Can CFOs really use big data for Finance Analytics?
With rare exceptions, until now the closest that big data has come to the CFO's office has been the well-publicized examples involving the enormous consumer databases of credit card vendors, who use them to identify -- and sell data on -- buying patterns and credit worthiness, among other things. The typical finance department encounters nothing that approaches the size of those terabyte-scale databases when closing the books, preparing budgets and forecasting revenues.
Create Insight, Impact & Innovation for Financial Services
The promise of big data and analytics for CFOs is first being seen in scrubbing financial transactions which are already cleanly captured and benefit from more advanced analysis to find oddities and patterns. For example, although individual payment transactions may each appear appropriate, advanced analytics can help identify areas that may represent fraud, which can then be investigated further. Similarly, credit risk can be better predicted by looking at large amounts of data, and more efficient analysis tools can help audit more transactions and even use unstructured data to identify potential outliers.
Like many other advocates for financial analytics, Experts says you don't have to bring analytics expertise in-house, with all its hiring and training pressures. That's what outsourcing services are for. An outside firm that also has a strong history as a system integrator can provide the integration and analytics that ERP systems often lack, especially on the financial side.
SSPL offers both the solutions and services to its clients, with best optimised and customised solutions and services. Its services and solutions help and support the users to save much more both in terms of timely reporting and financial savings. The processes are automated to reduce dependency on manpower and solutions work from Intranet to mobile computing. Users being anywhere on the earth using internet connection can access the reports/ dashboards and even play around with them as per their individual requirements.