Trends in Management Accounting: Business Analytics Embedded in EPM Methods

Business Analytics Embedded in EPM Methods
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Business Analytics Embedded in EPM Methods
Business analytics embedded in EPM methods is one of the seven key trends in managerial accounting (Institute of Management Accountants, 2014). Modern businesses have access to tons of information. Proper analysis of the available information can help a business solve challenges that may seem insurmountable. At the heart of modern business analytics is big data. A competitive advantage is vital for any business aiming to maximize profits. One of the ways in which modern businesses gain a competitive edge is by embedding business analytics in EPM methods. While carrying out managerial accounting, these businesses employ the use of modern analytical methods and particularly big data techniques. These analytics promise to power the fourth industrial revolution. The following is a discussion of an article from the Washington Post that exemplifies the importance of big data in modern businesses.