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The Impact of Big Data on Finance Now and in the Future %E5%8D%97%E4%BA%AC%E9%92%9B%E7%A7%91%E5%9C%88 About IMA (Institute of Management Accountants) IMA, named the 2017 and 2018 Professional Body of the Year by The Accountant/International Accounting Bulletin, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA (Certified Management Accountant) and CSCA (Certified in Strategy and Competitive Analysis) programs, continuing education, networking, and advocacy of the highest ethical business practices. IMA has a global network of more than 125,000 members in 150 countries and 300 professional and student chapters. Headquartered in Montvale, N.J., USA, IMA provides localized services through its four global regions: The Americas, Asia/Pacific, Europe, and Middle East/India. For more information about IMA, please visit imanet. December 2019 Institute of Management Accountants 10 Paragon Drive, Suite 1 Montvale, NJ, 07645 imanet/thought_leadership %E5%8D%97%E4%BA%AC%E9%92%9B%E7%A7%91%E5%9C%88 About the Authors Raef Lawson, Ph.D., CMA, CSCA, CPA, CFA, CAE, is professor-in-residence and vice president of research and policy at IMA. You can reach him at (201) 474-1532 or rlawsonimanet. Toby Hatch is a senior product marketing director for enterprise performance management with Oracle Corporation. You can reach her at . Denis Desroches, an enterprise performance management specialist since 1993, has supported organizations with the selection, implementation, and knowledge acquisition of scorecard, performance management, and activity-based management solutions. He can be contacted at desroches.associatessympatico.ca. %E5%8D%97%E4%BA%AC%E9%92%9B%E7%A7%91%E5%9C%88 1 TECHNOLOGY ENABLEMENT The Impact of Big Data on Finance Now and in the Future Executive Summary As more organizations take a data-centric approach to managing their business, they are increasingly exploiting the potential of Big Data. The number of companies deploying Big Data will double in the near future, exceeding the implementation rate of other “hot” technologies such as data visualization and process automation. Yet the implementation of Big Data remains a work in progress for most organizations, with most having started but very few having completed implementation. But the rewards are there to be had: Organizations that have implemented strategies around Big Data are reporting significant improvement in their organizational performance. Getting Big Data implementation “right” involves paying attention to several key items, including: Starting simple and small when first implementing Big Data projects. Expanding the sources of data used and exploring potential uses not only of data available internally but also of data available externally. Getting information based on data into the hands of those who need it on a real-time basis. Getting buy-in for Big Data and leading-edge analytics initiatives at both the executive and departmental levels. Developing strategies for the effective use of leading-edge analytics techniques and technologies. Building strong data governance and quality infrastructure in order to ensure data integrity and quality. The increased emphasis on data provides an opportunity for finance and accounting professionalswho traditionally are proficient at pulling data from a variety of information systems, manipulating that data, and gleaning insights from itto build on this core competency and assume a business partnering role with others in their organizations. However, in order to exploit this opportunity, they will need to develop new skills. Organizations that have implemented strategies around Big Data are reporting significant improvement in their organizational performance. %E5%8D%97%E4%BA%AC%E9%92%9B%E7%A7%91%E5%9C%88 2 TECHNOLOGY ENABLEMENT The Impact of Big Data on Finance Now and in the Future Introduction Four key elements must be present for organizations looking to become data-driven: data-savvy people, quality data, state-of-the-art tools, and a supportive organizational culture. 1 In previous reports, weve examined the implementation of leading-edge analytics in organizations today and identified key factors for successfully establishing a data-driven organizational culture. 