Dubai United Arab Emirates: The Institute of Management Accountants (IMA®) released a report today that reveals an industry-wide desire for leading-edge analytics. The report, “The Data Analytics Implementation Journey in Business and Finance,” explores the extent to which advanced analytics are being developed by organizations, the business case for implementing advanced analytics and the impact of leading-edge analytics on the role of finance.
The report finds that a key area in which analytics has the potential to deliver substantial benefits is in strategy formulation and implementation. However, despite realizing the importance of advanced analytics, implementation remains a work-in-progress for many organizations, with only 8.5 percent of organizations having completely implemented their desired analytic techniques and technologies.
“What differentiates high-performing companies from others is the ability to make timely decisions to stay ahead of their competition in developing and executing a strategy,” said co-author Raef Lawson, Ph.D., CMA, CSCA, CPA, CFA, CAE, professor-in-residence and vice president of research and policy at IMA. “This lack of agility stems from taking too long to gather data and making data-driven decisions, both of which can be aided with fully-implemented analytic technologies.”
“Organizations in the Middle East are coming to terms with the Fourth Revolution. IoT, Big Data and continuous technological advancement arehelping automate the value chain and bring operational efficiency to enhance business performance. The public sectors are being encouraged by regional governments to become “smarter” by embracing innovation, becoming paperless and depart from traditional business strategies,” added Hanadi Khalife, Director, MEA and India Operations at IMA.
The report also finds that despite ominous forecasts that analytics will eliminate many jobs in accounting and finance, most organizations believe that only a few processes have changed – or are likely to change – due to the use of analytics. More details regarding this and other findings are available in the report.
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About the Authors
Raef Lawson, Ph.D., CMA, CSCA, CPA, CFA, CAE, is professor-in-residence and vice president of research and policy at IMA. Toby Hatch is a senior product marketing director for enterprise performance management with Oracle Corporation. Denis Desroches, an enterprise performance management specialist since 1993, has supported organizations with the selection, implementation and knowledge acquisition of scorecard, performance management and activity-based management solutions.
About IMA® (Institute of Management Accountants)
IMA®, named the 2017 and 2018 Professional Body of the Year by The Accountant/International Accounting Bulletin, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant) program, continuing education, networking and advocacy of the highest ethical business practices. IMA has a global network of more than 100,000 members in 140 countries and 300 professional and student chapters. Headquartered in Montvale, N.J., USA, IMA provides localized services through its four global regions: The Americas, Asia/Pacific, Europe, and Middle East/India. For more information about IMA, please visit www.imanet.org.
© Press Release 2019