4 Key Insights for SME CFOs to Leverage Data as a Winning Strategy

This article, written by Hung Nguyen, discusses how CFOs of small and medium-sized enterprises (SMEs) can create value by strategically leveraging data analytics. 

Nguyen emphasizes that information is now one of the most critical assets, but many SMEs struggle with data management due to limited resources and expertise.

Key Points:

Challenges with Data: Many SMEs face issues such as the accuracy, completeness, and consistency of their data, often caused by data silos across different departments. This complicates the work of CFOs, especially in growing organizations.

Technological and Cultural Solutions: Breaking down data silos requires a combined approach that addresses both technological and cultural barriers. Investing in integrated platforms, such as ERP systems, can provide a single source of truth within the organization. Additionally, it is crucial to appoint a data champion who can foster a data-driven culture.

Data-Driven Decision-Making: CFOs should aim for a structure where data forms the basis for all decisions. This means that decisions are made based on KPIs and metrics rather than intuition. This encourages a culture where everyone in the organization recognizes the necessity of adopting data-driven practices.

Value Creation Through Data: By placing data analytics at the center of daily operations, SMEs can reduce inefficiencies in reporting and identify new opportunities for value creation. This also enables them to better respond to market trends and consumer preferences.

Conclusion: For CFOs of SMEs, effectively leveraging data is no longer a luxury but a strategic necessity. In a market dominated by larger players, a targeted use of data, combined with the inherent flexibility of SMEs, can be a winning strategy.

Bron: ' Overcoming Data Immaturity: How CFOs Can Unlock Value Creation ' - gepubliceerd op CFO.com https://www.cfo.com/news/overcoming-data-immaturity-how-cfos-can-unlock-value-creation/722962/