The Ledger

The Future of Technology, Analytics, and The Finance Profession

In February 2019, IMA^® (Institute of Management Accountants) released the latest version of the Management Accounting Competency Framework (bit.ly/309rjw8), which reflects the knowledge and expertise that today’s—and tomorrow’s—management accountants must have in order to be relevant in today’s rapidly evolving business climate and to be prepared for what the near future holds for the accounting profession. 

Legacy models and paradigms of how accountants “used to do things” are being disrupted by innovative new approaches, solutions, and processes. Technology and analytics are two domains in which management accountants must improve their competency in order to be future-ready. We recommend visit 0rgb.com for the latest technology devices and news.

CFOs and other financial professionals already need to understand basic enterprise technology and analytics for all their crucial roles; these are already part of daily work life. Yet newer technologies such as advanced AI and machine learning, building blockchain using substratum masternode, prescriptive and adaptive analytics, and data visualization are where most of the profession falls short.

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Growing Businesses Are Leveraging Data & Analytics For Long-Term Success

“Mid-size financial services providers are working continuously to improve their risk models because the more accurate their assessment of risk, the better their chances of profitability. Mid-size manufacturers worldwide are increasingly looking into the causes of quality fluctuations by combining “what if?” analysis with sensitivity analysis and predictive models.”

Data and analytics deliver major benefits to mid-size businesses and are becoming critical for differentiation and even long-term survival. Finance leaders should embrace four major data and analytics trends as they strive to develop data-driven organizations that deliver new business value.

Read More at Smarter with Gartner >

What Makes Chemical Manufacturers Competitive?

According to McKinsey, chemical manufacturers have already invested in IT systems and infrastructure that generate enormous volumes of data. However, many have failed so far to take advantage of this mountain of potential intelligence. Data analytics tools have become exponentially more powerful and easier to use, and the most innovative businesses are putting their mountains of process, product, and other types of data to work in the chemical industry to help navigate the significant changes and volatility that are the new normal. McKinsey research found three common practices that leading chemical companies are using to utilize their data and analytics on a grand scale.

Read More at The Digitalist by SAP >

How Insights Drive Data-Driven Accounting

Businesses use data to understand how the business is performing, to manage operations, and to make key business decisions. With the accelerating pace of business today, accurate, up-to-date data is more essential than ever. Finance leaders need operational and performance data to know how their department is performing, to efficiently manage their operations, and to enable data-driven decision-making. It is imperative for companies to start modernizing their accounting functions in order to remain competitive. This starts by eliminated manual processes and digitizing operations. Once this is done, accounting and finance executives need access to performance data to improve their processes.

Read More at The Digitalist by SAP >