Why Business Analytics is Central to the CFO Role: Interview with: Rick Duckworth, Executive Manager Business Analytics, QMetrix, a sponsor company at the marcus evans CFO Summit 2013, on how CFOs can utilise business analytics to overcome key issues.

1. Why Business Analytics is Central to the CFO Role
directions. They have to look and plan in impossible to detect manually or with
a forward direction, as well as provide human intervention alone. CFOs have to
high-quality information about the past. be pro-active, not reactive. That is the
They are expected to be fact-based most effective way of creating
voices of reason and insight. shareholder value.
The study also concluded that more Any final words of advice?
than 45 per cent of CFOs did not find
their organisations effective in the areas Business intelligence (BI) and data
of strategy, information integration, risk warehousing is a journey, not a
and opportunity management. More destination. CFOs must ensure that their
than 41 per cent lacked sufficient strategies focus on delivering value
operational and financial data standards continually and frequently, and are
Interview with: Rick Duckworth, and 45 per cent produced these metrics supported at all levels. They should also
Executive Manager Business manually and found generating timely, be prepared to invest. For every dollar
Analytics, QMetrix reliable business insight a challenge. spent on software, they will spend two
to three times more on resources to
It is clear that CFOs need to be a key deliver a successful outcome.
“The need for business insight has risen player in the process of formulating
much faster than the finance function’s strategy but, even more importantly, a CFOs should evaluate how BI can create
ability to produce it,” says Rick trusted advisor in the process of value across all systems. In today’s
Duckworth, Executive Manager Business executing strategy. However, they are information age, it is no longer an
Analytics, QMetrix. “Chief Financial not always able to produce the insight excuse not to have up to date, accurate
Officers (CFOs) need to invest in they need. and reliable information to support and
analytical technology that will facilitate facilitate decision-making. Analytics is
finance efficiency and business insight - How could these issues be now a key aspect in driving new
the two areas that are fundamental not addressed? business insights and the CFO is best
only to the successful navigation of positioned to influence and make this a
enterprises in the current economic Finance has to understand what is really reality more than any other executive.
climate but also the newly emerging going on in the organisation,
role of CFOs,” he adds. communicate those insights effectively
and be in a position to exert influence
From a sponsor company at the marcus when needed. Ultimately, this can be
evans CFO Summit 2013, in the Gold achieved by excelling in two areas:
Coast, Queensland, Australia, 10 - 12 finance efficiency and business insight.
March, Duckworth draws attention to
the most pressing issues that CFOs deal
By reducing the complexity of financial
operations, CFOs can make their
Taking action
with and how they could be addressed. companies scalable, agile and fast. And
their insights can help drive operational from bad,
inaccurate,
How is today’s business climate efficiency, spot market opportunities,
challenging CFOs? react faster and ultimately predict
changes in the business environment.
CFOs today face challenges from all
fronts. Internally, they have to reduce How can they turn data into
inconsistent or
costs while increasing revenue.
Externally, they have to meet regulatory
actionable insights?
“out of date” data
requirements and shareholder demands
in an uncertain global economy.
Having data that is accurate and timely
is crucial to this process. Taking action can be disastrous
on many levels
from bad, inaccurate, inconsistent or
A recent study of almost 2000 CFOs “out of date” data can be disastrous on
globally indicated that their many levels. Ownership of data must
responsibility has evolved into areas of reside with the business and not the IT
forecasting, profitability, risk department.
management and strategic decisions
related to supply chains, pricing and Sophisticated analytics can help CFOs
production. They are emerging with far uncover correlations among seemingly
more influence at the enterprise level, unrelated pieces of information and find
but being pulled into different patterns that would be nearly

2. About the CFO Summit 2013
The Finance Network –
marcus evans Summits group
This unique forum will take place at the RACV Royal Pines Golf Resort & Spa, Gold
delivers peer-to-peer information
Coast, Queensland, Australia, 10 - 12 March 2013. Offering much more than any
on strategic matters, professional
conference, exhibition or trade show, this exclusive meeting will bring together
trends and breakthrough
esteemed industry thought leaders and solution providers to a highly focused and
innovations.
interactive networking event. The Summit includes presentations on ensuring
structural consistency, utilising digital and social media to boost financial results
and improving the quality and speed of decision making to deliver improved
outcomes.
www.cfo-anz.com
Please note that the Summit is a Contact
closed business event and the
number of participants strictly Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits
limited. Division
Tel: + 357 22 849 313
Email: press@marcusevanscy.com
For more information please send an email to info@marcusevanscy.com
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About QMetrix
QMetrix is an established business optimisation consultancy with origins dating back to 2001. With a number of CPA and CA
certified practitioners on staff, we provide management consultancy and technology services in the selection, design and
development of reporting and financial performance solutions. Our solutions help reduce cost and improve efficiency in all types of
businesses by simplifying the budgeting, planning, forecasting and reporting processes across the office of finance and also across
the broader operations of the enterprise. By engaging Best Practice methodologies and enhanced project management techniques,
we deliver greater ROI, sooner. This assists companies to both realize and deliver the full potential of its business – as a priority.
QMetrix understands the requirements of business, post GFC, and can provide a solution to significantly enhance yours.
www.qmetrix.com.au
About marcus evans Summits
marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss
strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to
individually tailor their schedules of keynote presentations, think tanks, seminars and one-to-one business meetings.
For more information, please visit: www.marcusevans.com
Upcoming Events
CFO Summit (North America) - www.cfosummits.com
Energy CFO Summit (North America) - www.energycfosummit.com
To view the web version of this interview, please click here: www.cfo-anz.com/RickDuckworth