CFOs Have Key Role in Driving BI Adoption and Success in Finance
The Finance function plays an important role in managing and delivering key information to executives and managers through enterprise performance management (EPM) systems.
Although these should form part of an overall BI strategy, frequently they can become silos of data that prove difficult to reconcile with other BI tools. Finance also has a propensity to create its own spreadsheet-based analytics.
IT professionals therefore need to understand the Finance function’s attitudes toward BI to avoid potential conflicts. In addition, CFOs and senior Finance managers need to understand how Finance compares to other departments because they play a key role in building alignment between Finance and their organization’s overall BI strategy to better leverage corporate BI investments.
- The Finance function has lower adoption levels of BI compared to other functions. Although adoption will increase somewhat during the next 24 months, Finance likely still will have lower adoption levels relative to other functions.
- Relative to other functions, respondents from the Finance function perceive that BI is less successful in their organizations.
- Finance’s BI priorities broadly mirror those of other functions. However, Finance respondents’ ranks show improved decision-making and delivering operational efficiencies somewhat higher than other functions.
- Compared to their peers in other functions, Finance respondents feel that BI has less business impact.