{"id":45,"date":"2020-08-05T11:56:25","date_gmt":"2020-08-05T11:56:25","guid":{"rendered":"https:\/\/www.emagia.com\/blog\/?p=45"},"modified":"2026-01-07T08:57:06","modified_gmt":"2026-01-07T14:57:06","slug":"accounting-data-analytics-the-new-normal-for-shared-services","status":"publish","type":"post","link":"https:\/\/www.emagia.com\/blog\/accounting-data-analytics-the-new-normal-for-shared-services\/","title":{"rendered":"Accounting Data Analytics: The New Normal for Shared Services","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"<p>\u201cThe principle of mining data from processes and systems is becoming the \u2018new normal\u2019 for SSO operations\u201d \u2013 SSON. Sometime back we conducted a webinar hosted by FCIB discussing how accounting data analytics can be used in global finance operations and in finance and accounting shared services centers.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-flat ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.emagia.com\/blog\/accounting-data-analytics-the-new-normal-for-shared-services\/#data-driven-insights-for-processing-transformation-with-accounting-analytics\" >Data-Driven Insights for Processing Transformation with Accounting Analytics<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.emagia.com\/blog\/accounting-data-analytics-the-new-normal-for-shared-services\/#predictive-analytics-for-seeing-the-future\" >Predictive Analytics for Seeing the Future<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.emagia.com\/blog\/accounting-data-analytics-the-new-normal-for-shared-services\/#prescriptive-analytics-for-gaining-control\" >Prescriptive Analytics for Gaining Control<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>We specifically discussed the application of analytics within the order-to-cash processes to gain global control and improve O2C cycle times and cash flow. It was interesting to find that more than 72% of the attendees had current <a href=\"https:\/\/www.emagia.com\/blog\/digital-finance-mastering-revenue-growth-with-data-analytics\/\"><strong>data analytics<\/strong><\/a> initiatives in planning or in the works for the next 12-24 months.<\/p>\n<p>This is not a surprise, considering that more than 90% of respondents of the 2015 Annual State of <a href=\"https:\/\/www.emagia.com\/blog\/integrated-digital-order-to-cash-transformation-for-global-shared-service-organizations\/\"><strong>Shared Services<\/strong><\/a> Industry Report released recently by SSON, confirm that they are actively engaged in <a href=\"https:\/\/www.emagia.com\/blog\/harness-big-data-artificial-intelligence-blockchain-for-trade-finance\/\"><strong>data analytics\/business intelligence<\/strong><\/a> strategy. Finance leaders are quickly educating themselves on analytics skills and learning how to leverage these new technologies to leapfrog into the new age of data-driven finance management.<\/p>\n<p>The top two drivers for these initiatives are improved business decision-making and identifying opportunities to reduce cost. However, the most popular reason to pursue data analytics is to identify areas for <a href=\"https:\/\/www.emagia.com\/blog\/how-digital-assistants-improve-o2c-operations\/\"><strong>operational improvements<\/strong><\/a>.<\/p>\n<p>As SSO\u2019s expand beyond country (or even regional) boundaries to incorporate global processes, the access to enterprise data across various systems, both internal and external, increases exponentially. Those SSO\u2019s that can manage their data and turn it into strategic assets will become more valuable to their businesses. They will go beyond delivering simple cost cutting benefits.<\/p>\n<p>So how can F&amp;A shared services leverage data analytics in their operations? Here are a few examples.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"data-driven-insights-for-processing-transformation-with-accounting-analytics\"><\/span><strong>Data-Driven Insights for Processing Transformation with Accounting Analytics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data-driven business insights will highlight where investments are needed to <a href=\"https:\/\/www.emagia.com\/blog\/finance-transformation-why-not-start-with-the-electronic-credit-process\/\"><strong>transform and improve processes<\/strong><\/a>, identify performance gaps to improve personnel management and uncover opportunities for new revenue growth. Executives and line level managers in shared services can better manage performance with dashboards and analytics.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"predictive-analytics-for-seeing-the-future\"><\/span><strong>Predictive Analytics for Seeing the Future<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Don\u2019t tell us what happened yesterday. Tell us what will happen next month and tell us how to take appropriate steps. Applying data analytics for better forecasting, visibility of cash flow, risk management, or for customer churn prediction and retention management will become a norm.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"prescriptive-analytics-for-gaining-control\"><\/span><strong>Prescriptive Analytics for Gaining Control<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Based upon the data you have as well as trends identified, how should the business be planning for reacting to or pre-empting tomorrow\u2019s environment? An example of how prescriptive analytics can apply is precisely recommending customized <a href=\"https:\/\/thecreditapplication.com\/\" target=\"_blank\" rel=\"noopener nofollow\">credit<\/a> policies for customer acquisition at a very granular level to improve healthy revenue growth, customer retention and maximizing customer lifetime value.<\/p>\n<p>Shared services managers and finance executives must become more technology proficient. Understanding how and why technology enables your SSO services becomes your responsibility. You\u2019ll want to master these concepts to get the power of data analytics from your systems.<\/p>\n<p>Understanding the risk associated with a build vs. buy philosophy of these new technologies is imperative. Leveraging packaged shared services analytics solutions like Emagia Analytics is a good way to get started for your shared services center and ride the data analytics wave. You will be amazed by the rapid Return-on-Investment data analytics can deliver.<\/p>\n<p>Learn more about our <a href=\"https:\/\/www.emagia.com\/resources\/customer-testimonials\/\"><strong>customer success stories<\/strong><\/a> or find out how Emagia helps global companies improve their finance operations with our <a href=\"https:\/\/www.emagia.com\/products\/order-to-cash-automation-software\/\"><strong>digital order-to-cash analytics <\/strong><\/a> solution .<\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p>\u201cThe principle of mining data from processes and systems is becoming the \u2018new normal\u2019 for SSO operations\u201d \u2013 SSON. Sometime back we conducted a webinar hosted by FCIB discussing how accounting data analytics can be used in global finance operations and in finance and accounting shared services centers. We specifically discussed the application of analytics &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/www.emagia.com\/blog\/accounting-data-analytics-the-new-normal-for-shared-services\/\"> <span class=\"screen-reader-text\">Accounting Data Analytics: The New Normal for Shared Services<\/span> Read More &raquo;<\/a><\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":1,"featured_media":95,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-45","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-order-to-cash-analytics"],"acf":[],"gt_translate_keys":[{"key":"link","format":"url"}],"_links":{"self":[{"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/posts\/45","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/comments?post=45"}],"version-history":[{"count":1,"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/posts\/45\/revisions"}],"predecessor-version":[{"id":7358,"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/posts\/45\/revisions\/7358"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/media\/95"}],"wp:attachment":[{"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/media?parent=45"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/categories?post=45"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.emagia.com\/blog\/wp-json\/wp\/v2\/tags?post=45"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}