A Guide To The Latest Business Analytics Trends In 2018

Today, businesses are confronted with a high volume and broad range of data that requires effective analysis so that the information can not only be used to enhance and improve business operations, but also provide the business with ability to stay competitive in a business world that has come to rely on technology to maintain profitability. 1 FASB – Financial Accounting Standards Board (an organization which looks after the generally accepted accounting principles (GAAP) by non-governmental organizations. They provide information management & BI solutions as a platform for making decisions and managing organizational changes wisely and carefully.

Gross sales are the measure of the total sales generated by a business over a given period of time. Managerial accounting is done to provide a certain logical money-based mathematics to managerial decisions. From predicting and reducing churn to winning business from new and existing customers, the opportunities are endless.

An Analytics professional should be qualified to carry out collection, cleansing, processing, mining, optimization, modeling and analysis of data from simple to complex levels. A 2007 Gartner Group survey found that business intelligence and analytics are the top priority among growing businesses yet only 36{29605dee68c1b183c971296e05b1536e8a9cef6d5d48c9b4ef1206285b877a40} of those surveyed by Gartner believe that management is analyzing the right information to run their business.

According to Forbes, 53{29605dee68c1b183c971296e05b1536e8a9cef6d5d48c9b4ef1206285b877a40} of companies are using data analytics today, up from 17{29605dee68c1b183c971296e05b1536e8a9cef6d5d48c9b4ef1206285b877a40} in 2015. Being the heart of the Data Analytics process, at this stage, all the information turns into insights that could be implemented in respective plans. A new converged standard ‘Revenue from contracts with customers’ has been released by the FASB1 (Financial Accounting Standards Board) and IASB2 (International Accounting Standards Board) on May 28,2014, along with its implementation dates.

It thus involves comparison, analysis, and business logic to process information regarding transactions. Managerial accounting goes one step forward, and makes a further comparative analysis and statements of figures that are derived by financial accounting and costing.business analytics