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Accountants: Do you See the Value of Data Analytics?

April 17, 2018 by OSYB Staff

“Accountants will be increasingly expected to add value to the business decision making within their organizations and for their clients,” comments Associate Professor Wendell Gilland, who teaches Data Analytics for Accountants at the University of North Carolina’s online Kenan-Flagler Business School. “A strong facility with data analytics gives them the toolset to help strengthen their partnership with business leaders.”

Using financial data analytics enhances an accountants ability to spot areas that could use process improvement to increase efficiency and better manage risk.  What are the types of data analytics that could be helpful:

  • descriptive analytics – “What is happening?”
  • diagnostic analytics – “Why did it happen?”
  • predictive analytics – “What is going to happen?”
  • presciptive analytics – “What should happen?”

As an accountant, you have a natural technical skill set that lends itself to being an excellent data scientist, “Accountants are used to aggregating information to create a picture of an organization that summarizes the details contained in each transaction. Working with descriptive analytics, predictive analytics, and prescriptive analytics comes more easily to people who already possess excellent quantitative skills.”  Expand your skill set, explore data analytics, and become an even more valuable asset to your organization.

For details, tests and video:  Why Does (and Why Should!) Data Analytics Matter to Accountants?

Image Credit:  Deposit Photos

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