A survey conducted by NVP revealed that increased usage of Big Data Analytics to take decisions that are more informed has proved to be noticeably successful. All that’s required is somebody in the business that understands two key fundamentals: data analytics and data science. The foremost goal of any organization is profitability, and customer satisfaction is a huge component of the success of a business. It has become more important with big data and financial companies have been the prominent user of it, to determine events before they occur.
In the current marketplace where there is cut throat competition for survival, various companies have critical data issues which need to be solved to give proper insights in real time. Customer Relationship Management (CRM) software is an excellent business management tool.
The process of financial accounting on the other hand records the comprehensive cost. With changing business landscapes, various companies are making heavy investment in business analytics in order to make better business decisions, getting help from raw facts and figures generated from the past.
Throughout the years, data science has become an essential part of many sectors of land management, commerce sectors, threat control, fraud, business analytics and many other areas. Under the former, only those transactions for which actual cash (real time receipts of payment which may be in terms of cash or check) has been exchanged in the given accounting period, are recorded as either income or expenditure.
The reduction of these expenses during troubled times in order to keep up with the cut-throat competition is a crucial responsibility that the management team needs to undertake. Assuming the accounting period followed by ABC & Sons to be 1st April to 31st March, the entire amount of USD 30,000 will be recorded as revenue for the accounting period of April 2010 – March 2011, since it is earned on 25 January 2011.