How new age data analytics is pushing private company CFOs to adapt and innovate

The EY DNA of the CFO survey revealed an increased growth in data volumes, with 35 percent of the finance leaders significantly involved in providing data and analytics to reduce cost and improve effectiveness of their organizations.

In this episode, podcast host Myles Corson welcomes Jennifer Crowe, CFO of CognitiveScale, and Anthony Sgammato, Americas EY Private Assurance Leader, to discuss how private company CFOs can identify and effectively use this rising amount of data to make a difference.

They explore how private company CFOs use data analytics to maintain a competitive edge. Tools such as business intelligence systems, artificial intelligence and cloud storage can offer insights from data, in real time. However, these tools may bring new challenges of cyber-attacks and staff and cultural issues.

Key takeaways:

• Private company CFOs are flooded with data and understand that data analytics is a critical tool for maintaining a competitive edge. They recognize that the end benefits exceed the challenges of cyber-attacks and offers the opportunity to leverage business intelligence systems, AI, and cloud storage to bring insights from data in real time.
• Finance accounting is seeing an acceleration in adopting cloud technology into the finance function.
  
• Private companies, as opposed to public companies, are more likely to provide young talent the opportunity to really build from the ground up, potentially leading to new and exciting accounting and finance initiatives.
  

For your convenience, full text transcript of this podcast is also available. Read the transcript.