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New Report Highlights Six Key Organizational Factors Necessary for Implementing Leading-Edge Analytics
Giuseppe Barone
IMA
(201) 474-1681
giuseppe.barone@imanet.org
Taylor Fenske
Stern Strategy Group
(908) 325-3866
tfenske@sternstrategy.com
IMA
(201) 474-1681
giuseppe.barone@imanet.org
Taylor Fenske
Stern Strategy Group
(908) 325-3866
tfenske@sternstrategy.com
Montvale, N.J., February 19, 2019 – IMA® (Institute of Management Accountants) released a report today outlining six key factors for successfully establishing a data-driven organizational culture, a necessary step in implementing advanced analytical capabilities. The report, “How to Embrace Data Analytics to Be Successful,” explores how organizations are navigating the path toward embracing a data-driven culture.
The new report finds that successful data analytics implementation – like many enterprise-wide transformations – is an initiative that affects the entire organization, signaling the need for a culture that’s ready for the deployment of leading-edge analytics.
“The benefits of implementing a data-driven culture are clear – including more effective key business processes performance, strategy formulation and performance evaluation,” said co-author Raef Lawson, Ph.D., CMA, CSCA, CPA, CFA, CAE, professor-in-residence and vice president of research and policy at IMA. “But before venturing down the path of implementing leading-edge analytics, professionals must recognize whether or not their organization has the necessary traits we outlined.”
The report explores four necessary elements identified in a company looking to develop advanced analytical capabilities – data-savvy people, quality data, state-of-the-art tools, and organizational intent, likely the most important of the four. More details regarding this and other findings are available in the report and on IMA’s new Technology & Analytics Center, a relevant and robust portfolio of technology and data analytic resources for accounting and finance professionals. This research follows IMA’s previous report, “The Data Analytics Implementation Journey in Business and Finance,” which noted the power of leading-edge analytics in maintaining a company’s ability to compete and, perhaps, gain an edge over competitors.
About the Authors
Raef Lawson, Ph.D., CMA, CSCA, CPA, CFA, CAE, is professor-in-residence and vice president of research and policy at IMA. Toby Hatch is a senior product marketing director for enterprise performance management with Oracle Corporation. Denis Desroches, an enterprise performance management specialist since 1993, has supported organizations with the selection, implementation and knowledge acquisition of scorecard, performance management and activity-based management solutions.
About IMA® (Institute of Management Accountants)
IMA®, named the 2017 and 2018 Professional Body of the Year by The Accountant/International Accounting Bulletin, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant) program, continuing education, networking and advocacy of the highest ethical business practices. IMA has a global network of more than 100,000 members in 140 countries and 300 professional and student chapters. Headquartered in Montvale, N.J., USA, IMA provides localized services through its four global regions: The Americas, Asia/Pacific, Europe, and Middle East/India. For more information about IMA, please visit www.imanet.org.
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The new report finds that successful data analytics implementation – like many enterprise-wide transformations – is an initiative that affects the entire organization, signaling the need for a culture that’s ready for the deployment of leading-edge analytics.
“The benefits of implementing a data-driven culture are clear – including more effective key business processes performance, strategy formulation and performance evaluation,” said co-author Raef Lawson, Ph.D., CMA, CSCA, CPA, CFA, CAE, professor-in-residence and vice president of research and policy at IMA. “But before venturing down the path of implementing leading-edge analytics, professionals must recognize whether or not their organization has the necessary traits we outlined.”
The report explores four necessary elements identified in a company looking to develop advanced analytical capabilities – data-savvy people, quality data, state-of-the-art tools, and organizational intent, likely the most important of the four. More details regarding this and other findings are available in the report and on IMA’s new Technology & Analytics Center, a relevant and robust portfolio of technology and data analytic resources for accounting and finance professionals. This research follows IMA’s previous report, “The Data Analytics Implementation Journey in Business and Finance,” which noted the power of leading-edge analytics in maintaining a company’s ability to compete and, perhaps, gain an edge over competitors.
About the Authors
Raef Lawson, Ph.D., CMA, CSCA, CPA, CFA, CAE, is professor-in-residence and vice president of research and policy at IMA. Toby Hatch is a senior product marketing director for enterprise performance management with Oracle Corporation. Denis Desroches, an enterprise performance management specialist since 1993, has supported organizations with the selection, implementation and knowledge acquisition of scorecard, performance management and activity-based management solutions.
About IMA® (Institute of Management Accountants)
IMA®, named the 2017 and 2018 Professional Body of the Year by The Accountant/International Accounting Bulletin, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant) program, continuing education, networking and advocacy of the highest ethical business practices. IMA has a global network of more than 100,000 members in 140 countries and 300 professional and student chapters. Headquartered in Montvale, N.J., USA, IMA provides localized services through its four global regions: The Americas, Asia/Pacific, Europe, and Middle East/India. For more information about IMA, please visit www.imanet.org.
DOWNLOAD NOW