Technology today, particularly big data and analytics, are changing roles throughout the enterprise, whether it's the CIO constantly faced with decisions about technology, or supply chain members that can make the sales marketing function more data-driven and efficient, everyone is being affected. Even the CFO role is not immune.
The CFO doesn't really have to be a technologist, but they have to understand how the power of technology can help them do their job. The pressures on the CFO are not terribly different than they've always been, but the data driven connectivity of our world and the rate of change adds to it. They need to be able to react to change quickly with speed and flexibility.
At the recent Bloomberg CFO Summit this week on the topic:
"Dealing with New Technology and Building a Business Case for It."
"Dealing with New Technology and Building a Business Case for It."
They outlined that the CFO is focused on reducing costs, speed (especially improved time to value) and flexibility — all achieved in a secure way. Technology, particularly cloud computing and analytics, is the key to improving in all three areas. Sales Managers, on the other hand, focus more on revenue-generating projects in the analytics space. For instance, they might want to pursue behavioral analytics that give them a 360-degree view of each customer.
Based upon the fact that all these operational area need that data the question was asked..
Should your data be a balance sheet asset?
Assuming your data will drive new businesses. How do you value it accurately?
Here are some possible examples of that valuation. Data about customers creates opportunities for the business. That data about customers should to be a central focus of the organization and the sales leaders.
- What do we know about our customers?
- How can we expand our information about our customers?
- How can we monetize that data?
That monetization really amounts to a valuation of that data.
Companies are becoming inherently differentiated based on their ability to leverage their data. Those organizations better able to glean automated, real-time insights from their data will have a serious competitive advantage over their rivals.
Need help figuring our the value of your data? - One solution might be to use the well known customer stratification model , already available in the latest version of the MDS-Nx Software Suite
This model allows you to classify customers based upon patterns in your data
and helps you make decisions on where to focus your sales efforts.
For more information on TSH or MDS call The Systems House, Inc. at 1-800- MDS-5556. Or send a message to sales@tshinc.com
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