Many companies have considered, and rejected, the use of data analytics tools in their efforts to improve efficiency and reduce process costs. Often, CFOS and their CIOs may feel that the need for better data quality is too big of a hurdle to overcome. As the saying goes: garbage in, garbage out.

But John Lucker, Principal at Deloitte Consulting, says that CFOs should stop getting hung up on data quality. "All too often, CFOs and their CIO colleagues think that the quality of their data has to be perfect to be used for business analytics, and it does not."