CFOs are struggling to make effective decisions due to inaccurate, out-of-date information, according to a newly released report by The Economist Intelligence Unit.
The Qlik sponsored research shows that 47% of CFOs are challenged by complex, inaccurate and out-of-date information.
63% of respondents said their job involves analysing all available information while 52% said data accuracy is the biggest hindrance to doing their job properly.
46% have access to real-time data and 43% are challenged with integrating complex data from different sources.
"It's worrying to see so many CFOs struggling to make sense of the data in their organisation, especially as the decisions they need to be making can have a big impact on the way the business is run," said Martin Fitzpatrick, vice president of Finance, Qlik Asia Pacific.
More IT expertise
94% of the respondents said they would need more IT expertise in the next three years.
44% of respondents said that IT vendors are not interested in making their analytics tools simple or easy to use.
74% of survey respondents agreed that data analysis would be useful in the future when making long-term strategic decisions.
Findings of the report 'How the new breed of CFO makes decisions,' clearly show that despite living in a data rich business era , CFOs are still hindered by problems such as lack of access to real time data and having the right IT tools to analyse the given data.
"This report paints a picture of CFOs having to make decisions but getting bogged down by the data analytics that they feel are needed to make those decisions," said Charles Ross, The Economist Intelligence Unit and editor of the report. "But instead of a big revamp in technology, CFOs are looking at additional training and multiple small investments to help generate insights from data."
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