5 posts categorized "Data Analytics " Feed

Four steps to get started with data analytics

GettyImages-903141924You know data analytics is changing the way accounting and finance professionals work. If you don’t know how to get started on your data analytics journey, let us help.

We spoke to two experts during a recent LinkedIn Live lunchtime event called Hear from your peers: Building your skills and your practice with data analytics. The panelists shared their expertise and answered questions. From that discussion, here are four steps they recommend to get started with data analytics.

  1. Get a baseline understanding.

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Use data analytics to drive your business

Shutterstock_148158431There’s a lot of buzz surrounding data analytics. But what does it actually mean in a company’s day-to-day business? According to the information technology research and advisory company Gartner, data analytics provides a data and insight-centric approach to solving a business problem. The entire organization can use the created insights to drive business decisions. It’s not just about developing a lot of reports, building models or moving data around, but instead it’s about solving business problems to make decisions faster and more effectively.

My company runs amusement parks, water parks and family entertainment centers across the country, with millions of visitors each year. We’re only about five years old and continue to acquire new parks. Some of the considerations we’ve used data analytics to address include:

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How the Boston Red Sox win with data analytics

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This blog has been updated as of 9/24/2020

Usually at this time of the year, the baseball stands are packed with fans watching their teams vie for a spot in the playoffs. The year 2020 might go down in history as the strangest baseball season ever due to COVID-19, but the games go on. And so, does the work of the staff that keep a major league team going. As one of the highest-valued Major League Baseball franchises, the Boston Red Sox leverage the power of data analytics to make better business decisions.

Last year, we interviewed the franchise’s Executive Vice President and CFO, Tim Zue, about how his team uses data analytics in every-day work. Here’s his advice on how finance leaders can use data analytics to bring greater value to their organizations and customers.

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3 ways data can evolve your business

Shutterstock_218740615If you’re not on the data science wagon yet, you should probably consider jumping on in the near future. With 2020 right around the corner, data will continue to remain at the forefront of decision-making – and we’re bound to witness ever more ways it can evolve the marketplace.  

Still convincing yourself that data can help a business thrive? Here are three benefits that might make you think it can.

It can improve efficiency.

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Are you the analytical type? A cool, new path is emerging.

 

Shutterstock_606046391As a CPA or CGMA, you excel at getting into the weeds. Whether it’s a reporting discrepancy or buried tax provision, you will find it. More importantly, you know how to arrange those weeds to form a bouquet that helps your client.

Now, with software spouting numbers on everything from revenue and sales to “likes” and clicks, a new business opportunity is opening up, one that lets you use that great analytical mind to serve clients who desperately need help with getting a grip on all that data.

“CPAs are ideally positioned to be able to step in and do that type of work.” said Dan Griffiths, CPA, Strategy and Leadership partner at Tanner LLC. Griffiths ought to know. In addition to Tanner’s tax and audit practices, the firm has stretched its accounting arms to carry a range of specialty consulting services such as strategic planning, cybersecurity and, now, data analytics.

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