Trends in Management Accounting

Discussion: Trends in Management Accounting
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Discussion: Trends in Management Accounting
In “7 Trends in Management Accounting – Introduction,” Gary Cokins, the chief executive officer (CEO) of Analytics-Based Performance Management LLC and the Institute of Management Accountants (IMA) Executive-in-Residence who is Certified in Production and Inventory Management (CPIM), makes significant points about the shifts in management accounting. Cokins talks about predictive accounting (Institute of Management Accountants, 2014). Companies should not only focus on where they are making money today. They need to develop strategies about how they will make money in the future. In other words, strategic planning emphasizing revenue generation in upcoming years is crucial. For example, many firms are implementing artificial intelligence, big data, and data analytics technologies. These enterprises want to gather relevant data about their stakeholders, including customers and suppliers, so that they can analyze their behavioral changes. That way, it will be possible to modify existing products and services to meet client’s needs and avoid losing them to competitors.
Moreover, in “7 Trends in Management Accounting – Trend 1,” Cokins talks...