strangest business environments in memory, and more than ever leaders need data to determine how to survive it. It has pushed finance professionals, particularly those engaged in finance analytics, into the limelight. They are being asked to build forecasts and models for situations they have never encountered (and never anticipated). So, is finance ready to play a starring role during a crisis once again?
APQC conducted research into the current state and success drivers of finance analytics just before the true impact of the pandemic was evident. The study showed that for some companies finance analytics may play a prominent role in outlasting the accompanying recession, but for others, it will be a conspicuous Achilles heel.
Finance analytics is the process of searching for and gathering meaningful insights from financial data, often in combination with other business data, to inform decision-making.
Source: CFO (2020)