Finance teams must leave their comfort zone and champion big data and forward looking analytics to remain relevant, according to a report from the Association of Chartered Certified Accountants (ACCA), Chartered Accountants Australia and New Zealand (CA ANZ), and NTT DATA.
The report noted that finance professionals using forward-looking tools are vital to their organisations. These include predictive analytics which uses existing data to make statistical models of what is predicted to happen in the future, and prescriptive analytics goes a further step by suggesting a course of action from a set of options. Utilising these two forward-looking disciplines, organisations can predict future performance and be helped with making the best decision available to them.
Read more at the International Accounting Bulletin here