Big Data to Play Larger Role in Accounting

A new report reveals that accountants feel that technologies like real-time analytics, machine learning, AI and blockchain will have an increased role in their workflows in 2020. The Institute of Management Accountants surveyed its members and 170 CFOs and other management accountants responded and said they see big changes coming. Data science is being increasingly adopted to improve data governance and analytics capabilities. The respondents said it will continue to be necessary for accountants to keep pace with the changing technology and develop the skills needed to make the best use of it. Four key elements must be present for organizations looking to become data-driven data-savvy people, quality data, state-of-the-art tools, and a supportive organizational culture,according to the report.The report stated that the number of companies deploying big data will exceed the adoption rate of data visualization and process automation.

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