Progressive organizations understand the importance of making data-driven decisions, especially in today’s dynamic business environment. CFOs and organizational leaders are looking to their trusted accounting advisors to be proactive in providing the insights and enhanced data analytics to support their need for accurate, timely information.
Across all sectors of the economy, there is a steady, sustained demand for more effective use of data. The reason? These analytics can help your business clients leverage savings, evaluate new investment and revenue opportunities and enable your firm to deliver valuable reports that incorporate key metrics and key performance indicators.
Having access to an enhanced data analytics dashboard offers accounting professionals many advantages which translate into additional client accounting service (CAS) and consulting opportunities supported by:
- Deeper business insights that add value to client relationships.
- Streamlined data collection and analysis processes using artificial intelligence tools to increase productivity and accuracy.
- New and unique insights to support better decision making.
- Access to the most relevant data for each group of stakeholders or individual client.
The ability to obtain, manage, analyze, and apply data has become an in-demand business skill, which is sought after in all areas of an organization. It is of particularly high value and in high demand when used to support financial team members and executives in different disciplines and levels of seniority.
Data analysis capabilities are quickly becoming a cornerstone of mainstream academic business programs, which means the vast majority of future organizational leaders will be seeking to form relationships with accounting professionals who can offer advanced data analytics capabilities and related services. Data is not the sole focus of these emerging programs, however — critical thinking, problem-solving and technology skills will also be essential for financial managers and accountants to succeed.
How can accounting professionals leverage these trends in enhanced data analytics fully to align with their clients’ needs? Comprehensive financial management software that reduces the repetitive nature of data collection and the potential for errors is a crucial tool. Implementing this type of platform will allow your firm to create a track record of strategic contributions such as the selection of KPIs relevant to each specific client. This information can then be automatically tracked, consolidated, updated in real time, and provided as an ongoing reporting package of KPIs from a centralized dashboard to support an organization.
In addition, you will be able to leverage AI to manage large amounts of unstructured data and provide ongoing transaction monitoring for fraud. Enhanced data analytics tools will also enable your firm to create a reporting structure that addresses spending, cash flow, and overall profitability.
When your firm is committed to advancing its use of enhanced data analytics to capitalize on your growth potential and that of your clients, the new service and revenue opportunities are varied and vast.
Learn more about using enhanced data analytics to grow your firm and support your clients in 2022 and beyond. Register now for the 9 Developments Shaping Accounting’s Future CPE webinar on November 18, 2021, at 2 p.m. to see how you can use enhanced data analytics to capitalize on the opportunities presented here in addition to the other trends that will impact your practice in the future.