Goals and Objectives:
CFOs should identify the organization’s short and long-term objectives, developing key performance indicators to track progress. This step will motivate business leaders to introduce data analytics to their day-to-day operations and to assess their impact on business goals. By developing target metrics, a CFO will unconsciously commit the organization to routinely collecting and analyzing data.
After setting an organization’s strategic objectives, it is crucial that CFOs and finance leaders engage with the rest of the organization to ensure data analytics become a routine in decision-making. The CFO may find that data analysis is already in other business units, which could create an opportunity to learn from established processes.
It is very important at this stage to collect feedback.