Data analytics to help fuel PHL businesses’ growth

PHILIPPINE COMPANIES’ chief innovation officers (CIOs) and chief finance officers (CFOs) must collaborate and use data analytics to fuel growth, according to US-based software company Rimini Street.

“What I’m seeing, as I speak to a lot of companies, are that the two key positions across tables are the CIO and the CFO. They really determine where the company’s direction will go,” Andrew Seow, group vice-president and regional general manager for Southeast Asia & Greater China at Rimini Street, told BusinessWorld in a video interview.

He said companies’ CFOs and CIOs establish a “check and balance” to attain their desired business outcomes.

According to Mr. Seow, CIOs have evolved as “enablers” of a business, using data analytics to understand their respective markets, allowing CFOs to be more data-driven in terms of investment priorities.

“The CFOs’ tasks have actually moved from spreadsheets to analytics… [They now] look at what investments, from a technology and a resource standpoint, can support the business,” he said.

“Right now, what we are seeing is that a lot of companies are tying business outcome to investments.”

Collaboration between CIOs and CFOs will help businesses in dealing with challenges like limited resources, software maintenance, and cybersecurity threats, Mr. Seow added.

“I’ve personally seen that companies where these two organizations come together actually have better synergy. They are able to fuel business growth and also make sure that objectives are being met.”

Around 88% of Philippine business leaders said they expect moderate to large artificial intelligence (AI) integration in their business processes, workflows and technology platforms in the next three years, according to the PwC 28th Global CEO Survey.

The Philippines, Singapore, Malaysia, and Thailand are among the “tier one” countries that are ready to use AI in their businesses, Mr. Seow said. — B.M.D. Cruz