New research highlights a mounting issue for businesses entangled in massive data volumes? In a bid to integrate AI deeply, as emphasized by the UK, companies are now struggling with the very data that could propel them forward, according to findings by OneStream?
Challenging Times for CFOs
A significant majority of CFOs, about 69%, report that the deluge of data is hindering their ability to prioritize growth effectively? Additionally, three-quarters of CEOs and CFOs acknowledge the critical importance of data-driven decision-making for organizational success, yet the challenge of handling such data remains?
In the UK, this sentiment is echoed strongly, with CFOs perceiving that AI and automation will revolutionize their financial operations within the next decade?
Systemic Obstacles and Skills Gaps
The research identifies several hurdles that finance leaders face? Seventy percent of CFOs say departmental silos obstruct information flow, while outdated systems (72%) and skill shortages (78%) further impede growth? Bill Koefoed, CFO of OneStream, remarks, “The sheer volume of data impedes critical insights and timely decisions?”
It is telling that 76% of CEOs feel their CFOs are overwhelmed, which affects their growth prioritization efforts?
Turning Challenges into Opportunities
There is a silver lining, though? The report suggests that AI and machine learning-enhanced data systems can unify and streamline data management, paving the way for improved decision-making capabilities in daily operations? Koefoed stresses the importance of creating a centralized data source to overcome these obstacles and drive sustainable growth?
Such insights could not have come at a more critical time, as the UK grapples with economic uncertainties, including sluggish GDP growth, inflation, and employment challenges?