Imagine an accountant from a decade ago, armed with spreadsheets, navigating through mountains of data. Now imagine today’s accountants: They are expected to be digital maestros, turning data into strategic insight with a few clicks.
This transformation is largely due to one critical skill set: business intelligence software skills.
The engine that drives the profession?
At its core, BI is a technology-driven approach that involves analyzing data to develop and monitor Key Performance Indicators (KPIs) for informed decision-making. It provides a comprehensive view of business operations that includes historical, current and predictive analytics, presented through easy-to-understand, interactive data visualizations.
The use of business intelligence software is essential to dissect and understand various performance metrics. These include financial, sales, marketing and operational KPIs. Through BI, companies are able to closely monitor finances, optimize supply chains and make well-informed decisions, from marketing strategies to mergers and acquisitions.
Central to BI’s functionality are its built-in, customizable dashboards. These dashboards enable real-time reporting and analysis that draw from a centralized database. They allow decision makers to quickly identify exceptions, discern trends and recognize opportunities, allowing for deeper exploration of specific metrics or transactions for more detailed insights.
For accountants, understanding and utilizing business intelligence tools is not just about improving their data analysis capabilities, but about equipping themselves with the knowledge to guide their clients through the complexities of today’s business environment.
The growing importance of business intelligence software skills
The advent of big data and advanced analytics has transformed the accounting profession, with firms now placing a premium on professionals who can harness the power of business intelligence software.
According to a report by Ernst & Young (EY), 53% of senior executives have identified data and analytics as their top priority for investment in the next two years. As a result, accountants who can effectively use these tools to extract valuable insights from vast amounts of data are in high demand.
“Business intelligence software skills are no longer a ‘nice-to-have’ for accountants; they are a ‘must-have,’” says Jennifer Johnson, a former senior associate at PwC. “Accountants who can leverage these tools to provide actionable insights to their clients will be well positioned for career advancement and success.”
A step-by-step guide to improving your software skills
1. Identify the most relevant tools: Start by exploring the most widely used business intelligence software tools in the accounting industry, such as Microsoft Power BI, Tableau, and QlikView. Familiarize yourself with their features and capabilities and decide which tools are most relevant to your current role or desired career path.
2. Pursue relevant certifications and training programs: Many business intelligence software providers offer certifications and training programs to help users develop their skills. Enrolling in these programs can give you a solid foundation in the software and demonstrate your commitment to mastering these tools. For example, Microsoft offers a Power BI certification, while Tableau offers different training options for different skill levels.
3. Take advantage of online resources and communities: There are numerous online resources available to help you learn and improve your business intelligence software skills. Websites such as Coursera, Udemy and LinkedIn Learning offer courses on various tools, while online forums and communities can provide valuable insight and support from other users.
4. Apply your skills in real-world scenarios: Practice makes perfect, so look for opportunities to apply your newly acquired skills in your current role or on personal projects. This hands-on experience will help you gain a deeper understanding of the software and its capabilities and allow you to showcase your skills to potential employers.
5. Stay up to date with industry trends: As the accounting profession continues to evolve, it is important to stay abreast of the latest developments in business intelligence software. Attend industry conferences, webinars and workshops, and subscribe to relevant newsletters and publications to ensure you stay at the forefront of your field.
Shashi Dokania, a former analyst at EY who transitioned into a software development role, credits her success to her dedication to mastering business intelligence software skills.
“Learning these tools opened up a whole new world of possibilities for me,” she says. “Not only did it help me secure a more fulfilling and challenging role, but it also allowed me to provide greater value to my clients and contribute to the success of my company.”
Mastering business intelligence software skills is essential for accountants looking to advance their careers and remain competitive in the ever-changing accounting landscape. By following the steps outlined above and dedicating yourself to continuous learning and improvement, you can unlock your full potential and set yourself on the path to success.