06 Dec Requirements: Instructions: Respond to the discussion topic post
Requirements:
Instructions: Respond to the discussion topic post below.
· Responses must be substantial (several paragraphs each) Responses should have proper support with at least 1 different source as applicable.
Discussion Topic covered:
http://www.youtube.com/watch?v=OOw7PwA5LrI
Review the video and using peer reviewed articles, discuss if you agree or disagree with the presenters on the use of big data and data analytics. To further support your opinion, discuss how you feel data analytics should or could be used in managerial accounting or if you feel data analytics could or should not be used in managerial accounting. Be sure to provide specific examples including information from professional associations such as the IMA (Institute of Management Accountants) .
Respond to this post:
Modern organizations are increasingly using big data to shape and implement their strategies. I agree with the presenters in PwC (2014) that companies should determine how they can use insights generated from data analytics in making critical decisions. Indeed, data alone is not useful, and organizations need to use analytics to obtain relevant insights related to their business. Efforts to use big data should also include analyzing consumer behaviors. Such an approach will certainly allow firms to determine changes in consumer preferences and align their strategies accordingly.
Moreover, organizations need to create the right environment that supports data analytics in managerial accounting. According to the Institute of Management Accountants (2020), companies need to adopt processes, structures, and incentives designed to foster analytical decision-making. These efforts include providing information to the entire workforce concerning how analytics influences the organization’s performance. Equally important, managers should lead as an example by demonstrating how they can use data analytics to obtain insights from accounting information (Warren Jr, Moffitt, & Byrnes, 2015). The need for modern firms to ensure that their cultures encourage employees to leverage data analytics benefits in managing a company’s operations is essential.
Therefore, more than just having access to big data, companies should invest in data analytics to manage accounting information effectively. This strategy helps organizations to acquire valuable insights regarding consumer behaviors, which can be used in shaping company strategies and making critical decisions. Adopting data analytics within an organization can be more effective if managers take it upon themselves to lead as an example. Such an approach allows business leaders to create an ideal environment that supports big data analytics across the entire organization.
Institute of Management Accountants (2020). How to embrace data analytics to be successful. https://www.imanet.org/insights-and-trends/technology-enablement/how-to-embrace-data-analytics-to-be-successful?ssopc=1
PwC US. (2014). PwC’s perspective on big data and analytics. YouTube. https://www.youtube.com/watch?v=OOw7PwA5LrI
Warren Jr, J. D., Moffitt, K. C., & Byrnes, P. (2015). How big data will change accounting. Accounting Horizons, 29(2), 397-407.
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