Data – Deluge and Decisions | Episode 1 | Welcome with Andrew Harding

Keeping one step ahead, we hear from thought leaders on accounting in the digital age. The power of passens, how data can be today’s most valuable decision-making tool. And the hidden cost of IT when it’s not fit
for purpose. Hello and welcome to Data Deluge and Decisions, a programme where we look at accounting is being transformed in the digital age. I’m Natasha Kaplinsky. In partnership with The Chartered Institute of Management Accountants, we bring you reports On how management accounting, financial accounting, and business focus are delivering sustainable success. First up though reporter Nick Wallers spoke to Andrew Harding – Cheif Executive Management Accounting At The Association of International Certified Professional Accountants about decision making in a data deluge Accounting can sound dry, can sound very conservative But actually this leading age business-decision making stuff. It’s just not about numbers, it’s not just
about pounds and pens, dollars and yen. It’s about measuring all kind of things that
matters to business and it’s about planning For future success as opposed to looking back at the past. Tell me how management accountancy assists decision making at executive level? We are living in this world now where all the talk about is big data, the information that we have. With questions being quite rightly raised about the varsity of that data. The management accountant is really there to not only own the data and to present the data In a way that can be digested but also to
use that data to provide the insights that Enable business leaders to take the right
decision for the future. So making the right decision and being able to communicate that effectively is using all the skillsets of management accountant in this context? Management accounting brings all of those things into play. The intuitive business leaders is still really important. Having that understanding of your custom, understanding of the market is absolutely great. How do we get that into action? Equally though how do we also align all the data to either support that intuitive you Or challenge the intuitive you? Those are both key parts going forward. There have been many great intuitive decision made as have bad intuitive decision made. You know, great leaders have actually crashed their business on many occasions having made them success I guess it’s important not just to understand The numbers and be able to analyze them properly but to communicate the information within The fellow executives and the wider company. When we look at skillsets, we see the technical skills are probably just a quarter of the piece. Add to that business acumen, leadership and just what you have said; communication. If you are going to provide decision-relevant information, you got to be in that position To make that information not only digestible but also influential. And that’s where communication comes in, that’s where leadership comes in and increasingly As the world becomes automated, those skills become more and more important And in people’s careers, that’s what differentiates the best form the rest To what degree do management accountants have to have an eye on the future thinking about the way companies and the industry environment is going to change? They need to aware of what the opportunities are, they need to be aware of what the threats are And know more so then around the technologies. We talk about increasing robotization We talk about how that will affect clerical
jobs? How that will affect finance jobs? When we go out and talk to management accountants about that, they see opportunity. Yes, 75% of our members that we talk too about technological change say this means we can do our job Better because it will free us up from those mundane tasks. To be able to provide better insights, to
provide better leadership. So understanding those things; understanding where the opportunity lies is crucial. I think you know if you come to an understanding where the threat lies that doesn’t take you really very far But being able to see those opportunities and drive the value from them, helps not only The individuals but also helps the business to fulfill the potential and to stay ahead

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