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Enable better business decision making with big data

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Organisations are finding it hard to navigate a deluge of data about customers, employees, suppliers, stakeholders, partners and competitors.

We identified the top 5 areas where better data quality and analysis would have the biggest impact.

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Enable better business decision making with big data

  1. 1. How management accountants can enable better business decision making with big data
  2. 2. Big data has transformed the way we do business, but has created a feeling of never-ending catch up with the competition.
  3. 3. Nearly 9 in 10 organisations are struggling to get value from big data. Source: CGMA Briefing: Big Data
  4. 4. Combined with external threats - political instability, technology changes, hyper- competition, you see there’s a huge opportunity for management accountants to bring validity to decision making.
  5. 5. Organisations are finding it hard to navigate a deluge of data about customers, employees, suppliers, stakeholders, partners and competitors.
  6. 6. The US alone faces a shortage of 1.5 million data analysts and managers to make decisions based on big data. Source: McKinsey Global - Big Data: The Next Frontier
  7. 7. How can organisations gain value from big data and use it to make informed decisions?
  8. 8. The management accountant’s role is changing.
  9. 9. Management accountants can take a position of trust and objectivity, reporting on the business facts. But credible accounts and management information is not enough.
  10. 10. Big data provides management accountants with 3 huge opportunities:
  11. 11. To act as steward of the business’ future, providing insight into the holistic data businesses are drowning in, not just financials 1
  12. 12. To build relationships across the business, communicate the facts clearly, and proactively report on non-financial data to improve transparency and accountability 2
  13. 13. To enable better performance management across the organisation by providing new, and often intangible measures of outcomes 3
  14. 14. We surveyed over 2,000 finance professionals to find out how they felt about their role in big data.
  15. 15. Over 50% of corporate leaders rank big data and analytics as a top 10 corporate priority.
  16. 16. 90% feel that financial professionals are key to unlocking the benefits of big data in their organisation…
  17. 17. … but 86% recognise their organisations are currently struggling to unlock the value of their data.
  18. 18. We identified the top five areas where better data quality and analysis would have the biggest impact.
  19. 19. 1 Identifying opportunities to increase efficiency or reduce costs
  20. 20. 2 Developing and monitoring KPIs
  21. 21. 3 Driver-based forecasting
  22. 22. 4 Monitoring external risks
  23. 23. 5 Increasing revenues through better customer segmentation
  24. 24. So how do MAs get started on this pathway to big data success?
  25. 25. Polish your statistical skills: learn about the range of data sources and analytics available that can be used to make sense of big data. Learn something new: sign up for a certification to ground you in the basics of data. Jargon-bust: get comfortable with the terminology; it’s essential in an environment full of technical terms and subtleties. Source: CGMA briefing: Big Data
  26. 26. Be sociable: develop relationships to become a trusted broker between business managers, IT colleagues and data scientists. Become strategically aware: read widely on your sector to give you a broader understanding of your business’ model and management challenges. Be curious: identify bigger questions to help you understand what data you need – the big data might already be there. Source: CGMA briefing: Big Data
  27. 27. Speak up: establish yourself as a go-to person on data analytics and help by teaching others in your team Visualising data: assess what tools will help you translate and present data in a way that’s compelling and accessible Network: attend seminars and events to polish your skills and learner from others’ examples Source: CGMA briefing: Big Data
  28. 28. Find out more about Big Data and how management accountants can deliver more value to your business with a range of CGMA Big Data resources. Click here to download © 2017 Association of International Certified Professional Accountants. All rights reserved.

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