Empowering Decision-Making With Advanced Financial Analytics
Industry Experts Discuss Harnessing Advanced Financial Analytics for Strategic Decision-Making
The BW CFO World Finance Leadership & Strategy Summit 2024 witnessed a thought-provoking session on “Empowering Decision-Making with Advanced Financial Analytics.” Finance leaders from across the industry shared insights on leveraging advanced financial analytics to drive organisational growth and efficiency.
Saibal Sengupta, CFO of Orient Electric, emphasised the importance of readiness before implementing advanced financial analytics. He highlighted the need for a top-down approach and mindset readiness within organisations. Sengupta stressed, “Adoption becomes the challenge; change management becomes a challenge.”
Bharat Agrawal, Director Finance at Diversey, echoed similar sentiments regarding readiness and adoption challenges. He emphasised the shift towards data-driven decision-making, stating, “We are changing towards a place where we look for data-driven setups, financial analytics.”
Shridhar Toshniwal, Director Finance at CK Birla Healthcare, emphasised the role of technology as an enabler. He cautioned against the blind pursuit of AI without proper data validation, stating, “AI is a buzzword…everyone is just jumping on it.”
The discussion also delved into the role of AI in enhancing predictive analytics. Mahendra Lodha, CFO of Bloomsbury India, highlighted real-life examples of AI’s impact. He shared how data analytics helped in reducing carbon footprint by optimising book transportation.
The session underscored the importance of skilled talent in leveraging advanced financial analytics. Sengupta emphasised the need for continuous learning and tech-savviness. He advised, “Get ready, guys. The future is going to be very exciting for you.”
The panelists discussed how financial leaders can ensure actionable insights from analytics. Toshniwal shared insights from the healthcare industry, highlighting the role of digital metrics in revenue generation and cost optimisation.
The session shed light on the transformative potential of advanced financial analytics in driving organisational success. By addressing challenges related to readiness, talent acquisition and technology adoption, finance leaders can harness the power of analytics to make informed decisions and propel their organisations towards growth and efficiency.
