When the big data age comes, how does the CFO hold "big insights"?

Risks, statements, cash, growth rates, expenses ... These are the chief financial officers of the enterprise must pay attention to.

Now, with the advent of the "Big Data" era, the 2011 survey by CFO Executive Board, the top agency for best Practice research and quantitative analysis in the US, revealed that the global CFO had to face a series of challenges, and the CFO said the company's 30%~80% Performance potential is lost due to the performance management of substandard enterprises; some CFOs claim that the ratio of losses to 80%;CFO will be 37% of the time spent on performance management activities (business unit or enterprise level); More than 70% of the CFO said to monitor business performance, strategic input, cost reduction, Enterprise risk and promotion of information integration, such as "Enterprise focus" activities are critical; 65% of the CFO sees business intelligence/analytics/performance management as the company's most significant technology plan for 2011.

These challenges, without the help of advanced it tools, the CFO will waste a lot of time and effort on traditional management processes, collecting and validating data. They have realized that more energy should be devoted to analysis.

IBM Business Analytics Marketing Strategy global Best Practice Director Christoph Papenfus said: "The ' Big Data ' era brings challenges to the industry, the enterprise business System." As the important support of the company's financial system and asset management departments, in the face of large data challenges, we need to actively improve the performance management, control, risk management level, so as to promote the integration of key information, and ultimately help enterprises achieve higher profits, income growth and return on investment. IBM's intelligent analytical Insight Strategy and its integrated solutions can help enterprises achieve these goals, and assist the financial sector to participate in enterprise operations, control business risk, and make strategic decisions, thus becoming an important force for enhancing enterprise performance and promoting enterprise growth. At the same time, it also helps corporate CFO to grow into a higher level of CPO (Chief Performance Officer). ”

In this respect, 58% companies have applied Intelligent analytics software based on massive financial data, an increase of 21% per cent from 2010, according to a survey of multinationals at MIT's Sloan Business School and the IBM Institute of Business values. This kind of intelligent analysis technology can provide short period report, rolling budget and risk warning, and reduce the cost of accounting manpower greatly.

From "Big Data" to "big insights"

Since the trend of "big data" cannot be changed, how can the CFO, through the business analysis through the financial planning process, insight into the enterprise profit and cost sources, improve the processing time and integrity of the settlement process, IBM software group Greater China Business analysis software general manager Muchayan said, IBM's Wisdom Analysis insights can facilitate financial process transformation; by incorporating analytical insights into traditional and emerging risk categories, predicting future regulatory requirements and detecting fraud, intelligent analysis Insights can also help companies manage risk, fraud, and compliance.

But to really help CFO succeed from "Big Data" to "big Insight", IBM has a sophisticated methodology, "3A5 step", in addition to the basic control of information, access to insights, action, Sadie Network reporter interviewed industry experts, Experts have affirmed the methodology of Learning (Learn) and Transformation (Transform) two processes, which can help users achieve the best "big insights" through repetitive loops.

"IBM itself is a successful example of financial transformation through intelligent analytical insights," says Muchayan. IBM's financial systems and asset management departments are using the financial planning budget and financial performance management of the sharp weapon Cognos, the Multi-regulatory field of unstructured reports FCX Bae, risk control software openpages, As well as the efficient collaboration of industry-leading IBM Business Analytics software, such as data statistics and data mining tools SPSS, to realize the financial transformation of the intelligent analysis of financial data to the business analysis, and to further achieve the IBM 2015 plan on performance optimization, forecasting and insight, Enterprise risk management and business decision-making in four major breakthroughs. We believe that more enterprises in different industries will be effective in the future use of intelligent analysis insights to achieve the wisdom of financial transformation. ”

Creating "new Financial Intelligence"

While actively advocating the wisdom of the methodology to promote financial transformation, IBM is also constantly exploring the efficient information tools and financial systems, through performance management, reporting process automation, risk control and other leading solutions to promote the "smart new financial". Cognos 10 encompasses a range of IBM innovations in Business Analytics that effectively change the way companies make decisions, allocate resources, and anticipate and plan for future benefits. In the area of financial transformation, Cognos TM1, Cognos FSR and Cognos Insight play an important role.

For planning, enterprise planning software for budgeting, forecasting and analysis Cognos TM1: Provides a fully dynamic environment for planning, budgeting, and forecasting, helping the entire financial department to unify analysis data, model business requirements, and create plans, budgets, and forecasts for better performance.

Personal Analytics Solutions IBM Cognos Insight: Helps finance people independently explore, analyze, visualize, and share data without relying on IT for help. Users can create and share custom applications, dashboards, and visualizations within minutes to help meet the challenges of individuals and workgroups. In addition, the Cognos Insight provides excellent data interaction, analysis, and visualization capabilities to individual desktop users.

Single, secure enterprise reporting and Disclosure management platform Cognos FSR: Used to automate external and internal reporting processes to increase efficiency while reducing risk. Changed the way in which financial and accounting departments manage and deliver key financial and management reports.

(Responsible editor: The good of the Legacy)