Question

Business Intelligence impact on accountants? A paper outline. The outline should be as specific as possible regarding researching and presenting. Project topics will be approved on a first-come, first-served basis.

Answer 1

ANS :  

For the uninitiated, business intelligence, or BI, simply involves in-depth, constant analysis of any factors you define as standards for organizational success. At a bare minimum, for instance, your digital marketing team may produce reports that detail the individual ROI of each social media campaign they pursue. Most effective BI assessments break things down even further. By choosing key performance indicators, or KPIs, you can derive clear and comprehensive insights from general operating data.

Going back to the marketing example, your team of social media experts may individually track KPIs like how many times people comment on posts or follow links to your homepage. Because these behaviors result in different rates of conversions and purchases, you'll get a more accurate picture of what's worth your effort. By getting into the nitty gritty, business intelligence sheds light on what really makes your organization tick. This capability comes in handy when you're trying to implement effective controller services..

How Does Business Intelligence Relate to Accounting Technology and Methodology

Tracking business-process factors can reveal trends that impact your bottom line. For example, an industrial manufacturer that keeps detailed logs of how long their production lines are up and running each month may gain insights into operating expenses like utility payments. If they take it further and plot these figures against the frequency and cost of maintenance actions, they might be able to control expenditures by rethinking their factory and service-call schedules.

BI can also provide business leaders with examples that translate to more effective accounting practices. BI software tools aggregate and organize large volumes of data, so they rely heavily on reporting, dashboards and layout components to make sense of what's going on. Teams that use these tools are commonly tasked with customizing and modifying them to increase understanding. As your company grows, having firm knowledge of how to communicate complex data clearly may make it easier to manage complicated bookkeeping tasks.

In today's business world, we are faced with high volumes of data. New developments in IT provide organizations with effective and efficient access and storage of information. In any case, there is a long distance between the mass of data and its use. Management accounting information system has changed as a key to success in today's business environment. In the field of management accounting, if the accounting information system is not capable of providing information to business managers timely and quickly, organizations' success will be threatened in the competitive environment. To cope with competitors and growth of long-term strategies, the accounting information system should benefit from business intelligence techniques to provide timely and effective financial information. The important competitive advantage against opponents and business competitors in the market is the most important reason to create intelligent systems. The purpose of business intelligence is to help control the flow and resources of business information within and around the organization. In this study, based on the research objectives, using a meta-analysis, some of the applied criteria and parameters of accounting information systems were examined based on business intelligence features. In addition, a model was proposed based on four categories of relationships and inferences, warning and reporting systems, and tools for effective analysis and decision-making. Among the criteria in the literature review are group decision-making, optimization, integration, simulation, traffic reports, prototyping based on the original version, two-way argument process, awareness technology, informing on the content, fuzzificatio, data mining, data storage, real-time analysis process, establishing communication channels, creating intelligent factors etc. Therefore, the necessity to use a business intelligence-based model in management accounting information system is proposed.