Check out this short video for a clear introductions to predictive analytics.
Check out these publications from O’Reilly which have been made available to you for free.
Some of these are older editions, but they are still valuable. Enjoy!
Data analytics is changing many areas of accounting. One area that it will have a dramatic effect is financial planning and analysis.
The following chart shows some of the differences.
For a more complete review of the changes, go to: https://sfmagazine.com/post-entry/july-2019-profitability-analytics/
If you have been following this site, you already know what Big Data Analytics are. Here is a great, short video to help explain to your friends.
Harvard Business Review named the data scientist the sexiest job of the 21st century. This job requires significant computing and statistical skills.
With the rise of analytics and artificial intelligence, these skills are needed, but even more critical are individuals that have excellent business acumen.
These individuals can fill the role of translator. Not in the traditional language sense, but translate business requirements for the technical individuals.
” translators play a critical role in bridging the technical expertise of data engineers and data scientists with the operational expertise of marketing, supply chain, manufacturing, risk, and other frontline managers. In their role, translators help ensure that the deep insights generated through sophisticated analytics translate into impact at scale in an organization. “
For more on these roles, see the article at: https://hbr.org/2018/02/you-dont-have-to-be-a-data-scientist-to-fill-this-must-have-analytics-role?
As businesses move to more AI-generated modeling and higher forms of data analytics, we still need to apply common sense? In other words, don’t blindly trust the data.
This articles describes some of the pitfalls of not critically analyzing data output and gives some solutions.
Think you are new to analytics? You may have a start. Most of us in business, and especially accounting are quite adept in Excel. This makes the tool a perfect place to start. You cannot use the largest data sets, but with new Excel tools such as PowerPivot, that is constantly increasing.
Analyzing data in Excel helps you learn the process of determining which questions can be answered from the data and using an analytics technique to summarize. If you can do a Pivot Table in Excel, you are on the road to learning more about analytics.
For more information, see this article from Computerworld: https://www.computerworld.com/article/3315737/use-microsoft-excel-to-learn-about-data-analytics.html
With many software applications available that will analyze data available, most anyone can create visualizations. The options for the types of visualizations is nearly endless. But what graphic can tell the story of your data the best.
This infographic shows many of the basic rules of creating visualizations. and making them easier for the user.
At a recent conference, Randy Johnston, founder of K2, spoke of the emerging technologies affecting the accounting profession. He also warned of giving into FOMO or the Fear of Missing Out. Most firms cannot adopt all of the new technologies at once.
For the rest of his remarks, see the article on Accounting Today at:
Accountants not only need to analyze data and interpret the results, but they need to tell the story behind the data.
” Stories aren’t just for entertainment. Powerful stories evoke emotion and can inspire us to take action and make changes in ways that a PowerPoint data dump can’t. Those just put us to sleep like a lullaby. “
Help your clients understand the data and better relate to the facts.
For more information see the article at: