Data technology increasingly important in business planning

Financial and operational data is increasingly being used to drive business planning decisions, according to research by American Express.

The Supporting Growth with New Technologies study revealed that 96% of senior financial executives want to extract greater value from financial and operating data in 2014.

The report also claimed that business leaders were using data to discover new market opportunities and improve administrative processes. It added that almost half of financial executives (48%) desired technology which would allow them to take a more insight driven approach.

The survey revealed that, in general, real spending on IT in the financial service industry would increase over the next 12 months – with 40% claiming it would go up by 10% or more.

Enabling employees to retrieve, share and access data using mobile technology was found to be a priority for 76%. However, big data projects which would allow companies to make use of huge amounts of information held both inside and outside the business were also identified as a key area for investment.

"CFOs continue to seek out technology which allows them to improve business performance and increase employee productivity," said Jay Cary, vice president of global corporate payments at American Express. "Mobile in particular is leading the way – both because of CFOs’ familiarity with the technology and for the real-time benefits it offers employees. As data analysis grows in importance, we expect to see similar investments in big data analytics and cloud-based solutions.”