Data analytics and mining are the fastest-growing disciplines in accounting and general management. Today there is no shortage of data, but relatively few organizations have established an environment and ongoing process to isolate, capture, analyze, and convert data into actionable information.
DESIGNED FOR
Public, private and nonprofit organizations and their members — CFOs, CEOs, controllers, auditors and managers. The program is aimed to assist those just beginning the journey as well as those who want to test their current efforts or are considering the need for a restart.
BENEFITS
- Determine the current state of data analytics within an organization and provide a sound foundation to assist an organization in becoming data driven
- Identify common uses of analytics in organizations today and introduce expanded sources of data for analysis
- Explore numerous statistical and software tools that are readily available and review and improve current key performance indicators (KPIs) in an organization
- Get a list of specific areas where financial professionals can add significant value through data analytics both today and in the future and get references for future research
HIGHLIGHTS
This session explores, in some detail, how an organization can successfully become data driven. The discussion includes numerous examples demonstrating how accounting and financial professionals can build upon their current analytical skills to better perform traditional tasks and assume a role as a business partner with others in their organization. The following topics will be discussed:
- Definition of data analytics and big data; challenges and goals; establishing an environment for success; governance; common uses of analytics and current examples
- Behavioral forces that impact decisions; examples of inaccurate forecasts; identifying strategic measurements (KPIs); data sources
- Statistical tools, including median, mode, moving average, ratio analysis, Pareto analysis, trend analysis, regression, z-score, and simulation
- Software tools that are readily available and can assist in visually exploring data, expanding the scope of available data, as well as collecting, analyzing, and presenting results
- Specific ideas for using data analytics for accountants and financial managers, including current examples and areas for further consideration
- Lists of readings and next-level software for a participant’s future reference
In addition to discussing a number of analytical tools, including available software, lists of reference books and next-level software are provided. This program continues to build upon the Controllership Update Series (Risk Management; Current Survival Skills; Budgeting, Forecasting, and Big Data; Mergers, Acquisitions, and Alliances and The Next Decade for Business Following Tax Reform).
COURSE LEVEL
Basic
PREREQUISITES
Experience and/or exposure to financial management.
ADVANCE PREPARATION
None