With more than 75% of companies investing or planning to invest in Big Data, it is clear that Big Data is not just a buzzword, it’s the mainstream now! It’s overwhelming to see business organizations taking investments in data and analytics as a priority.
The data-driven decisions and business strategies clearly signify how the enterprises’ top management or the “C-suite” is getting directly involved with the technology to gain more valuable business insights and use them to maximize revenues, productivity and tap new opportunities.
However, the most exciting development out of the Big Data mania is that now the separated divisions have started working closely to bring out maximized benefits. The investments in an approach that will direct you where you have to shift your focus to gain business profits, your company’s finance departments and top management need to work closely so as to balance the funds to be spent in varied areas and how to gain more ROI from it.
So, how to take this partnership further?
Shift Focus from Finance to Facts
To witness digital transformations, it is necessary that the decision-makers start looking beyond the plain balance sheets that only show the income and expenses. They need to press more on investment and especially investments on IT infrastructure to bring in new innovations. The insights gained with the help of Big Data can do wonders for your business and you must realize that as early as possible.
Thus, these fine finance experts, who have till now only restricted their vision to costs, expenses, legal protocols, services, etc. must now extend their vision to such investments and their big impact on all business processes leading to overall organizational success.
Consensus on Adopting Big Data Solutions
Since no organizational decision is given the green signal until the finance heads have approved of it, same is the case when companies decide on adopting or investing in Big Data. Since finance heads or CFOs are the strategic advisors, it is important that they properly understand the importance of big data and then do their math on how it can maximize ROI.
Moreover, it’s not that they need to reckon investing in it, they themselves can benefits from Big Data in multiple ways. The financial data can be well managed and filtered to bring actionable insights to their sight that can help them formulate strategies to achieve profitable growth.
On the whole, it is needed that the CEO’s, COO’s and CFO’s and CTO’s must start working closely so as to leverage the power of big data technology to the fullest. The partnered decision-making and strategy formulation will help gain more insights on varied business domains and help them achieve tremendous growth across respective industry verticals. Thus, now it’s the high time that they start reckoning IT expenditure as an investment and not as an expense!