The Institute of Management Accountants (IMA) has a series of YouTube Videos on Trends in Management Accounting. We will continue to review and discuss some of these trends to learn about developments in this field for discussions in this course.
Listen to the following two videos in the IMA series:
7 Trends in Management Accounting – Trend 4
7 Trends in Management Accounting – Trend 5
Comment and expand on a topic discussed in the videos and provide a real world example from the news or your own experience.
Presence during both weeks of the module and a minimum of three postings are expected, one original posting and two responses to colleagues. Minimum required participation does not guarantee a perfect score.
ALL RIGHTS RESERVED CONTENT
7 Trends in Management Accounting â Trend 4. Authored by: IMA. Located at: https://youtu.be/1vZpk1-8cWE. License: All Rights Reserved. License Terms: Standard YouTube License
7 Trends in Management Accounting â Trend 5. Authored by: IMA. Located at: https://youtu.be/7iQLVxRVwH4. License: All Rights Reserved. License Terms: Standard YouTube License
Trend 4: The Rise of Data Analytics
In the video, the IMA discusses the increasing importance of data analytics in management accounting. Data analytics is the process of using data to gain insights and make better decisions. It is a rapidly growing field, and there is a high demand for data analysts in the workforce.
One real-world example of the use of data analytics in management accounting is the use of predictive analytics to forecast demand. Predictive analytics uses historical data to predict future trends. This information can be used to make better decisions about inventory levels, pricing, and marketing campaigns.
Another real-world example is the use of data analytics to identify fraud. Data analytics can be used to identify patterns of suspicious activity. This information can be used to prevent fraud and protect the company’s assets.
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