Was recently asked to do a one hour talk on data science and big data analytics for Finance… so I created A Step By Step Process To Get More Value Out Of Your Finance and Accounting Data.
To get started, we will discuss at a high level what is analytics, big data and data science and how it can be used in Finance and Accounting to get more value out of all the numbers you have in your business.
Per Deloitte, “In today’s highly competitive business environment, companies need more from Finance than accurate financial statements and reports. They need forward-looking, predictive insights that can help shape tomorrow’s business strategy and improve day-to-day decision-making in real time. “
New IT applications and infrastructure such as big data technologies, predictive analytics, as well as modern mathematical methods are opening up new possibilities for gathering and processing large amounts of data and opportunities for generating value.
They keys to a sound data science and analytics approach to Finance include the following:
- A Process for Using Big Data to Answer Business Questions
- A Well Mapped Data Lake of all the Data Finance Needs
- The Right Mix of Analytics Talent, Technique and Technology
- A Top Down Embrace of an Analytics Centric Culture
By translating data into insights around financial statements and operations, the finance team can unlock and create new value. Being able to identify unrealized and often unexpected potential as well as quickly and decisively mitigating risk, data science and analytics can take your team to a new level of insight and performance.
This in turn supports the finance function to make better decisions by being able to understand what has happened and why, and then predict what may happen next. The end result is a strategy built on data and one with a much higher rate of success then ones based on intuition or gut feel.
The Fundamental of Business Analytics – Business Analytics is the application of talent, technology and technique on business data for the purpose of extracting insights and discovering opportunities. DMAIPH specializes in empowering organizations, schools, and businesses with a mastery of the fundamentals of business analytics. Contact DMAIPH now at firstname.lastname@example.org or connect with me directly to find out how you can strengthen your business analytics fundamentals.