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Ho notes that CFOs, with their wider lens, can lead a team to draw insights from data to address specific strategic needs. There is a clear distinction between dataanalysis for analysis sake (e.g. CFOs will find it even more challenging to move into the space of non-financialdata and customer data platforms."
FP&A candidates typically have a background in finance, accounting, or a related field and possess a combination of skills and knowledge in financialanalysis, modeling, and strategic planning. Financial Modeling: The ability to create and work with financial models is crucial.
AI Advantages and Opportunities for CFOs AI presents key advantages and opportunities for CFOs: AI Enhanced DataAnalysis AI enables CFOs to analyze large volumes of financialdata quickly and accurately, uncovering valuable insights for decision-making. Where will you take AI in your business?
Variance Analysis: Implement a system for regularly monitoring and analyzing budget variances (differences between budgeted and actual figures). Historical DataAnalysis: Analyze historical financialdata to identify trends, seasonality, and patterns that can inform your budget assumptions and forecasts.
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Wood also explains how traceability and auditability are vital for compliance, as granting personnel limited access and utilising advanced tools in line with security protocols are crucial for data integrity.
Education matters. The new normal for the finance professional will require being comfortable with ambiguity, ingenuity, dataanalysis, and the ability to be good business partners. Part of my commitment is to deliberately seek out partnerships and ways to help elevate women in finance through training and education.
Your employee satisfaction and retention will suffer, and your business leaders just won’t have the financial insights they need to make better decisions at the speed they now expect,” said Planful CEO Grant Halloran at the Planful Perform event for finance and accounting professionals. 1 – Move your data to the cloud.
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