Accountants are in higher demand now than ever before. Companies from startups to the enterprise level are continually looking for individuals with accounting skills. While these professionals are desirable, it is possible to set yourself up for even greater success by adding on additional in-demand skills. This is because while accounting as a financial skill is desirable, the ability to take the skill and focus it on analytical analysis takes a professional and pushes them to the top of the employment ladder.
The Importance of Analytical Data
Accounting has always been the process of monitoring a company's books, looking for areas of excess where a company can save money while keeping financial assets in order. In many ways, accounts have worked in monetary analytics for some time. Now, however, in the modern world of business, analytical data is more crucial to a company's success than ever before.
Analytical data uncovers where potential clients are coming from, what they are spending money on, what kind of advertisements are connecting with these demographics, and so on. By unlocking the information stored within a company's analytics, it becomes that much easier for a business to propel itself, make it more efficient and improve sales, all at the same time. All the information a business needs to improve its performance is right there for the taking. In fact, most businesses already have the information sitting in their lap. The companies just need someone who is able to decipher it. As an accountant possessing analytical data skills, you'll have the keys to unlock a company's success.
Data Analytics Works For Any Business
One of the reasons why an accountant with data analytic skills is so valuable is that they can work in any business, industry, or sector. This is because while the key demographics and variables do change from one industry to the next, the ability to read this information does not. So it doesn't matter if you've gained your skills in the manufacturing sector and now you're moving to a retail outlet. All the skills you have are transferable. There really is no limit to the kind of jobs you have access to once you have mastered these skills. It is why, if you're already an accountant, you need to pursue adding data analytics to your tool kit.
Different Kinds of Data Analytics
Now, while your skills will transfer from one business type to the next, there are different kinds of data analytics you'll need to consider. These can be broken down into four main data analytical categories (and from there, many of these categories can then be broken down into subcategories). The categories are descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics.
With this form of analytical data, you'll dive into what is currently happening with a business. This includes the flow of money into a business, expenses, inventory, taxes, and revenue. Descriptive analytics is a real-time form of data analysis and often requires the ability to make quick decisions based on the information.
This form of analytical data is all about determining what caused something to happen. If sales are down, you need to identify why this might be. Perhaps a shift in the demographics occurred, or industry trends have shifted. Whatever the reasoning, the diagnostics analytics will uncover this information.
Predictive analytical data is designed to forecast what is most likely going to happen. By looking at both company and industry trends, the information will point out what will likely happen, both short term and long term. With analytical deciphering you're able to evolve your forecast as more information becomes available. However, a company will build its marketing, production, and sales material around predictive analytics.
This functions alongside predictive analytics. However, instead of predicting what is going to happen this identifies what should happen. There are often last-minute changes in different industries that can affect forecasts. So in some instances, you may offer a prediction as to what will happen, while other times you'll point out what should happen based on the information.
At ICS we aim at connecting you with the best positions possible. Whether you're looking for a basic accounting position at a smaller company or you want to learn new ways to make yourself more attractive to major corporations, our team is here to help. If you already are an accountant but want to elevate your job potential to new heights, we highly recommend improving your data analytical skills. If you're looking for ways to do this, or already have the analytical background and need help connecting with the right employers, let us work with you. We'll help forge the connections you need to reach new levels of success. Click below to start searching for your next opportunity to shine.