In an age of Internet of Things and Big Data, Data Analytics is becoming increasingly important.
Data Analytics involves qualitative and quantitative methodologies and procedures to retrieve data out of data sources and then inspect the data based on data type to facilitate decision making.
Bigdata is only as valuable as the business outcomes it makes possible. Hence, data analytics of big data enables accountants to help their clients or firms by analysing data to identify opportunities. Some of the benefits of data analytics which accountants can provide are:
- Enhanced strategic decisions
- Insights for improved productivity, such as minimizing expenses
- Maximizing revenues (eg. Improving customer satisfaction, retention, or attraction of new customers)
- Faster and proactive decision making
- New product development and optimized offerings
The accountant’s role has become one of a data scientist and storyteller because the manipulation of data reveals trends that can be used to make business decisions.
