For the majority of executives in the financial industry, operating without big data will be impossible in just a few years.
A new report by order-to-cash firm Onguard found that for 13 per cent of Chief Financial Officers, it’s already impossible to work without big data.
They use it, most of the time, to make informed decisions. Big data is also used to make predictive analyses and to analyse large, unstructured databases. At the same time, the report claims that a fifth of CFOs don’t use big data at all.
But it’s not just making informed decisions and sorting databases that big data is having an impact on. It is also sending ripples throughout the job market, with some CFOs thinking big data will leave some people without a job, especially with the proliferation of robotization and artificial intelligence (AI). For a third of CFOs, robotization is the biggest threat to jobs there is.
For Onguard’s CEO, Marieke Saeij, the report’s results came as no surprise.
“The more information that is available about the market and customers, the better finance professionals can advise customers. Thanks to big data, risks can be assessed more accurately and it is also possible to predict in real-time whether and when customers will start paying so as an organisation, you can properly anticipate this. This development will require finance professionals to develop new skills, such as greater analytical capacity, as a necessity.”