As the 21st century business has been completely redefined by the conclusions provided by data (big or otherwise), one factor remains constant; data-driven decisions are here to stay. If one is to take a step back from emerging enterprise technologies and observe, it’s safe to presume that everything from Artificial Intelligence to on-demand services are being formulated to be data-centric.
While the latest food delivery app is being developed based on the preferences of its target audience (which has been confirmed via gathered data from reliable sources), AI is being designed to deliver intuitive feedback and experiences (also thanks to data records) that will enable businesspeople to make more strategic decisions.
Likewise, the role a data scientist plays is expanding, due to the importance that professionals in this niche are garnering. So what’s new on this front?
An up-and-coming role in data analysis is that of Citizen Data Scientists. In the interest of making the best sense of data, Citizen Data Scientists evaluate varying data sets – but do not hail from a data science background. Instead, they are professionals from other business units, such as marketers or designers.
Unlike professional data scientists, Citizen Data Scientists introduce a brand new perspective when it comes to scrutinizing the numbers. Although they are not formally trained in traditional data science, the outlook that Citizen Data Scientists bring to the table is a refreshing one as it involves understanding data from the perspective of a different business unit, or a whole other industry entirely.
Just as a simple blood test can reveal the presence of many ailments in the body, Accounting data can help diagnose not just the financial health of your business, but other (seemingly unrelated) areas such as employee satisfaction and brand loyalty.
Before Citizen Data Scientists lay their hands on databases in any other department, here’s why they should start off with Accounting.
1. Financial data is quantifiable
Accounting data is at the heart of any business, no doubt. More than just ledgers, Accounting data can be used to justify business decisions because at the core, this data shows the health of a business. This is enough incentive as to why a discerning Citizen Data Scientist should start with Accounting data.
2. Provides insight on other business units
Results derived from Accounting data provide a bird’s eye view of how other areas within your business are performing. With this knowledge, it is easier to pinpoint problems in other areas of your business, as opposed to carrying out ambiguous searches through entire departments.
3. Doesn’t require technical knowledge
This is one of the wonders of functioning as a Citizen Data Scientist. It is easy to grasp key insights from Accounting numbers with minimal technical knowledge – and any familiarity on complex data analytics is not required to glean key business insights.
Keen to know if you can implement an Accounting software that has strong analytic capabilities? Allow us to help! Wheelhouse can source the best software vendors based on your requirements, and provide you with a free quote.