CFO Data Analytics and Digitization Revolution Highlights

data-analytics
Presenter Gary Cokins shares ways in which accountants can use data analytics in financial reporting
By DAVEN ROBERTS

As digital technology quickly works to transform every industry, accounting experiences great changes. The sheer amount of data in today’s world can be a great blessing, but only when it is properly leveraged into knowledge and insights. Gary Cokins, founder of Analytics-Based Performance Management, highlighted this in his presentation for CAW Network USA’s event on June 23rd, 2021.

The four following clips are extracts from Gary’s shared thought-leadership. Begin here and, if you want to watch the full webinar, you can find it linked below.

Gary highlights the importance of business analytics in creating meaningful and valued questions. The data landscape is complex and overbearing at times, and it takes the right questions to make meaningful sense of it all.

There’s a distinctive line to draw between business intelligence and business analytics. In this segment, Gary shows the difference between the two and discusses why business intelligence is reactive, while business analytics is proactive, and what this means when both are put in use.
Seemingly every business student and professional are aware of Michael Porter’s three generic strategies of competitive advantage. Gary highlights these strategies but proves how each is becoming more risky in the evolving world of business. There is, however, a universal defense opportunity against the growing risks.
Investments in intangible assets are key to advancing the digitization revolution for many companies. The challenge then becomes, how can a company take their raw data and generate prescriptive analytics? In other words, how do you go from data to decisions? Gary dives deeper into this idea.
Full Webinar available here

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