Data Mining and Analysis: An Invaluable tool for Management Accountants

Abstract

Data Mining and Analytics tools are invaluable in enabling Management accountant to gain a deeper insight into the revenue and cost behavior of the organization in terms of patterns and relationships which are not apparent otherwise and ERP data would be very valuable for the same. This article introduces the Data mining techniques and illustrates how Management accountant can apply the same on ERP data to gain insights which ultimately can be used for formulating organization strategy and devising and implementing the planning and performance management systems.