{"id":2665,"date":"2024-01-04T12:00:00","date_gmt":"2024-01-04T11:00:00","guid":{"rendered":"https:\/\/newdatalabs.com\/en\/?p=2665"},"modified":"2023-12-17T21:05:12","modified_gmt":"2023-12-17T20:05:12","slug":"big-data-in-the-hands-of-the-controller-how-does-financial-controlling-evolve-and-whats-in-it-for-you","status":"publish","type":"post","link":"https:\/\/newdatalabs.com\/en\/big-data-in-the-hands-of-the-controller-how-does-financial-controlling-evolve-and-whats-in-it-for-you\/","title":{"rendered":"Big Data in the Hands of the Controller \u2013 How Does Financial Controlling Evolve and What\u2019s in it for You?"},"content":{"rendered":"\n

The world is changing, so is the Financial Controlling<\/strong><\/a>.<\/strong> People change. Everything is moving fast, we have less and less time, but increasingly more information to be processed. The cognitive and computing abilities of our brain (more precisely its intellectual processing of information) are just too limited to deal with the processing of billions of data records.<\/p>\n\n\n\n

 Financial Controlling and subconscious processing of information<\/p>\n\n\n\n

Have you ever tried to find the largest value in the table with 20 million rows and 100 columns? Try to do that, and you will understand what I am writing about\u2026<\/p>\n\n\n\n

The good news is that \u2026 we have enormous resources. Our brain works (processes the information consciously) usually using 20-30 percent of its capacity. The remaining part is used to \u201ekeep the system going\u201d \u2013 to make sure the whole organism is up and running without our conscious control. For example, the digestion process, fighting infections, the reaction to cold\/warm, the reaction to stimuli, the body energy system, etc. One of these functions is subconscious processing of information.<\/p>\n\n\n\n

In this regard, our brains are surprisingly fast. We don\u2019t have to wonder, if it\u2019s bright or dark outside. If something is large, small, black, red, square or round. Or if it\u2019s on the left, on the right, still or moving. All of this is straightforward \u2013 the information is processed subconsciously, tens of thousands of times faster than such stimuli as text or numbers.<\/p>\n\n\n\n

12576<\/strong><\/p>\n\n\n\n

Visual perception and short-term memory<\/h2>\n\n\n\n

Data arrive to us through such mechanisms as visual perception and short-term memory (but nothing comes for free \u2013 we instantly process this type of information, but we usually remember it for a very short time).<\/p>\n\n\n\n

To function in the world of the increasingly faster circulation of larger and larger data volumes, we need to learn how to handle the information. We must be able to effectively process data and rapidly draw conclusions.<\/p>\n\n\n\n

8 ways to process data and draw conclusions<\/h2>\n\n\n\n

We must learn how to:<\/p>\n\n\n\n

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  1. Filter the information and don\u2019t touch the irrelevant information<\/li>\n\n\n\n
  2. Draw conclusions and interpret events rapidly<\/li>\n\n\n\n
  3. Be able to overlap the information from various sources\/domains (which may sometimes be contrary to point 1)<\/li>\n<\/ol>\n\n\n\n

    <\/p>\n\n\n\n

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    \"\"<\/a><\/figure>\n<\/figure>\n\n\n\n

    <\/p>\n\n\n\n

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    1. Be concise and precise when communicating.<\/li>\n\n\n\n
    2. Be inquisitive about finding the causes of specific circumstances \u2013 the question \u201cWhy\u201d should be framed and hung above the desk of all controllers!<\/li>\n\n\n\n
    3. Personalize information \u2013 different people would want to learn about different aspects of the same data (e.g., sales data).<\/li>\n\n\n\n
    4. Always reference the source and bear in mind the metadata (data about data). Such information as:<\/li>\n<\/ol>\n\n\n\n