Big Data revolutionizes the accounting industry

In the big data era, the whole world is built on data, and all enterprises have massive data headaches. In the face of such data, the pressure on decision makers comes along. How to make good use of the data is the key to decision-making. In this big data era, the benefits brought by applying big data are inevitable trends. We must follow the development of the previous era to change the traditional way of thinking, and use the latest big data analysis tools to use our massive data.

In traditional industries, we may be able to review the feasibility of new projects through a set of solid methods to ensure their effective use. In Internet enterprises, this method is no longer feasible, and financial personnel need to have new ideas to review the project. On the other hand, the products, technologies, and competitors of Internet enterprises are rapidly changing, and financial personnel cannot make budget plans based on the traditional fixed thinking.

 

I. Transition from focusing on financial data to Comprehensive Thinking

 

Meng Xiangyun, chief accountant of Baosteel Group, believes that in the past decade, the CFO of many enterprises has been transforming from a traditional "big accounting" focusing on financial data, currently, CFO needs to integrate financial data and non-financial business strategies and economic behavior to analyze the future prospects, and its functional orientation and working ideas have undergone great changes.

 

Ii. Transition from specific accounting work to value creation

 

Xu Bo, chief financial officer of supor, Zhejiang province, said that with the emergence of many complicated new things, enterprises require CFO to have comprehensive knowledge, including accounting and reporting, it also includes internal control, auditing, and tax financing. Financial personnel will spend more and more time creating value, not specific accounting work. Financial personnel must cooperate with the company's strategy to help the company achieve both growth and profit margins financially.

 

Iii. Transition from accounting-oriented to risk management

 

Qin Zhengyu, deputy general manager and Chief Financial Officer of zijiang enterprise group in Shanghai, said that the CFO positioning 10 years ago was dominated by accounting and supplemented by management, this includes the design of the accounting system, establishment of regulations, report analysis, and information feedback. China's recent ten years have seen great economic development. Every enterprise wants to seize development opportunities. In the past two years, the profit rate and growth rate of traditional manufacturing have gradually become average, and enterprises need CFO to take responsibility for value manufacturing differentiation and risk management control.

 

If big data can be converted into information and intelligence, the value of data can be maximized, and financial personnel can easily find data and business by using data analysis software, association between non-financial data. At present, there are some big data analysis software on the market, and everyone does not know which one to choose. Here, I will introduce you to a free business intelligence product, magic mirror is designed for Big Data visual analysis solutions in the hardware industry. It can customize data analysis and display data in combination with business needs, so that users can better understand the meaning of data.

Big Data revolutionizes the accounting industry