2 We now shift our focus to dataespecially Big Data. Our findings are based on a survey conducted by IMA (Institute of Management Accountants) that received 170 responses (121 from IMA members; the balance from direct mail and social media solicitations). Results presented here are based on the responses to that survey. Impact of Technology and Data The business environment is increasingly competitive, and most organizations are looking for an “edge.” For many companies, that “edge” is the implementation of new technology, enabling the mining of vast amounts of data (Big Data) using leading-edge analytical tools. China Eastern Airlines Corporation Ltd. (CEA) is one of Chinas three major airlines and ranks number seven in the world. As a member of the global airline network SkyTeam Alliance, it services over 100 million passengers annually and reaches 1,062 destinations in 177 countries. To enhance customer experience and drive global airline excellence, CEA wanted to improve the ability to process and analyze massive volume sic of big data from its data lab, to ensure flight safety and reduce operational costs. “By processing and analyzing over 100TB of complex daily flight data we gained ability sic to easily identify and predict potential faults and enhanced flight safety. The solution also helped to cut fuel consumption and increase customer experience.” Wang Xuewu, Head of Data Lab, China Eastern Airlines Corporation Ltd. 3 The perceived importance of Big Data and analytics is underscored by the fact that the drive to implement these technologies and tools is coming from the top of organizationsin nearly two-thirds of companies, executives are championing the initiative (see Figure 1). 1 Rasmus Wegener and Velu Sinha, “The value of Big Data: How analytics differentiates winners,” Bain Raef Lawson, Toby Hatch, and Denis Desroches, “How to Embrace Data Analytics to Be Successful,” IMA, February 2019, bit.ly/2M5Bzl6. 3 “China Eastern Airlines Adopts Oracle Big Data to Enhance Flight Safety,” Oracle, bit.ly/2Wgkd7j. %E5%8D%97%E4%BA%AC%E9%92%9B%E7%A7%91%E5%9C%88 3 TECHNOLOGY ENABLEMENT The Impact of Big Data on Finance Now and in the Future While some technologies, such as robotic process automation (RPA), are enabling finance operations to become more efficient, others are enabling it to provide greater strategic and operational insights. These insights are being obtained using leading-edge analytics on an expanding set of data. The shift in the use and importance of data is borne out by a recent IMA survey that found that almost half (45%) of the respondents indicated their company now takes a “strong” or “very strong” data-centric approach to information technology. 4 Big Data While organizations can implement new technologies and employ leading-edge analytics, they may be still deploying these on relatively traditional sets of data. To what extent are companies exploiting the ability to analyze vastly larger, more complex data setsBig Data? The answer is to a fairly large extent, with much more soon to come. Of the technologies listed in Figure 2, the implementation rate of Big Data is only exceeded by self-service reporting and mobile delivery and exceeds “hot” applications such as data visualization and process automation. Equally indicative of the perceived importance of Big Data is the fact that the percentage of companies exploiting Big Data is expected to double in the relatively near future. As with other technologies, the mining of Big Data is a work in progress for most organizations (see Figure 3). Very few have completed implementation, but most have started and are on the road to gleaning additional important business insights from their data. 4 Kip Krumwiede, “How to Keep Your Job,” IMA Pulse blog, September 21, 2017, bit.ly/2phN3bB. Figure 1: Organizational Attitude Toward Leading-Edge Analytics and Big Data Executives are championing it, and most departments have embraced it. Executives are championing it, and most departments are gradually coming on board. Executives are championing it, but most departments have ignored it. Most departments have embraced it, and executives are starting to take notice. Many departments are pushing it, but executives are not convinced. Few in our organization believe it is important. 0% 5% 10% 15% 20% 25% 30% 35% 40% %E5%8D%97%E4%BA%AC%E9%92%9B%E7%A7%91%E5%9C%88 4 TECHNOLOGY ENABLEMENT The Impact of Big Data on Finance Now and in the Future Uses of Big Data While Big Data can be used to positively impact processes throughout an organization, its potential impact is greater for some processes than others. Key among those with the greatest benefit is performance measurement. Organizations face significant challenges in objectively evaluating the performance of their employees, processes, machinery, and so forth. Deploying Big Data capabilities to collect and evaluate the mountain of data needed to make these evaluations “makes sense” for many organizations. All the companies in our study deploying Big Data capabilities are using it as part of their performance evaluation process (see Figure 4). 0% 20% 40% 60% 80% 100% Figure 2: State of Implementation of Various Technologies Voice recognition Automation Predictive modeling Data visualization Narrative reporting Big Data Mobile delivery Self-service reporting n Yes, implemented n No, but plan to n No, and no plans to n Not sure/dont know Figure 3: Stage of Implementation of Big Data It is completely implemented. We are working on it. We have just begun. We are still in the scoping-out stage. Not sure. It is not in our plans. 