18 facts concerning Big Data

SHARED FROM:

     UNLOCKING OPPORTUNITIES IN THE BIG DATA

     BY CIMA

     ACCOUNTANTS TODAY, MAY/JUNE 2014

 

Data has become a key focus for corporate.  Data holds the potential to change the way business is done.  The wealth of data sources available today is almost unlimited.  Accountants need to be able to add value to Big Data and data analytic to optimize business performance and fast forward their careers.  Key conclusions are:

1.  Data is becoming a core business asset which business cannot afford to ignore

2.  Firms face a steep learning curve in harnessing their data for commercial benefits

3.  Finance professionals are well placed to help translate data into commercial insights and values

4.  Finance has an essential role to play in helping their organizations benefit from data-related projects

5.  Advances types of data analysis will acquire the expertise of data

6.  Finance can add value by applying their combined knowledge of finance and the business to help translate new analytical insights into commercial impact

7.  Need to know how to aggregate outcomes so it can be converted into insightful report

8.  Delivering on the potential of data will make closer finance/business partnering more important than ever

9.  Finance professionals need to have a broader range of management skills:

a.  Clear communication

b.  Ability to lead and influence

c.  Strategic understanding of the business

10.Data holds opportunities for finance professionals to unlocking new career openings

11.Opportunity for management accountants to develop new skills and competencies

12.Increased ability to work with big data will enhance career and employability

13.Ability to play a central role in converting the potential of data into real commercial value

14.Delivering on new data insights

15.Need to develop clear objectives for the data projects

16.Finance need to look beyond traditional business metrics and recognize the commercial potential of embracing a wider set of data

17.Companies need their finance teams to play a pivotal role, working with data specialist to drive meaningful commercial insights from corporate data

18.More importantly, helping the broader management team to interpret and apply the power of that data to make better strategic decisions