A CFO empowered with data is able to put positive pressure on all areas of the business, in a much more proactive way than has been possible until now, writes Nathan McMurtrey, a principal in Eide Bailly’s technology division. A CFO, he adds, is no longer allowed to just look back and provide explanations for things that have already happened; now he or she is expected to help a company know what will happen. Mr McMurtrey offers three initial steps for a CFO looking to become part of this data revolution: firstly, by identifying the metrics that lead to happy customers, then determining how best to measure them, and then working out how the company can be held accountable to them. “Once a CFO has created that one source of truth, it’s his or her job to secure broader investment from the company and use it to create technical systems,” he concludes.
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