Businesses have traditionally described either their people or their product as their greatest asset. While some may say this is still the case, more and more organisations are describing data as being their biggest asset.

Why is this?

It is because of the big data revolution. Advances in technology have led to increases in automation and that, in turn, means that companies are now in a position to gather more data, both in terms of quantity and quality, than ever before. This information can then be mined and analysed to provide invaluable insight into a whole range of areas and help to direct the company at a truly strategic level.

What does this mean for accountancy?

It actually presents a hugely exciting opportunity. Organisations are carrying out increasingly detailed analysis of their data in order to benefit from the insight it provides, and they frequently look to their accountants to play a key role and even lead in this revolution. Accountancy teams therefore get a voice at the highest level of the business and their knowledge is relied on to help inform the most fundamental strategic and operational decisions.

What does this mean for me?

The big message that everyone in the accountancy profession needs to hear loud and clear is that it is time to get on board or be left behind. The idea that big data can, and indeed will, change how we do business at a fundamental level is now unanimously accepted. We only have to look at PwC’s purchase in 2012 of the online analytics company Logan Tod & Co, big data specialists, to see that even the biggest players are in tune with this idea.

In simplest terms, businesses show no sign of slowing down in their ongoing ambition to gather and analyse as much data as possible. Accountants potentially have a central role to play in this, and some have even described the big data revolution as holding the key to the future of the profession. The most successful individuals will invariably be the ones who acquire the skillset to support businesses in this way.