Data Analytics in Finance

What term does the article suggest as a more accurate reference than "big data" or "machine learning"?

• Advanced analytics

• Integrated data

• Predictive analytics

• Data alchemy

What does the analogy between data and resources (gold, platinum) highlight in the article?

• The scarcity of data

• The value of actionable insights

• The CFO's traditional role

• The impact of data analytics on the mining industry

According to the article, what is the primary responsibility of CFOs in today's data-rich environment?

• Managing financial statements

• Predicting market trends

• Extracting meaningful insights from data

• Implementing big data solutions

In Step 2, what does the CFO need to do concerning data sources?

• Ignore non-financial data

• Analyze only financial data

• Identify essential data sources

• Stick to the chart of accounts

What is emphasized in Step 3 regarding data?

• Collection of raw data

• Integration of data

• Cleaning and refining data

• Visualizing data in Excel

According to Step 5, why is Excel not considered a scalable solution for data delivery?

• It lacks visualization features

• It requires advanced programming

• It is not designed for data analysis

• It depends on a single Excel guru

What is the primary recommendation in Step 6 concerning data usage?

• Keep data usage confidential

• Allow unrestricted access to data

• Monitor and drive accountability for data usage

• Limit data access to key executives

What is the focus of Step 7 in the data analytics process?

• Data visualization

• Data integration

• Data security and governance

• Data mining

What does the article highlight as a risk associated with becoming a data-driven enterprise?

• Lack of actionable insights

• Data security and privacy issues

• Overreliance on CFOs

• Inadequate data collection

What is the key message of the article's final thoughts?

• The importance of financial statements

• The need for advanced programming skills

• CFOs leading the data-to-insight revolution

• The limitations of data-driven companies