Accountants to rely more on big data in 2020

CPA firms are embracing data science and analytics to improve performance at their companies, leveraging the technology to improve their organization’s data governance and analysis capabilities.  Accountants will need to continue to develop the necessary skills to pace with technology and act as strategic business partners with their clients.

 It is expected that the number of companies deploying big data will double in the near future, as the potential to improve organization performance is a very significant factor for these organizations.  The rate at which companies are deploying big data is even greater than some other hot technologies.  Because companies using leading-edge analytics can have a significant advantage compared to their competitors, all organizations – regardless of size – need to start going down the analytics road in order to remain competitive

With big data, there is an opportunity for finance to go real time.  Big data is going to enable the finance function to improve its insights and analytical capabilities which will provide users a way to examine the results of operations in a precise and meaningful manner.

 Data visualization may become a necessary part of the CPA. Because an important role of a CPA is to serve as a bridge between the data scientists and management, it will likely fall to the them to convey the results of that analysis to clients in a way that’s actionable.

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Marci RomneyAccountants to rely more on big data in 2020