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Why is analytics important for finance?
Advanced analytical techniques offers the ability to deliver more sophisticated insights and support better decision making. If finance teams do not grasp the opportunities offered by these techniques, they risk being left behind.
Analytics is about asking the right questions of your data to be able to answer business needs. In finance being able to answer these questions has always been valuable, but in this digital era it is more important than ever.
Many finance teams are currently performing descriptive analytics (reporting historic data), but fewer have progressed to performing successful predictive and prescriptive analytics.