Renaix Guide To Big Data
Finance professionals spend a great deal of time with the planning, budgeting, and forecasting (PBF) process. It is an important aspect of business planning since it not only provides management with measurable goals and targets but also offers a broad outline as to how to achieve those goals.
In fact, the CFO and the finance department in some organisations, can drive business with an active and aggressive planning and budgeting process
Given the importance of the PBF process to the modern-day organisation, it is not surprising that a significant amount of resources are devoted to it. The entire process is however very data-centric and its effective use means that it has to be iterative. This requires tremendous resources both in terms of computing power, personnel and time. In order to make the process faster and more efficient, big data and analytics are generally utilised within fintech applications.
These new technology solutions allow managers to process vast amounts of data and quickly gather the insights and information that they need to make decisions. It has truly been a game changer for data-centric iterative processes like budgeting and planning.
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