like insurance and investment . The power of data analytics to harness and draw insights from vast pools of data ( that would simply not be feasible for humans to manually evaluate ) is a game changer for the industry .
However , the game hasn ’ t been changed yet . A report released earlier this year by FSN , a mere 14 % of financial organisations are successfully harnessing the large volumes of transaction data they accumulate . These organisations are either laden down by too much data , constrained in accessing their data , or hindered by the technology they are using to analyse the data . The stakes are high , as well ; Gartner estimates that each incorrect decision regarding
finance analytics can cost a business as much as 1 % of its revenue , a figure that can mount dramatically over the course of an unsuccessful transformation .
“ CFOs must ask what technologies will enable finance to deliver on-demand reporting , how should data be governed as reporting expands to integrate financial and nonfinancial data , and what skills finance will need to deliver insight in an on-demand reporting environment ,” commented Craig Wilton , Senior Director , Advisory , Gartner . “ Finance must balance the need for accuracy with the need to make a huge volume of data available for decision-making , which is a new muscle for many finance teams .”
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