As CFOs move beyond their accounting and reporting functions, many are seeing the need to evolve in their expanded role of supporting innovative decisions. However, one key area where senior finance executives are not getting the job done, according to a recent CFO Research study, sponsored by HSBC, is in applying advanced analytics and building finance teams to support innovation. Only slightly more than half of the surveyed executives (55%) say they apply advanced analytics to enterprise innovation decisions. Getting more confident with leveraging data and analytics is an issue for many survey respondents, with much room for improvement identified when it comes to assembling the teams and data analytics prowess to ensure a strong connection between innovation initiatives and their company’s strategic business objectives.

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