Survey: Does Your Business Need a Data Intelligence Czar?
Interpreting data is critical to corporate decisions, but companies are cautious when harnessing the power of available information.
WASHINGTON, Nov. 3, 2014 /PRNewswire/ -- Most companies engage in some type of data analysis to drive decision making and achieve business goals, but those whose data intelligence programs have the support of management and devote considerable resources to gathering, analyzing and interpreting information are the ones reaping the benefits, according to a survey by the Association for Financial Professionals (AFP).
The AFP Data Intelligence Survey, underwritten by Capital One Bank and released today at the AFP Annual Conference in Washington, D.C., found that financial professionals at companies with successful data intelligence programs report a high level of satisfaction with accuracy (85 percent), relevancy (87 percent) and the ability to reach actionable conclusions (79 percent) based on data analysis. High performing data intelligence programs frequently share two key characteristics: they are led by their company's executive management team and they are consolidated under a centralized data intelligence group.
"When it comes to connecting dots and taking action for the future, companies with an overarching data intelligence group are more successful," said Jim Kaitz, AFP's president and CEO. "The finance function also provides valuable input into corporate decision making."
Indeed, the survey found that whether or not a company centralizes its data intelligence function, 44 percent of companies do have a single person who is ultimately responsible for strategy and execution of data work, which typically falls under the purview of the Chief Information Officer, Chief Technology Officer or similar title.
Support from senior management, close work with the finance team and a wide-ranging approach to deploying data programs throughout the organization also contributed to success, the survey found.
Successful Data Intelligence Programs Have:
- Strong executive management support
- Programs that serve many departments across the company
- A strategic partnership with the finance team
- Centralized operations under a single data intelligence group
ABOUT THE SURVEY
In September, the Association for Financial Professionals® (AFP) conducted a 14-question survey of employees in the finance departments of corporations about their companies' data intelligence programs. The survey generated 423 responses, 205 from AFP members and 218 from non-members. View findings on www.afponline.org/Data
ABOUT AFP
Headquartered outside Washington, D.C., the Association for Financial Professionals (AFP) is the professional society that represents finance executives globally. AFP established and administers the Certified Treasury Professional and Certified Corporate FP&A Professional credentials, which set standards of excellence in finance. The quarterly AFP Corporate Cash Indicators serve as a bellwether of economic growth. The AFP Annual Conference is the largest networking event for corporate finance professionals in the world.
AFP, Association for Financial Professionals, Certified Treasury Professional, and Certified Corporate Financial Planning & Analysis Professional are registered trademarks of the Association for Financial Professionals.
SOURCE Association for Financial Professionals
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