Business Analytics: Transforming the Role of Management Accountants

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Abstract

Abstract

Business analytics is the practice of leveraging an organization’s business data and information to gain insights through technology and analytical tools to achieve the organization’s strategy and objectives, meet competitive pressures, and to create value for the organization. Companies that successfully harness business data and information will see improved business performance because they will be able to make data-driven decisions through business intelligence and insight provided by the analysis. Management accountants are positioned to play a key role in the implementation and application of Business Analytics in their organizations as they move beyond traditional transaction based accounting to analytics. This emerging trend will transform how management accountants analyze and interpret data for their companies. It is imperative that they understand the implications of these changes so they can leverage Business Analytics as soon as possible to effectively manage their organization’s information. This practitioner paper examines the management accountant’s role in Business Analytics, the new data ecosystem and changing picture of data for Business Analytics, opportunities and challenges facing organizations’ Business Analytics adoption, Business Analytics examples and applications, Business Analytics software tools, career opportunities for management accountants in Business Analytics, an organization structure and process for facilitating and implementing Business Analytics, and the case for management accountants’ participation in Business Analytics.
Keywords: Business analytics, management accountants, data ecosystem, data visualization, business analytics applications, business analytics implementation


Authors

• Kristine M Brands, Regis University

• Mark A Holtzblatt, Cleveland State University