Predictive Analytics and The Enhanced Strategic Role of Management Accountants

Abstract

In the changing business environment, Management Accountants are taking on increasing responsibilities and their roles are undergoing significant changes. Management Accountants have come a long way from supporting tactical decisions to actively participating in strategic initiatives. Technological advances have enhanced the scope of Management Accountants by pushing them to get out of their traditional roles and play an active role in implementing technological solutions that were previously disregarded as expensive and unnecessary. Management Accountants are also expected to render services that help businesses design a forward-looking approach so that they can remain competitive. In this context, the role played by predictive analytics is pertinent and can help Management Accountants make meaningful contributions towards strategic initiatives.