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Why Business Analytics is Central to the CFO Role: Interview with: Rick Duckworth, Executive Manager Business Analytics, QMetrix
 

Why Business Analytics is Central to the CFO Role: Interview with: Rick Duckworth, Executive Manager Business Analytics, QMetrix

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Why Business Analytics is Central to the CFO Role: Interview with: Rick Duckworth, Executive Manager Business Analytics, QMetrix, a sponsor company at the marcus evans CFO Summit 2013, on how CFOs can ...

Why Business Analytics is Central to the CFO Role: Interview with: Rick Duckworth, Executive Manager Business Analytics, QMetrix, a sponsor company at the marcus evans CFO Summit 2013, on how CFOs can utilise business analytics to overcome key issues.

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    Why Business Analytics is Central to the CFO Role: Interview with: Rick Duckworth, Executive Manager Business Analytics, QMetrix Why Business Analytics is Central to the CFO Role: Interview with: Rick Duckworth, Executive Manager Business Analytics, QMetrix Document Transcript

    • Why Business Analytics is Central to the CFO Role directions. They have to look and plan in impossible to detect manually or with a forward direction, as well as provide human intervention alone. CFOs have to high-quality information about the past. be pro-active, not reactive. That is the They are expected to be fact-based most effective way of creating voices of reason and insight. shareholder value. The study also concluded that more Any final words of advice? than 45 per cent of CFOs did not find their organisations effective in the areas Business intelligence (BI) and data of strategy, information integration, risk warehousing is a journey, not a and opportunity management. More destination. CFOs must ensure that their than 41 per cent lacked sufficient strategies focus on delivering value operational and financial data standards continually and frequently, and areInterview with: Rick Duckworth, and 45 per cent produced these metrics supported at all levels. They should alsoExecutive Manager Business manually and found generating timely, be prepared to invest. For every dollarAnalytics, QMetrix reliable business insight a challenge. spent on software, they will spend two to three times more on resources to It is clear that CFOs need to be a key deliver a successful outcome.“The need for business insight has risen player in the process of formulatingmuch faster than the finance function’s strategy but, even more importantly, a CFOs should evaluate how BI can createability to produce it,” says Rick trusted advisor in the process of value across all systems. In today’sDuckworth, Executive Manager Business executing strategy. However, they are information age, it is no longer anAnalytics, QMetrix. “Chief Financial not always able to produce the insight excuse not to have up to date, accurateOfficers (CFOs) need to invest in they need. and reliable information to support andanalytical technology that will facilitate facilitate decision-making. Analytics isfinance efficiency and business insight - How could these issues be now a key aspect in driving newthe two areas that are fundamental not addressed? business insights and the CFO is bestonly to the successful navigation of positioned to influence and make this aenterprises in the current economic Finance has to understand what is really reality more than any other executive.climate but also the newly emerging going on in the organisation,role of CFOs,” he adds. communicate those insights effectively and be in a position to exert influenceFrom a sponsor company at the marcus when needed. Ultimately, this can beevans CFO Summit 2013, in the Gold achieved by excelling in two areas:Coast, Queensland, Australia, 10 - 12 finance efficiency and business insight.March, Duckworth draws attention tothe most pressing issues that CFOs deal By reducing the complexity of financial operations, CFOs can make their Taking actionwith and how they could be addressed. companies scalable, agile and fast. And their insights can help drive operational from bad, inaccurate,How is today’s business climate efficiency, spot market opportunities,challenging CFOs? react faster and ultimately predict changes in the business environment.CFOs today face challenges from allfronts. Internally, they have to reduce How can they turn data into inconsistent orcosts while increasing revenue.Externally, they have to meet regulatory actionable insights? “out of date” datarequirements and shareholder demandsin an uncertain global economy. Having data that is accurate and timely is crucial to this process. Taking action can be disastrous on many levels from bad, inaccurate, inconsistent orA recent study of almost 2000 CFOs “out of date” data can be disastrous onglobally indicated that their many levels. Ownership of data mustresponsibility has evolved into areas of reside with the business and not the ITforecasting, profitability, risk department.management and strategic decisionsrelated to supply chains, pricing and Sophisticated analytics can help CFOsproduction. They are emerging with far uncover correlations among seeminglymore influence at the enterprise level, unrelated pieces of information and findbut being pulled into different patterns that would be nearly
    • About the CFO Summit 2013 The Finance Network – marcus evans Summits group This unique forum will take place at the RACV Royal Pines Golf Resort & Spa, Gold delivers peer-to-peer information Coast, Queensland, Australia, 10 - 12 March 2013. Offering much more than any on strategic matters, professional conference, exhibition or trade show, this exclusive meeting will bring together trends and breakthrough esteemed industry thought leaders and solution providers to a highly focused and innovations. interactive networking event. The Summit includes presentations on ensuring structural consistency, utilising digital and social media to boost financial results and improving the quality and speed of decision making to deliver improved outcomes. www.cfo-anz.com Please note that the Summit is a Contact closed business event and the number of participants strictly Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits limited. Division Tel: + 357 22 849 313 Email: press@marcusevanscy.com For more information please send an email to info@marcusevanscy.com All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.comAbout QMetrixQMetrix is an established business optimisation consultancy with origins dating back to 2001. With a number of CPA and CAcertified practitioners on staff, we provide management consultancy and technology services in the selection, design anddevelopment of reporting and financial performance solutions. Our solutions help reduce cost and improve efficiency in all types ofbusinesses by simplifying the budgeting, planning, forecasting and reporting processes across the office of finance and also acrossthe broader operations of the enterprise. By engaging Best Practice methodologies and enhanced project management techniques,we deliver greater ROI, sooner. This assists companies to both realize and deliver the full potential of its business – as a priority.QMetrix understands the requirements of business, post GFC, and can provide a solution to significantly enhance yours.www.qmetrix.com.auAbout marcus evans Summitsmarcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discussstrategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity toindividually tailor their schedules of keynote presentations, think tanks, seminars and one-to-one business meetings.For more information, please visit: www.marcusevans.comUpcoming EventsCFO Summit (North America) - www.cfosummits.comEnergy CFO Summit (North America) - www.energycfosummit.comTo view the web version of this interview, please click here: www.cfo-anz.com/RickDuckworth