21 October 2008
CIMA (Chartered Institute of Management Accountants) says today that business intelligence (BI ' the structure of online data systems) can help transform the finance function by providing better reports and analysis to inform decision making and by releasing management accountants to provide the decision support that business needs.
This is more important than ever in the current economic downturn.
See www.cimaglobal.com/decisionmaking for a pdf of the report.
Decision making is becoming the basis of competitive advantage and superior performance. Leading global firms have already transformed their finance functions. The efficiency of their accounting processes gives them a cost advantage and they have deployed management accountants in decision support roles. Many companies have also woken up to the potential value in data as a strategic asset and have invested in BI to better inform decision making.
Elsewhere, too many finance transformation and BI projects have stalled and a great number of accountants in business are unable to provide the decision support business requires as they are still too immersed in producing traditional financial reports.
Indeed, until now, many accountants' experience of BI has often been limited to departmental applications specific to accounting processes rather than realising the potential in BI to access a broader range of data and provide operational, management or strategic information to business users as appropriate to their roles.
BI is another step on the journey to free up accountants from costly overhead roles in producing accounting information to realise their full potential in supporting decision making to improve performance and enhance value creation; they need to engage closely with their colleagues in IT to weigh up the business case for implementing a company-wide BI strategy.
Charles Tilley, chief executive at CIMA, explains:
'As the finance function continues to evolve into a broader, more strategic role, changes are evident in the range and format of management information expected by decision makers, knowledge workers and operational staff. BI has become the newest strategic opportunity. Not only does it have the potential to help inform decision making but it also frees up management accountants to help input even further into their organisations' strategic direction.'
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For press enquiries only, please contact:
Katie Scott-Kurti
Senior Press Officer, CIMA
+44 (0) 20 8849 2347
Katie.scott-kurti@cimaglobal.com
Notes to editors
1. CIMA (the Chartered Institute of Management Accountants) is the only international accountancy body with a sole focus on business. It is a world leading professional institute that offers an internationally recognised qualification in management accountancy, focusing on accounting in business in both the private and public sectors. It is the voice of 164,000 students and members in 161 countries. CIMA is committed to upholding the highest ethical and professional standards of members and students, and to maintaining public confidence in management accountancy. For more information about CIMA, please visit http://www.cimaglobal.com/.
CIMA is responsible for the education and training of management accountants who work in industry, commerce and not-for-profit and has more members in the public sector than any other UK based body. CIMA prides itself on the commercial relevance of its syllabus, which evolves continually to reflect the latest developments in global business. CIMA has been awarded superbrand status in the UK for a second year in a row this year and for the first time in Sri Lanka.
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