The amount of data grows, but the time to analyze gets shorter. Relying on big data with poor quality is a dangerous cocktail for the CFO.
“You can get all the data you want, but you can’t analyze everything. Finding the answer to the question ‘what numbers should be analyzed?’ is crucial. You also need to ensure that you can quickly analyze the data.” —Søren Vuust, Group CFO, Falck A/S
“One of the major challenges is how to deal with huge amounts of data. How to interpret and analyze, and are the tools in place? We know that if one function in the organization isn’t working well, someone will come knocking on the finance door by the end of the day, because finance has to provide the answer for the business.” —Tulu Karagöz, Group Financial Performance Director, Coca-Cola İçecek
“We have to analyze all the data in a very short time and very quickly deliver results. We focus on data analytics and build a data platform to increase our time to analyze and make decisions.” —Barış Aydaş, Head of Internal Auditing, Borusan Holding
“Our bank has a significant amount of data, and it helps us to understand our customers better. We also have analytics ability and the computing power to mine data. The challenge is to get the information out in a usable form, and to get meaningful data out in a clean and efficient manner requires processs. —Gilbert Kohnke, Head of Group Risk Management, Danske Bank A/S
“Relying on poor quality big data is a dangerous cocktail. That’s why we have recently introduced a separate BI and analytics team that verifies data. No data is trustworthy unless approved by this team. Compliance-wise, we need to be more aligned to get the data right.” —Jesper Heilbuth Mikkelsen, Vice President Head of Group Accounts & Tax, DFDS A/S
“In recent years, top multinational companies have learned how to extract knowledge from data and transform knowledge to strategy and execution. However, many SMEs and large enterprises don’t know how to do this.” —Barış Aydaş, Head of Internal Auditing, Borusan Holding
“Most finance teams find it easier to work at their desk, crunching numbers and analyzing, than provide useful information for decision-making and business support. That’s why we have a structured training program for the purpose of building the capability to understand the business better.” —Hürcan Coşkun, Kredi Risk Grup Müdürü, Türk Telekom
“Everything we do should be done with a zero-defect mindset. We should solve the problems at the root cause, instead of just making corrective fixes. To do this, we must be involved in the business. We have to present the insight explaining what happened, instead of just delivering the numbers.” —Lars Søndergaard, VP, Head of Group- & Corporate Finance, Danfoss A/S
“The requirements in control are growing every day, which contradicts the need to support the business. The challenge for the finance team is to bring those needs together; to fulfill the compliance requirements, without hindering the business.” —Lars Kudsk, CFO, AVK Holding A/S
The interviews were conducted at the 600Minutes CFO events in Denmark on the 10th of May, and in Turkey on the 4th of May 2016 . Check out all our upcoming events on the Event Calendar »
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