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Digital skills

Five Ways Finance Pros Can Use Data to Unlock Business Opportunities Logo aicpa

  Ash Noah, CPA, FCMA, CGMA |   Free |   AICPA |   28 Jan 2016 |   AICPA Insights

Accountants in business have access to a wealth of data sources--from call center recordings to customers’ social media posts and everything in between. The question is this: How does one look beyond traditional business metrics and recognize the commercial potential of embracing this wider set of data? 

This blog post presents five suggestions to help your company gain a competitive advantage by becoming a data-centric organization.

Topics covered:
  • Assurance: Technical: Audit: Data analytics, Foundational
  • Management accounting: Digital skills: Data strategy and planning, Foundational
  • Management accounting: Digital skills: Data analytics, Foundational

2 Comments/Reflections

Tatenda Muranda

Tatenda Muranda Apr 2016

I am now able to understand what new data our company needs, besides the existing data that has been used.Our company has a website and Facebook page. These platforms can be used to generate data through customers comments and feedback. This would be able to be used to meet customer needs and gain competitive advantage.

New data which can be used by the organisation to reduce costs . By exploring data on the internet - global market. The company can find ways to reduce costs , by generating ideas from data used by companies in the same industry globally through the use of technology.

To a greater extent I was able to meet my objectives of finding ways in which data can be used to create opportunities to an organisation. I am now able to identify suitable data for the company by generating data on different electronic services platforms.. I am also now able to influence team members on how data can be used to reduce costs which can assist in generating an increase in profits.

However, I still need to suggest to my supervisors on the employment of adopting data strategy development, as well as suggesting a creation of a data team which can assist in the continuous development and employment of data in the organisation.

Staff members would also need to be trained and informed so that they know the value of data as an asset to the company. Different communication platforms can be used to disseminate the information. This will assist in the organisation to influence staff on how data can be used effectively and efficiently.
Susan Swift

Susan Swift Feb 2016

Will think about data as key as an improvement opportunity area , need to also think in the widest terms re its source re drivers.