Data Analytics for Accountants and Financial Managers
Thursday, August 12, 2021
2.00CREDITSAccounting, Management Services
Data Analytics and mining are the fastest growing disciplines in accounting and general management. Many organizations are either planning programs or have them already underway. Unfortunately, a number of these attempts fail due to poor planning/preparation and a lack of commitment, training, and clear vision of the program's goals. Today there is no shortage of data, but relatively few organizations have established an environment and ongoing process to isolate, capture, analyze, and convert data into actionable information. At times, even organizations that are employing leading-edge analytics are doing it with traditional, limited sets of data.
This session explores how an organization can successfully become data driven. The discussion includes numerous examples demonstrating how accounting and financial professionals can build upon their current analytical skills to better perform traditional tasks and assume a role as a business partner with others in their organization. The program is aimed to assist those just beginning the journey, as well as those who want to test their current efforts or are considering the need for a restart. In addition to discussing a number of analytical tools, including available software, lists of reference books and next-level software are provided. This program continues to build upon the Controllership Update Series.
- Determine the current state of data analytics within an organization and provide a sound foundation to assist an organization in becoming data driven
- Identify common uses of analytics in organizations today and introduce expanded sources of data for analysis
- Explore numerous statistical and software tools that are readily available and review and improve current KPIs in an organization
- Offer a list of specific areas where financial professionals can add significant value, through data analytics both today and in the future and provide references for future research by the participant
- Definition of data analytics and big data; challenges and goals; establishing an environment for success; governance; common uses of analytics and current examples
- Behavioral forces that impact decisions; examples of inaccurate forecasts; identifying strategic measurements (KPIs); data sources
- Statistical tools, including median, mode, moving average, ratio analysis, Pareto analysis, trend analysis, regression, z-score, and simulation
- Software tools that are readily available and can assist in visually exploring data, expanding the scope of available data, as well as collecting, analyzing, and presenting results
- Specific ideas for using data analytics for accountants and financial managers, including current examples and areas for further consideration
- Lists of readings and next-level software for a participant’s future reference