Accounting Question

the task from the professor is as follow:

Write a memo to your manager, convincing him to incorporate Data Analytics into your accounting/finance system. Your memo should include:

• What is Data Analytics and what can it be used for
• Qualities of a good system
• Advantages of Data Analytics
• How do incorporate a successful Data Analytics system into accounting/finance functions.

You can base your answers on the attached folder , and supplement it with your own research.

use the format in the link below

https://owl.purdue.edu/owl/subject_specific_writing/professional_technical_writing/memos/parts_of_a_memo.html

Upload your memo here in a pdf or Word document (2 – 3 pages)

Using Data to Drive
Decision Making
Learn about the role data plays in understanding disruption and
how to leverage it to build an innovative business model.
Alasdair Munn
Cofounder and Chief
Learning & Development
BoxPlay
Sam McArdle
Head of Partnerships
BoxPlay
LO1:
3
Identify why the future of work
requires you to be data literate
LO1:
The future is
already here.
4
Identify why the future of
work requires you to be
data literate
LO1:
Economic
models are
already
changing.
5
Identify why the future of
work requires you to be
data literate
LO1:
Finite resources
mean we have
to shift from
extraction
economics to
value creation
economics.
6
Identify why the future of
work requires you to be
data literate
New technologies are
driving rapid change:
•
Blockchain
•
Artificial Intelligence (AI) and
Machine Learning (ML)
•
5G and Edge Computing
•
Quantum Computing
•
The Internet of Things (IoT)
7
We are now a
digital economy.
8
Everything digital is data.
It is data that allows
us to function in
the future of work.
9
LO1: Identify why the
future of work
requires you to be
data literate
LO1:
Without a data analytics
infrastructure in place, and
a workforce that is data
literate, an organization’s
ability to transform the
way they approach:
Will fail.
accounting, supply
chain or research and
development
10
Identify why the future of
work requires you to be
data literate
LO1:
So:
11
What is Data Analytics and
why is it important to you?
Identify why the future of
work requires you to be
data literate
LO1:
Data analytics:
12
•
Makes data useful
•
Takes data points and allows
us to find meaning
•
Analyzes data to identify
trends and answer important
questions
Identify why the future of
work requires you to be
data literate
Data analytics:
13
•
Involves the process of
inspecting, cleansing,
transforming, and
modeling data
•
Requires technical
solutions, such as data
pipelines LO1:
and Identify
data why the
future of work
warehousing
requires you to be
data literate
LO1:
Data analytics:
14
•
Data led decision making
•
Supports decision-making
within a business
•
Includes the data strategy
informed by organization-wide
consensus on business goals
Identify why the future of
work requires you to be
data literate
LO1:
For organizations to use data analytics
effectively, they’ll need to rethink how they’re
structured, ensuring the different divisions
and departments aren’t working in silos.
The organization will also need to build a
data analytics infrastructure, bring in data
specialists and upskill its employees.
15
Identify why the future of
work requires you to be
data literate
LO1: Identify why the
future of work
requires you to be
data literate
So:
16
What is the Data
Analytics ecosystem?
LO1: Identify why the
future of work
requires you to be
data literate
Types of
Analytics
17
LO1: Identify why the
future of work
requires you to be
data literate
Data Analytics
Infrastructure
18
LO1: Identify why the
future of work
requires you to be
data literate
Data Analytics
People / Skills
Business teams
19
Data engineer, Data analyst, data scientist, Data architect
LO1:
Your position in the organization puts you
in a great place to form the backbone of the
organization’s drive to becoming data-led.
20
Identify why the future of
work requires you to be
data literate
The accounting function has always
been about systems thinking.
The flow of data from all
corners of the organization.
21
LO1: Identify why the
future of work
requires you to be
data literate
Data analytics can only function by
breaking silos and building a
connected infrastructure.
22
There are two sides to accounting.
Both are just as important and vital to
the organisation as each other:
•
•
Compliance and regulatory duty
Directing and driving the
economic and strategic health of
an organization
They both require access to the data
coming out of all aspects of the
organization by breaking down silos.
23
LO1: Identify why the
future of work
requires you to be
data literate
AI, automation and Machine
Learning have already changed
the face of accounting services.
24
We now know the future of accounting
services is embracing the efficiencies that
AI and automation bring to provide real time
value-added intelligence and services.
25
Automation and Machine Learning LOVE
compliance and regulation.
The structure is perfect for automation.
The upside is this takes the emphasis of
data input away from accountants
26
This leaves more time and opportunity for
accountants to focus on what they love:
Directing and driving the economic and
strategic health of an organization.
Machines can’t do that.
27
Awesome humans on top of
amazing machines can do that.
28
Industry leaders
understand this
change.
Software solutions don’t
allow them to make sense
of their data, or ensure
they’re being compliant.
They need a new type of
accounting professional,
with a new set of skills
and aptitudes, who can
be their data champions.
29
Industry leaders
are seeing this
shift in value.
In which their accountants
change from spending
time working on tick box
compliance and
transactional services.
Shifting toward providing
intelligent, added value,
managing compliance
and providing accounting
strategy and solutions.
30
LO1:
But change is
not easy.
The shift from legacy
systems and processes
has to be purposeful.
Accountancy can and
should lead the way.
31
Identify why the future of
work requires you to be
data literate
LO1:
This brings
about two types
of challenges:
32
•
•
Technological
challenges
Adaptive Challenges
Identify why the future of
