LMRPID-397432
Page 63
3rd April 2021
Role of Business Analytics and Management Accountant in Making Strategic Decisions of Small and Medium Businesses
Researcher- KHANDKAR MOHAMMAD ALI ASIM | LGMID-27199320190101625
Reviewed by:
1. Dr. Anthony
2. DH Sakib
3. Taskin Karim
Contents:
- Abstract / Summary
- Introduction
- Business Analysis and Intelligence
3.1 What is Business Analysis and Intelligence
3.2 Development of Business Analytics in Modern Era
3.3 Impact of Analysis on Accounting Information
3.4 Responsibility of Accounting Information Analytics
- Management Accounting and Business Intelligence
4.1 Role of Management Accountant on Data Mining
4.2 Accounting Information Quality and Business Strategy
4.3 Cost Savings and Increase Profitability
4.4 Coping Challenges and Innovation in Business Processes
4.5 Upskill and Improvement in Management Information Analysis
- Strategic Decision Making Process
5.1 Development of Strategic Decision Process in Small & Medium Businesses
5.2 Importance of Business Intelligence and Accounting Information
5.3 Role of Analytical Accounts Information
5.4 Profitable and Sustainable Decision Making
- Does Management Accountant need to have Business Analytics Skill?
- Performance Evaluation of Accountant in Making Business Strategy Cases
- Conclusion
- References
- Appendix
1. Abstract
This paper focuses on the role and relation of business analysis and management accounting in making small or medium-sized businesses strategic decision making. In an effort to improve business profitability and sustainability, strategic decision-making plays a vital role. Data on business financial performance and market trends is necessary to have a predictive and successful strategy. The potential current development of business intelligence and analytics impact the decision-making process in a manner that never happened before due to the modern data analysis techniques, predictive data mining and reporting as thoughtful information. The nature of management accountants’ responsibility is evolving not merely from reporting cost-benefit analysis on historical values but also to business performance measurement and opportunities to accept for sustainable growth.
Business analytics uses technological advancement such as Enterprise Resource Planning (ERP) and know-how theory to analyze historical data and results in predictive reports. Management accountants now could also utilize data analytical techniques to answer historical descriptions (what happened), predictive projection (what will happen) and prescriptive solutions (what is optimized) despite their roles in reporting accounts, budgets, costing and profit analysis. In collaboration with IT, skill enhancement could take place for management accountants and avoid increasing headcounts in small and medium businesses where top management relies widely on information provided by account managers for their decision-making process.
This paper contributes to the literature by discussing the importance and roles of business analytics and management accountants and how both can be tied up by upskilling technological improvements such as ERP systems and other analytics tools to make small and medium businesses more efficient and sufficient in making productive strategic decisions.
- REFERENCES
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Capgemini (2007), Business Intelligence to become Leading Business Priority according to Capgemini survey at Microsoft business intelligence conference, Press release, 15 May 2007.
Grabski, S., Leech, S. and Sangster, A. (2009), Management Accounting in Enterprise Resource Planning Systems, Executive Summary, CIMA sponsored research.
Basu, A., 2013. Five Pillars of Prescriptive Analytics Success. Anal. Mag. 8–12.
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Birnberg, J.G., 2009. The case for post-modern management accounting: thinking outside the box. J. Manag. Account. Res. 21 (1), 3–18.
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Cokins, G., 2013. Top 7 Trends in Management Accounting. Strategic Finance. 95 (6), 21–30.
Grabski, S., Leech, S., Sangster, A., 2009. Management Accounting in Enterprise Resource Planning Systems. Butterworth-Heinemann.
Yeoh, W., Popovič, A., 2016. Extending the understanding of critical success factors for implementing business intelligence systems. J. Assoc. Inf. Sci. Technol. 67 (1), 134–147.
Keywords: Management Accountant, Business Analytics, Business Intelligence, Strategic Decision Making, Managerial Accounting,
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