Data overload causes problems for CFOs

Many executives tout the importance of vast data collection initiatives, but the amount of data CFOs have to deal with may actually offer more problems than solutions, according to The Wall Street Journal.

A survey of more than 1,000 CFOs and controllers by Ernst & Young found that nearly half of respondents said they spent more time gathering and processing data than analyzing the information. The survey polled executives from 25 countries whose companies had annual revenue above $500 million.

"While more and more organizations are looking at data as a strategic asset, there are still many that unfortunately have further to go before they can execute on that strategy," said Dana Bober, financial accounting advisory services leader at EY Americas.

Automation and artificial intelligence are among the technologies executives use to help process the vast amounts of  data, though the security measures necessary to monitor these technologies can sometimes give CFOs pause. Fifty-four percent of the survey respondents said data security concerns were their biggest concern when introducing new financial reporting technology.

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