Data Analytics and The Modern Day CFO

Industry experts define data analytics as “The discovery and communication of meaningful patterns in data. Especially valuable in areas rich with recorded information, analytics relies on the simultaneous application of statistics, computer programming and operations research to quantify performance. Analytics often favours data visualization to communicate insight.” Among the prominent data analysis methods utilised by modern industries, the most important is Big data analytics. Today’s business world has gone through drastic changes with management decisions which were previously developed using knowledge and intuition being formulated with the help of facts and data now. This report will highlight the importance that data analytics holds for companies globally for the purpose of finding optimal ground for functioning.
The first part of the report will discuss the importance of data analytics in today’s competitive marketplace and discuss some of the added benefits that come attached with it. The later part of the report will discuss certain key issues that are integral to the implementation of data analytics in an organisation.