In Major League Baseball, it’s a whole new ball game. Ever since the movie Money Ball demonstrated the value of using advanced data analytics, the game has changed. Using big data has proven to help MLB teams succeed.

Of course, statistics have always been a part of baseball, but until the last few years, stats were still recorded in the traditional way through observation. Many decisions were made based on limited data. Now 7TB of data can be gathered from a single MLB baseball game.

Unfortunately, in many large companies today, many high-level decisions are still made with limited information. Why? It’s not for lack of data. It’s about the ability to leverage the enormous amount of data available.

But extracting valuable insight from big data can be a huge challenge. In many companies the information needed is simply too difficult to obtain. Their large information systems are not agile enough to quickly create ad hoc reports or answer unusual questions. It may take weeks to explain a single change in product sales or identify a key performance indicator.

Even when the effort is taken to compile the data, it might be too late to fix a problem or take advantage of an opportunity. Or the figures may not be reliable as the data is pulled from many different databases and ERP systems. Which means many questions are never even asked.

Sound familiar?

If so, you’re often flying blind. But you still need to make decisions. And that means you’re going to have to rely on your gut. And as baseball has shown, your gut is not as reliable as unbiased data.

So you have to decide. Continue to blindly swing away and hope to compete? Or improve your visibility. However, it’s not easy to embrace new solutions and rely less on old ones like Excel. Baseball experts relied on the same statistical approaches for over 100 years. Change isn’t easy.

But like baseball, there are new and better ways for business to access and analyze financial data. There are many cutting edge Corporate Performance Management (CPM) solutions out there, but some simply outperform the rest. You need a CPM that pulls your data into one single source of the truth – so you can rely on it. One that allows you to quickly and easily answer any question – slice and dice the data any way you want.

A CPM solution that’s easy to learn so everyone can use it, but isolated from your other data so no one can break it. One that allows you to dig down to a granular level to reveal problems and uncover opportunities. A solution that unlocks your data so you can unleash your company’s performance and help you win.

When Moneyball revealed the benefits of big data six years ago, many teams were still slow to adopt. Some were skeptics thought it was too unconventional. Not anymore. The Chicago Cubs overcame a 108-year drought by using big data analytics. In fact, the Cubs World Series win last year is considered proof that big data analytics in baseball is here to stay.

The same thing is happening in the business world. But you can’t win sitting on the bench.

Are you ready to step up to the plate?

Yes!

Now imagine doing this day after day, week after week, and year after year.Over time you try a variety of windshield cleaning solutions. Some outrageously expensive. Others that seem to take forever to apply. None really work. You become resigned to the fact that the windshield will always be dirty.Unfortunately, this is the daily reality for many CFOs.

In fact, a survey* of over 1,500 financial decision makers found that over 46 percent of CFOs rely on “gut-feel” and instinct to make business decisions in lieu of fast access to accurate internal data…” It also revealed that an “inability to access the right financial data is having a direct impact on business performance and CFOs’ reputations.” Of those polled, nearly half said poor data hampers timely decision making, and inaccurate information is the main cause of organizational mistakes.In order to connect the dots, CFO’s need better visibility which comes from accurate and reliable data and the tools that can quickly and easily extract that data.

Visibility

Without visibility, you can’t see what’s right in front of you. Sometimes that’s all it takes. But to seize an opportunity, you have to see it.

As a member of the senior leadership team, the CFO plays a key strategic role in the stewardship of the company. As such, the CFO must have real-time visibility and insight – a high level view, but also the ability to identify problem areas and opportunities at any level. The data to offer proactive solutions to improve financial performance and mitigate risk.

As such, CFO’s need quick access to timely KPI’s and the ability to drill down to get answers to any question. Visibility requires the capability to run “What if” scenarios and ad hoc reports whenever needed. To improve corporate performance, you need a clear understanding of the 20% of your business that accounts for 80% of the revenues.

But for many companies, that’s simply not the case. Their reporting systems can’t easily provide timely and reliable data. Mid-course corrections, however, need to be made at mid-course.

Accuracy

According to a recent FEI article, “Five Financial Reporting Priorities for the Modern CFO”, the #1 priority is Accurate, Actionable Data.

As business systems become more and more complex and large amounts of data are pulled from so many databases, many CFO’s live in fear that the data is not reliable and may be reluctant to share the information or make decisions based on the data.

In many companies, data is often siloed and it becomes nearly impossible to find a single point of data-based truth. Finance, marketing and operations may be operating on different software platforms and databases that for practically purposes don’t play well together. A common problem we call “data splatter”.  With data splatter, it’s often too difficult or time consuming to reconcile between systems and impossible to know which one bests represents reality.

As CFO’s move into more strategic roles, there is a greater need for a “single source of the truth” defined by InformationWeek as the “one source [of data] that everyone in a company agrees is the real, trusted number for operating data.”

A single source of the truth will promote confidence and allow for a more holistic and effective  actions by senior management. Problems can be addressed sooner and opportunities can be acted upon quickly.

“CFOs need to enhance organizational alignment by integrating planning and reporting to create “one version of the truth” that unifies all decision makers…an organization’s ability to survive and thrive depends on having instant access to data that’s accurate, reliable, and up to date.” – Paul Sharman, Strategic Finance, April 2016 “More Strategic CFOs?”

Technology & Tools

“Technology is changing so rapidly and arriving so fast, there is a certain motivation to be cautious and take a wait-and-see approach. You might think, ‘I’m going to be smart and sit back a little bit and see what happens before I make a decision.’ The problem is that the change is so significant and the new capabilities so advantageous, that if you take a wait-and-see approach, you run the risk of being put at a severe competitive disadvantage.” – Tony Klimas, EY Global Finance Performance Improvement Advisory Leader

It’s no longer a luxury. Taking advantage of the latest reporting tools can do more than reduce planning and reporting cycles, they are increasingly becoming necessary to compete effectively. How? Many of the latest CPM systems can provide the timely and accurate data needed in today’s hyper-competitive business environment.

Imagine if your competitors have quicker access and insight into their operation efficiency and product performance by being able to drill down into any level of the business or create ad hoc reports to quickly adjust their sales forecast, product mix, pricing etc. They’ll be able to make informed decisions in real time and reap the benefits in greater profit and sales – possibly at your expense.

Connecting the Dots

To be competitive today, CFO’s need the visibility and capability to see what’s down the road to find hidden opportunities and manage risks. Tools that can transform companies and boost performance by helping to predict outcomes, provide better information faster to key stakeholders and more forward looking insights.

Imagine having the knowledge and perspective to make informed strategic recommendations that will improve performance and keep your company on track. To finally be able to take the guesswork out decision making and rely on facts, not your gut instincts.

You need a CPM that can easily extract KPIs. One that everyone can use, but no one can break. One that provides a single source of the truth and infinite aha! moments. One that is user-friendly and budget-friendly. One that unlocks your data and unleashes your ROI. A turnkey solution that can transform the company.

Which brings us back to our story…

Finally, one day you hear about a product that claims to quickly and easily clean the data splatter from your windshield and provide visibility every day. It’s not from a company you’ve ever heard of. It’s not even expensive. It’s easy to apply and works right away and only needs to be applied once. It can’t possibly work.

You try it anyway.

And now, for the first time, you can see what’s ahead! The ability to see things in a way you never could before. You can see what’s coming, the bumps in the road, the opportunities, and more.

Now you can begin to connect the dots…and start going places.

*Epicor, 2015