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Data analytics software for business

While just a few years ago the necessity for accountants to have data analysis skills was a relatively minor concern, the recent pace of technological changes and increasing volumes of data being dealt with, has created a need for finance professionals to be able to manipulate and analyse data to aid in-depth insights, improve financial reporting and ultimately facilitate better business decision making.

Excel and spreadsheets have long been the main tools which accountants use for data analysis. However, businesses dealing with unusually large data sets (such as those operating online) will be better suited to data analytics software due to its ability to automate data collection, real-time analysis and augment insights from different sources. Ancillary benefits of data analytics software include being able to effectively business partner across entire organisations by visualising data graphically and by incorporating data sets from a number of different departments.

An end to end solution, incorporating data preparation through to augmented analytics, Microsoft’s Power BI has substantial user adoption due to its seamless integration with Microsoft Office products.