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The Economist: 47% of Asia’s CFOs say decision-making hindered by information overload

  • 52% of CFOs also see data accuracy as the biggest obstacle to doing their job
  • Nearly all (94%) say they will need more IT expertise in the next three years
  • CFOs feel let down by IT vendors, with 44% saying their suppliers are purposefully not making data tools easy to use
A new report published today (June 18th) by The Economist Intelligence Unit, Beyondspreadsheets: How the new breed of CFO makes decisions <http://www.economistinsights.com/business-strategy/analysis/beyond-spreadsheets/> , shows that CFOs are expanding their responsibilities beyond financial functions but inaccurate, out-of-date data is slowing them down.
The report, sponsored by Qlik (www.qlik.com <http://www.qlik.com> ), is based on a survey of 100 Asia-based senior executives with responsibility for company finances. According to the survey, 63% of respondents say their job entails analysing all available information, yet 47% say their decision making is slowed down by information overload.
Data features prominently on the list of obstacles executives face. 52% say data accuracy is the biggest hindrance to doing their job, while 46% point to access to real-time data and 43% say integrating complex data from different sources is a problem.
Being able to process greater volumes of information is an increasing focus for CFOs. 74% of survey respondents say data analysis will be useful in the future when making long-term strategic decisions. Nearly all respondents (94%) feel they will need more IT expertise in the next three years. However, they generally feel that IT tools do not meet their needs: 44% of respondents feel IT vendors are not interested in making their analytics tools simple or easy to use.
Charles Ross, the editor of the report, said:
“This report paints a picture of CFOs having to make decisions but getting bogged down by the data analytics that they feel are needed to make those decisions. But instead of a big revamp in technology, CFOs are looking at additional training and multiple small investments to help generate insights from data.” 

ReadBeyond spreadsheets: How the new breed ofCFO makes decisions here​​ <http://www.economistinsights.com/business-strategy/analysis/beyond-spreadsheets/>

For more information, please contact:
Mathew Hanratty
Corporate communications manager
+44 (0)20 7576 8546 <tel:%2B44%20%280%2920%207576%208546>
MathewHanratty@economist.com <mailto:MathewHanratty@economist.com>  
Notes to editors
About the report
The EIU conducted a survey from April to May 2014 of 100 senior executives from across the Asia-Pacific region. All respondents have financial responsibilities in their respective organisations. Among those surveyed, 78 people were CFOs, Treasurers or Comptrollers; 10 were CEOs, Presidents or Managing Directors; and the rest were either Board members or had another corporate title.
About the Economist Intelligence Unit
The Economist Intelligence Unit (EIU) is the world's leading resource for economic and business research, forecasting and analysis. It provides accurate and impartial intelligence for companies, government agencies, financial institutions and academic organisations around the globe, inspiring business leaders to act with confidence since 1946. EIU products include its flagship Country Reports service, providing political and economic analysis for 195 countries, and a portfolio of subscription-based data and forecasting services. The company also undertakes bespoke research and analysis projects on individual markets and business sectors. More information is available at www.eiu.com <http://www.eiu.com>  or follow us on www.twitter.com/theeiu <http://www.twitter.com/theeiu>
The EIU is headquartered in London, UK, with offices in more than 40 cities and a network of some 650 country experts and analysts worldwide. It operates independently as the business-to-business arm of The Economist Group, the leading source of analysis on international business and world affairs.

Last Updated (Wednesday, 18 June 2014 09:24)


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