- OneStream report finds CEOs and CFOs recognize data is overwhelming workers
- Despite this, leaders also know data-based decision-making is crucial
- AI-enhanced unified data systems can help unlock new insights
Britain’s push to “mainline AI in [its] veins” could be overloading businesses with data, effectively hampering businesses’ abilities to leverage AI effectively, new research has claimed.
More than two-thirds (69%) of CFOs now state that overwhelming data volumes are preventing them from being able to prioritize growth, findings from OneStream have claimed.
Three-quarters (74%) of CEOs and CFOs (and 72% in the UK) acknowledge data-based decision-making is among the key determinants of organizational success, with the same percentage of CFOs believing that AI and automation will “completely” reshape organizations’ finance functions in the next decade.
We’re overloaded with AI data
However, several challenges lay ahead. Seven in 10 CFOs say that silos restrict the flow of information between departments, and even more say that legacy systems (72%) and skills gaps (78%) are preventing them from being able to grow.
“In today’s evolving environment, UK CFOs are facing a double-edged sword when it comes to data,” commented OneStream CFO Bill Koefoed. “While the vast amounts of information at their disposal hold tremendous potential, the overwhelming volume makes it difficult to gain critical insights and drive timely decision-making.”
Furthermore three-quarters (76%) of CEOs believe their CFOs are struggling to prioritize business growth due to an overwhelming volume of data and information.
Ironically, the report reveals how AI- and ML-enhanced unified data systems can help businesses consolidate their data in order to further benefit from artificial intelligence in daily operations and decision-making.
“To turn this challenge into an opportunity, CFOs must leverage technology to create a single source of truth within the organisation to make the process of using data easier and drive sustainable growth,” Koefoed concluded.
The news comes amid a troubling outlook for the UK in the year ahead – a turbulent economy is threatening the nation with slower GDP growth, inflation and jobs market challenges.