Effective use of data the key to collaboration

 

Collaboration is becoming an increasingly important priority for businesses in a wide range of sectors. When every individual and piece of data in an organisation can be brought together, there is practically no limit to what a company can achieve.

A recent survey by technology giant IBM highlights how this is being recognised by some of the most important figures in the organisation setting. IBM’s ‘Pushing the Frontiers’ study surveyed almost 600 chief financial officers (CFOs) from around the globe, and found that the majority understand the importance of utilising data from across the organisation.

An overwhelming 82 per cent of respondents said there is value in “integrating enterprise-wide data”. However, a quarter of CFOs did note that they don’t have confidence in the ability of their team members to use the data to its full potential.

“In our discussions with CFOs over the past decade, the significance of technology and analytical tools in transforming the finance function and broader enterprise has continuously risen,” says Bill Fuessler, a partner at IBM Global Business Services.

“Data has always sat in the centre of a CFO’s job responsibilities, and CFOs now recognise how insights from big data are helping their company become more competitive.”

IBM also noted that the ‘Performance Accelerators’ segment of CFOs – those who “have mastered their core duties so thoroughly that they’re far ahead of their peers” – are up to 70 per cent more successful than other CFOs, in terms of revenue and profit.

These findings highlight the need to draw information and data from all areas of an organisation to drive collaboration. Doing so can assist in a number of initiatives, such as strategic planning.

Using cloud-based strategy software, for example, can allow each employee to access organisation-wide data at any given point to make real-time updates to the strategy.