Data management and predictive analytics now top strategic issues at many firms
Data management and analytics issues are now top of mind concerns at many organizations, as CFOs and other finance executives say data management (including security, privacy, and governance) and predictive data analytics are among their most significant issues to address.
That is among the findings of a new report from consulting firm Protiviti. Of the 393 U.S. finance executives the firm surveyed during the second quarter of 2018, 71 percent of all respondents and three quarters of CFOs and finance vice presidents said security and privacy of data in finance applications is a high priority.
“This comes as no surprise given the volume, complexity and sensitivity of data that finance groups must manage and keep secure,” the report said. “These security challenges are compounded as more finance data warehouses move to the cloud, which introduces a broad range of new security risks.”
Another key area that CFOs and finance leaders are struggling to manage is data quality, according to Christopher Wright, a Protiviti regional managing director and leader of the firm's Business Performance Improvement practice. The analysis and reporting that finance delivers to organization rests on the quality and completeness of the available data, making data governance critical, he said.
Interestingly, virtual and cryptocurrencies are not even on the radar of responding organizations, the report said. More than eight out of 10 are not using, interested in using, or investing in virtual and cryptocurrencies. And they are not being pressured by employees, customers, suppliers or partners to use virtual currencies.