2021-10-04-Gartner-Top_4_Data_Analytics_Trends_in_Finance_18页_3mb

Gartner for Finance: Top 4 Data & Analytics Trends in Finance

Core Content Overview

Gartner outlines four key data and analytics (D&A) technology trends that are set to transform the finance function over the next three to five years. These trends are expected to reduce the skill level required for analysis, enable more effective decision-making, and create a more agile and data-driven enterprise.

Main Trends and Key Points

Trend 1: Rise of Dynamic Data Storytelling

• What's Happening: Traditional dashboards are being enhanced with dynamic storytelling tools powered by AI and ML, allowing for more contextually relevant insights.
• Why It Matters: Dynamic data stories help users understand key changes in the business, their root causes, and what actions should be taken, reducing the risk of misinterpretation.
• Key Actions:
  • Evaluate vendors with augmented user experiences.
  • Initiate or strengthen data literacy programs.
  • Use citizen data scientists to explain models and outputs to decision makers.

Trend 2: Augmented Data Management

• What's Happening: Data management is becoming more automated, with AI and ML used to collect, share, and manage metadata efficiently.
• Why It Matters: This reduces the workload on finance analysts, freeing up time for more strategic tasks.
• Key Actions:
  • Evaluate current tools for metadata collection and sharing.
  • Favor providers with active metadata-driven ML initiatives.
  • Prioritize cloud migrations that support augmented data initiatives.
• Augmented Data Quality: Vendors use AI to improve data quality processes, suggest next best actions, and automate data discovery.

Trend 3: Pervasive Cloud Deployment

• What's Happening: Cloud services are becoming essential for D&A innovation, enabling agility, adaptability, and cost optimization.
• Why It Matters: Finance leaders need to understand cloud use cases and costs, including trade-offs between price and performance.
• Key Actions:
  • Migrate the most efficient data processes to the cloud first.
  • Develop a data hub strategy to maximize business impact with minimal data governance.
• Cloud-First Approach: Organizations are moving towards a "cloud first" strategy, but cloud adoption must align with business goals and values.

Trend 4: Converging D&A Platforms

• What's Happening: D&A processes are moving towards singular platforms that integrate multiple capabilities across the data lifecycle.
• Why It Matters: This convergence allows for more efficient and collaborative analytics, enabling faster insights and competitive advantage.
• Key Actions:
  • Foster collaboration with D&A teams across the organization.
  • Create a more networked analytic environment.
• Role Evolution: The convergence blurs the line between analytics providers and users, creating new roles like citizen data scientists and information explorers.

Implications for Finance Leaders

• Democratization of Data: These trends will make data more accessible and usable for non-technical users, enabling faster and more informed decisions.
• Strategic Investment: Finance leaders must prioritize investments in D&A technologies that align with their organization's digital agenda.
• Proactive Engagement: It is crucial to proactively monitor, experiment with, and exploit D&A trends rather than waiting for them to mature.

Key Recommendations

• Formal Mechanism for Trend Evaluation: Establish a formal process to assess which D&A trends will have the most significant impact and prioritize investments accordingly.
• Education and Engagement: Educate and engage business leaders about the potential of D&A technologies, including dynamic data stories, automated data preparation, and collaborative governance.
• Strategic Planning: Consider and re-evaluate these trends as part of the finance strategic planning process to ensure alignment with long-term goals.

Additional Resources

• Research: Digital Future of Finance – Explore 10 CFO opportunities to accelerate digital transformation.
• Webinar: Finance Executives' Key Role in Integrated Business Planning – Discover how finance can align business plans with organizational goals.
• Resource Hub: Finance Analytics – Access best-practice insights to inform planning and decision making.

Conclusion

The four D&A trends outlined by Gartner are set to significantly impact the finance function by making data more accessible, automating routine tasks, and enabling more agile and collaborative decision-making. Finance leaders must understand these trends, invest strategically, and foster a culture of data literacy and innovation to stay competitive in a rapidly evolving digital landscape.