Learn how new age data analytics is pushing private company CFOs to adapt and innovate

In this episode, podcast host Myles Corson welcomes Jennifer Crowe, CFO of CognitiveScale, and Anthony Sgammato, EY America's Private Assurance Leader to discuss the importance of data analytics for private company CFOs.  They discuss how finance leaders can leverage the vast amount of data to sustain a competitive edge using tools such as business intelligence, artificial intelligence, and cloud storage while navigating potential challenges such as the rise in cyber-attacks and cultural integration issues. Listen in to learn more about the role of financial data analytics in the success of private companies. For an AI software company such as CognitiveScale that makes augmented business intelligence systems, this growth in data has proven beneficial in providing true market insight. Jennifer points out that they can now integrate with other sales tools to target customers in a smarter and more efficient way. For many others, the benefits can outweigh the challenges offering the opportunity to leverage business intelligence systems, artificial intelligence, and cloud storage to bring insights from data in real time.  The initial reluctance within the Board to put sensitive financial data into the cloud is now fast changing. New cloud technology has helped transform the way companies like CognitiveScale work, enabling real-time collaboration and flexibility both internally and externally. The rise of financial data analytics has prompted many firms to leverage cloud technology in various ways. This has led to more and more CFOs seeking the help of external partners for data hosting and management. These new business intelligence systems and data that's being driven are providing private companies with insights that young talent can use in a more efficient way. This will enable them to do more with less and be more cost efficient, as well as work on different projects throughout the organization to expand their experience. Private company CFOs are flooded with data and understand that financial data analytics can be an important tool for maintaining a competitive edge. They recognize that the end benefits exceed the challenges of rise in cyberattacks and offers the opportunity to leverage business intelligence systems, AI, and cloud storage to bring insights from data in real time. Financial accounting is seeing an acceleration in adopting new cloud technology into the finance function. Private companies, as opposed to public companies, are more likely to provide young talent with the opportunity to really build from the ground up, potentially leading to new and exciting accounting and finance initiatives. The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization. © 2021 Ernst & Young Global Limited

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