Coming to grips with analytics

Through recent conversations that KPMG LLP has had with CFOs across industries, it has become clear that artificial intelligence (AI), machine learning (ML), and advanced analytics, as well as relevant use cases and attracting related talent are very much top of mind.  While CFOs are not alone in bringing these technologies to the fore – relying heavily on data scientists, traditional IT teams, and, increasingly, cybersecurity -- many of them are considering having analytics-related decision-making sit in the finance function. 

Key takeaways

• The furor around AI has not been lost on the finance function as CFOs focus on the most valuable use cases for their organizations in the near-, mid- and long-term.
• CFOs are grappling with where analytics should sit within the organizational structure, with decisions ranging from housing it in the finance organizations to hub-and-spoke models comprising a centralized data science team and use case-focused teams in the business units.
• Most agree that governance, security, and regulations need to advance at the same pace as analytics-related innovation.
• There is a dichotomy between organizations that view AI, analytics, and automation as replacements for repetitive job functions and those that are focused on attracting data science and other advanced technology talent.
• CFOs generally agree that data quality is a high priority across all organizational domains and is a key factor in achieving success with AI.