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Five Ways To Become More Data-Centric

data [1]The ability to parse data – turning the numbers into knowledge – is a tremendous opportunity for organizations and the finance professionals who work for them.

That’s one key takeaway from a new CGMA report, From Insight to Impact: Unlocking Opportunities in Big Data [2]. The report uses data from a CGMA survey of nearly 2,100 finance professionals, as well as from other sources, to outline the opportunities and challenges that organizations face in attempting to harness their data.

Companies are now collecting information on many fronts – including tracking the time it takes to serve a customer, weather and its effect on business, and the number of mentions on social media. How organizations apply the data to business decision-making can go a long way to determining how successful those companies are in the digital age.

The report offers five steps to creating a data-centric business:

1. Ensure you understand which new data would be relevant to your business model and competitive position.

2. Assess which data initiatives are already in place within your business.

3. Identify potential quick wins or small-scale proof of concept projects.

4. Conduct a formal data project to develop a related strategy.

5. Build on this initiative to start developing a data culture.