work requires you to be
data literate
Technological
challenges
Technological challenges
are easier to tackle.
They are well defined and
can be resourced
through specialist skills.
33
LO1: Identify why the
future of work
requires you to be
data literate
Technological
challenges
Accountants do not need
to become data scientists
or data engineers or set
up the data analytics
infrastructure.
They are accountants
They do need to learn
data analysis skills.
34
LO1: Identify why the
future of work
requires you to be
data literate
Adaptive
challenges
Adaptive challenges are
harder to tackle
They require us to move
away from legacy
systems, processes and
mindsets.
35
LO1: Identify why the
future of work
requires you to be
data literate
Adaptive
challenges
Organizational leaders
want their accountants to
move from:
Crunching numbers
Towards
Oversight & strategic,
proactive planning,
strategy and solutions
36
LO1:
Data-led organizations use data to predict and
project possible outcomes, giving them a better
ability to plan for the future.
When an organization becomes data-led, it
means that it makes strategic decisions based
on data analytics and human interpretation.
37
Identify why the future of
work requires you to be
data literate
LO2:
38
Recognize the role of
business analytics in
decision-making with data
Data is meaningless without
humans to analyse, problem solve,
think critically and apply nuance.
39
Data points can’t make decisions.
They can help qualified, equipped
humans make quicker, more
relevant decisions.
40
Decision making with
data requires:
•
•
•
•
41
Data literacy
An understanding of the data analytics
infrastructure
A change in mindset
An emphasis on human skills
LO2:
Change in Mindset
Regulation & compliance
requires accuracy and following
established rules
Strategic decision making with
data requires a different mindset.
42
Recognize the role of
business analytics in
decision-making with data
LO2:
Historically data has been:
•
•
•
Scarce,
Expensive and
Time consuming
The answer was to simplify
down to one number, or an
average or a total.
43
Recognize the role of
business analytics in
decision-making with data
LO2:
Today data is:
•
•
•
In abundance
Relatively less expensive and
Can happen in near real-time
The barriers to entry have fallen
44
Recognize the role of
business analytics in
decision-making with data
LO2:
As a result the types of
questions we ask from
our data have changed.
Today we are looking for:
•
•
45
Outliers
Variability
Recognize the role of
business analytics in
decision-making with data
LO2:
We get there through
the questions we ask
46
Our human skills are
more important than ever.
Recognize the role of
business analytics in
decision-making with data
Client relationships
have become
more important.
There is a need to
turn soft skills into
essential skills.
47
LO1: Identify why the
future of work
requires you to be
data literate
•
•
•
•
•
•
•
48
Communication
Empathy
Reasoning
Adaption
Critical Thinking
Being a Team Player
Asking the right questions
LO1: Identify why the
future of work
requires you to be
data literate
49
LO1: Identify why the
future of work
requires you to be
data literate
What kind of
Listener are you?
50
LO1: Identify why the
future of work
requires you to be
data literate
We are constantly
negotiating.
51
LO3:
52
Identify how data-driven
decision making can help
your organization gain a
competitive advantage
LO3:
How we think about competitive
advantage is changing
53
Identify how data-driven
decision making can help
your organization gain a
competitive advantage
Traditionally
competitive
advantage
factors were:
54
LO1: Identify why the
future of work
requires you to be
data literate
What does
competitive
advantage
mean today?
55
LO1: Identify why the
future of work
requires you to be
data literate
LO3:
This is achieved
through the
VALUE of data
56
•
Exclusivity
•
Timeliness
•
Accuracy
•
Usage restrictions
•
Risk
Identify how data-driven
decision making can help
your organization gain a
competitive advantage
LO3:
How can Data
provide a
Competitive
Advantage?
57
•
Are we able to convert insights
from data analytics into our
product or service features?
•
How easy is it for competitors to
replicate these features?
•
How quickly will the insights
we’ve gained lose relevance due
to rapidly changing variables?
Identify how data-driven
decision making can help
your organization gain a
competitive advantage
LO3:
•
Do we have unique data assets? If not,
do we have assets that can be better
utilized in alignment with our strategy
than our competitors?
•
Are we better placed to take advantage of
these data assets due to our more
advanced data analytics capability?
•
Are we thinking about our data analytics
in a way that allows us to drive new
insights and value propositions?
58
Identify how data-driven
decision making can help
your organization gain a
competitive advantage
Sustaining
Competitive
Advantage with
Data Analytics
59
LO4:
60
Recall the role data plays in
understanding disruption
and building an innovative
business model
vs
61
LO4:
• Data Analytics Won’t provide a direct
opportunity for innovation.
• It can provide the patterns, insights &
projected outcomes to steer us in the
right direction
62
Recall the role data plays
in understanding
disruption and building an
innovative business model
LO4:
John Behrens, Analytics and AI
executive and author, explains why
we need a shift in mindset around
data if we are to use it to innovate
63
Recall the role data plays
in understanding
disruption and building an
innovative business model
Data analytics
provides the
tools & patterns
for innovation.
But…
The biggest source of
innovation is people.
It requires:
•
•
•
64
A learning culture
A tolerance of
measured risk
An openness to new
ideas and approaches
We can use
data analytics to
fuel innovation.
If we have:
•
•
•
65
A clear data-strategy
A solid data analytics
infrastructure
The right mindset
Bringing it
together: Data
and Bias
John Behrens, brings it
all together through
discussing data and bias
An excellent parting
contribution
66
Thank you
Thank you
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© 2018 Association of International Certified Professional Accountants. All rights reserved.