0% 10% 20% 30% 40% 50% 60% %E5%8D%97%E4%BA%AC%E9%92%9B%E7%A7%91%E5%9C%88 5 TECHNOLOGY ENABLEMENT The Impact of Big Data on Finance Now and in the Future Strategy formulation and implementation is another important process for which organizations are deploying Big Data capabilities. More than half of the organizations in our study currently employing Big Data are using it for this purpose. This makes sense as incorporating such data in the formulation of their strategies will lead to a more robust process and deliver competitive advantage. While implementation of Big Data techniques is an ongoing effort at most companies, benefits in key areas such as performance measurement and strategy formulation are already being achieved. Based on these early successes, they are employing the use of Big Data in other organizational processes as well, with more applications to follow. Mobile operators are taking their data one step further, sharing smartphone GPS data with banks to help them monitor and prevent credit card fraud by verifying a persons card use against their location. This is also reduces sic the need for credit card freezes, so customers who are on holiday or working abroad dont have to deal with the frustration and time loss of contacting their bank. 5 Figure 4: Current Adopters Use of Big Data Performance measurement Strategy formulation Research and development Order fulfillment Product/service rationalization 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 5 William Trotman, “3 Big Data Analytics Use Cases Against Fraud,” Oracle Big Data Blog, August 7, 2017, bit.ly/2PjuvCn. %E5%8D%97%E4%BA%AC%E9%92%9B%E7%A7%91%E5%9C%88 6 TECHNOLOGY ENABLEMENT The Impact of Big Data on Finance Now and in the Future Big Data ImplementationGetting it Right Like any organizational change initiative, getting Big Data implementation “right” involves paying attention to several key items. One of these is deciding where to start with Big Data. Organizations may have quite a bit of data but can struggle identifying which of it is useful. In such cases, many experts advise framing useful business questions and focusing the analysis on answering those questions. Another important consideration is the scope of initial implementation. Often the best way to embark on the Big Data journey is to start small, harvesting “low-hanging fruit” from such projects. By choosing a relatively small, simple example and achieving success, the benefits of Big Data adoption will be clearly demonstrated, facilitating additional, more impactful adoptions. Working with business partners in other functional areas to identify those projects that are more important and impactful is key here. Consistent with the idea of starting simple and small when implementing Big Data projects, we find companies are more likely to use existing data sources when starting their Big Data journey, although both existing and new data sources are being used (see Figure 5). The increased emphasis on data provides an opportunity for finance and accounting professionalswho traditionally are proficient at pulling data from a variety of information systems, manipulating that data, and gleaning insights from itto build on this core competency. The challenge now is to expand the sources of data used and to explore potential uses not only of data available internally but also of data available externally. Companies like Turkcell analyze billions of daily call data records alongside other customer data to build more complete user profiles. By comparing a customers recent activities with this highly detailed profile, Turkcell can detect irregularities more effectively and quickly. 0% 20% 40% 60% 80% 100% Figure 5: Stage of Big Data Implementation by Data Source We have had to define new external unstructured data sources. We use external unstructured data sources that we have used for a long time. We have had to define new internal structured data sources. We use internal structured data sources that we have used for a long time. n It is completely implemented. n We are working on it. n We have just begun. n We are still in the scoping-out stage. n It is not in our plans. n Not sure. %E5%8D%97%E4%BA%AC%E9%92%9B%E7%A7%91%E5%9C%88 7 TECHNOLOGY ENABLEMENT The Impact of Big Data on Finance Now and in the Future For example, many people who conduct subscription fraud tend to not pay their bills and exhibit suspicious long-distance calling patterns in the six months following an installation. Anomalous behaviors like these can inform predictive models and make the entire business better equipped to block criminal accounts. 6 The majority of organizations today understand the importance of using data from new and varied sources and consider both internal and external data when developing and executing their strategy (see Figure 6). Yet much remains to be done in this regard, as many organizations continue to rely heavily on preexisting internal data structures a
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