CFOs focus on quality, not quantity

The ongoing proliferation of digital resources is pushing data quality precedence beyond the IT department. Finance executives in particular are putting more emphasis on technology to make sure budgets are allocated correctly and firms are not paying unnecessary expenses.

A recent report by IDC highlighted this occurrence, noting that approximately 80 percent of financial executives will be involved in IT investments by 2016. As a result, technical governance and database management strategies are forecast to rapidly evolve as finance decision-makers become part of the equation.

IDC analysts also said finance departments will rise to the big data occasion by taking a leadership role in the adoption of business intelligence and analytic tools. Decision-makers will also spend more time on quality assurance, minimizing the chances of employees using information improperly or inefficiently.

A separate report by Deloitte highlighted how ongoing macroeconomic conditions are like a thorn in the chief financial officer's side. This will encourage executives to investigate innovative solutions that provide a substantial return on investment and deliver applicable benefits to the organization.