In today's world Accountants and Financial Professionals can benefit their clients immensely. With facts and statistics which already exist, professionals can help their clients make a decision which they could not before. In this article, Conus Consulting UK provides basics of the data for the starters and identifies how to get practices ready for the service.
Prime benefits of Data Analytics
Big businesses are already data-driven, not many small to medium. Data Analytics when embraced by the Accountants and Financial Professionals, will firstly benefit their clients.
Data Analytics may:
Analyse and solve matters of each client individually
Identifying business opportunities
Save on expenses
Raise Cash flow
Save from potential risks and frauds
Improve customer experience
Auditors may improve the efficiency and effectiveness of the audit of the financial statements. Data Analytics would help in performing risk assessment procedures, substantive tests.
Route-map from data to decision
Simple steps can take from date to strategic decisions.
It's all about facts and statistics.
Gather the right figures and numbers.
Identify trends and patterns
Extract more in-depth information
Explore emerging opportunities
Types of Data Analytics
Business & Industries who can benefit more
Farming & Agriculture
Health care & Wellbeing
Prepare for the Service
The Accounting practice has to chalk out a route map to prepare for the offering and delivery of service. They may take all the logical steps they should launch a service, more importantly:
Prepare the team
Collect information and train the team
Find the right Business Intelligence tools
Increase proficiency with the Business Intelligence tools
Coin the service
Add value to the service
Conduct presentations on the value of Data Analytics and how best the practice can help the clients
Market the service
AICPA check presentation on Data Analytics here..
AICPA Article on Data Analytics here...