CFOs are always looking for new ways to mine value, and data is often an untapped treasure chest. Eric Noren from Accenture shares how CFOs in the technology and media industries can gain better insights from data—including some innovative examples.
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Companies in the technology and media industries have more data than they know what to do with, and therein lies the challenge. There’s treasure to be mined, but too often it goes unfound. Their CFOs are especially focused on uncovering insights from data in order to better manage finances, retain customers, and create new revenue.
Eric Noren, a managing director of communications, media, and technology at Accenture, joined me on the Workday Podcast to discuss the changing role of CFOs in these industries, why data makes a difference, and what skills they should look for to help uncover data insights.
Below you’ll find a few highlights of our conversation, edited for clarity. You can find our otherWorkday Podcastepisodeshere.
“The role of the CFO has changed quite a bit in the past couple of years. It starts with the primary role of running the finance function, but also how data is used to drive enterprise value. The CFO is not only using the data, but investing in the technologies that allow the entire enterprise to use it.”
“The challenge for all organizations is how to take these different types of datasets and consolidate them efficiently into something that can be used in real time. We see in our research that more and more, the organization is looking to the office of the CFO to do reporting and analysis to drive insights.”
“It comes down to that customer approach. How do you identify a product, service, or offer that reaches them better than the competitor? How do you create that stickiness with the customer that's informed by their behaviors and tailored to them?”
Disclaimer: This document is intended for general informational purposes only and does not take into account the listener’s specific circumstances, and may not reflect the most current developments. Accenture disclaims, to the fullest extent permitted by applicable law, any and all liability for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit, or tax advice. Listeners are responsible for obtaining such advice from their own legal counsel or other licensed professionals.
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