The corporate finance community is specifically tailored to gain benefit from the growth of big data technology. For finance it’s the name of the game to utilize analytics to gain a strategic advantage. A recent Forbes interview, Emerging Big Data Opportunities for CFOs, with Carlos Passi, assistant controller of IBM, discussed emerging types of data from channels such as social media and how it can be used to inform strategy.
The interview touched on such topics as how CFOs harness big data differently from other C-level executives, what new data types have emerged that are of interest to CFOs, how social media is playing a role in CFO use of data, what roadblocks exist in allowing CFOs to drive new strategy with big data, and how will the use of big data by CFOs change in the next 5 years. Passi offers an interesting observation:
By capitalizing on big data using business analytics tools, the role of the CFO is moving beyond optimizing the finance function to transforming the enterprise.