The Big Data Dilemma: Too Much Information for Me
Corcentric’s latest blog explores how finance departments make sense of the onslaught of data companies are experiencing.
August 05, 2013, MCLEAN, VA — Taking on the topic of “Big Data” in its latest blog, Corcentric, a leading provider of Accounts Payable automation and e-invoicing solutions, discusses the importance of the CFO and finance department when it comes to breaking down company silos and sharing a wide range of data. The blog starts with some startling facts: As of 2012, there were an estimated 2.8 zettabytes (or approximately 2.8 trillion gigabytes) of global data. That number is expected to increase by 2,000% by 2020. Yet, estimates indicate that only 3% of all available data has actually ever been used. The reality is, however, that used properly, all of this information allows CFOs and finance managers to make better, more strategic decisions.
The blog makes the point that the first step in truly being able to get the benefits of big data, companies should be automating all the functions of the finance department, including AP and AR. By centralizing data processing, implementing an automated workflow, and instituting electronic P2P processing, these changes can increase a company’s cash flow, improve supplier relationships, lower operating costs, adjust customer pricing based on real-time data, and more. One of the examples given cites a hypothetical situation where a product line experiences a downturn in sales, and then gives two different scenarios for that drop. In one, accessing competitor pricing shows that the price is too high and the company can then make a decision to lower the price. In the other scenario, the company, by accessing many sources of information, including social media, finds that the quality of the product has suddenly been deemed inferior by customers. That may require new sourcing or changes within the quality control division. In a purely AP example, the blog talks about missing out on discount capture due to late invoicing. By implementing e-invoicing and an AP automation workflow solution, the data accessed can quickly identify where the bottleneck occurs and the company can then rectify the situation.
Corcentric uses the blog to answer those who are avoiding big data, responding to each of the concerns. The ultimate conclusion is that big data is here to stay and businesses that learn how to use the information to their advantage will succeed.
The Corcentric blog is a knowledge center for accounts payable professionals to explore automation best practices along with the latest trends and news in financial process automation.
View Corcentric’s latest blog http://blog.corcentric.com/the-big-data-dilemma/
Corcentric, a wholly-owned subsidiary of AmeriQuest Business Services, Inc., provides cloud-based financial process automation solutions that have revolutionized how the world’s largest organizations manage and protect their financial assets. By connecting best practices with deep expertise, Corcentric’s Accounts Payable and Accounts Receivable automation solutions enable organizations to reduce costs, streamline processes, and provide unmatched visibility executives need to make critical business decisions. For more information, visit corcentric.com.