Accountants to rely more on big data in 2020

Technology such as data analytics, artificial intelligence, machine learning, blockchain and robotic process automation will be playing a greater role in the accounting profession this year, according to a recent report from the Institute of Management Accountants. The report indicates that finance and accounting professionals are increasingly implementing big data in their business processes, and the pattern is likely to continue in the future. The IMA surveyed its members for the report and received 170 responses from CFOs and other management accountants. Many of the CFOs are predicting big changes for 2020 in their businesses. "Four key elements must be present for organizations looking to become data-driven: data-savvy people, quality data, state-of-the-art tools and a supportive organizational culture," according to the report.