Accounting data is both a tremendous resource and a constant obstacle. It’s valuable because it reveals a company’s strengths, weaknesses, opportunities, and threats in unparalleled detail. Yet it’s challenging because analyzing huge amounts of accounting data takes experience, expertise, and lots of input.
The result is that many companies want to do more with their accounting data but don’t feel equipped to do it in-house. Perhaps they lack the time, technology, or staff to make it a priority. Data, for the most part, goes unused, and the consequence is that important insights get overlooked. At best it’s a lost opportunity, and at worst it could compromise the company if red flags are not noticed.
Rather than trying to hire data scientists or implement cutting-edge analytic tools, many companies are turning to outsourcing to help them optimize how they use data. This approach makes analytics accessible so that more companies can operate with data-driven insights at their disposal. If making the most of data is part of your present or future business strategy, here are a few examples of how outsourcing offers you a unique advantage.
Access a Top Analytics Talent
Right now the demand for analytics experts is extremely high and the supply is very low. Instead of competing for talent, companies can rely on an outsourcing firm to supply it for them. The best of these firms have developed teams of analytics-minded accountants who can generate insights and process data sets whenever companies need. Outsourcing costs a fraction of what it would to recruit a comparable in-house data team. Perhaps more importantly, it takes a fraction of the time to begin leveraging world-class analytics capabilities.
Focus on Core Objectives
Even with the best technology, it takes a significant amount of time and focus to turn hard data into actionable insights. One reason companies often neglect analytics is because accountants simply don’t have the bandwidth with all the other obligations on their plate. When an outsourcing firm is handling the heavy lifting, accountants can focus on what’s most urgent or important. Best of all, they can spend their time utilizing insights instead of searching for them.
Get Tailored Advice and Guidance
Many companies would like to upgrade the data skills they have in-house but don’t know how to start from square one or make progress with limited resources. Outsourcing firms are an asset during this process because they can pass along experience and expertise in the form of training, planning, or ongoing consulting. In that way, outsourcing can serve as a bridge between a company’s current data capabilities and where they would ideally like to be.
Accounting data is always valuable, it just takes the right approach to unlock it. When you’re ready to discover the insights that already exist inside your data, rely on the team at CDH.