The FE Finance Leadership Dialogue which focused on Advanced Analytics in Finance

The article discusses the discussions had by CFOs at a roundtable event called the FE Finance Leadership Dialogue which focused on advanced analytics in finance. Here are some key points that emerged from the discussions:

1. Importance of Analytics: The importance of leveraging large volumes of data to extract meaningful insights and establish key performance indicators (KPIs) was highlighted.
2. Data Analysis Insights: The roundtable underscored that the insights gleaned from data analysis are invaluable for strategic financial management, particularly in areas such as budgeting, forecasting, and accounts payable processes.
3. High-Performance Computing: The integration of high-performance computing in analytics was discussed as a necessity to manage supply chains effectively, particularly in times of disruptions like the COVID-19 pandemic or the Ukraine war.
4. Retail and E-commerce Analytics: Central analytics teams dedicated to revenue and inventory forecasting were established in the retail sector, enabling real-time insights and proactive decision-making.
5. Talent Management and Predictive Analysis: The use of predictive analysis was discussed as a way to align talent with customer needs, facilitating long-term relationships and productivity.
6. Master Data Management and Integration Challenges: The challenge of creating an enterprise-wide master data system to support accurate analytics and informed decision-making was highlighted, requiring mapping data from various systems to establish a unified view.

However, the article also highlights some challenges that organisations face before deploying analytics effectively, including:

1. Data Consolidation and Master Data Management: Organisations struggle with data consolidation and creating an enterprise-wide master data system.
2. Integration Challenges: The complexity of financial reporting remains a significant hurdle due to the need for unified reporting solutions.

Finally, the article concludes that advanced analytics is not just a luxury but a necessity for modern finance functions, enabling organisations to unlock strategic insights that lead to improved decision-making, operational efficiencies, and enhanced financial performance.

The organization behind this report is Oracle and can be contacted at https://www.oracle.com/in/corporate/contact