This post references an article originally published by University of Texas McCombs School of Business on November 22, 2019.
University of Texas McCombs School of Business’ enhancement of the MPA program highlights the pivotal role of technology and data analytics in the industry, affecting businesses as a whole. McCombs’ emphasis on technology adoption and data analytics comprehension in upcoming young professionals indicates that we now live in a world of Big Data. The program will not only teach students how to use data analytics but what the data means and what to do with analyses.
The use of real data in case studies assigned to students is a testament to how present data analytics and technology are in the industry, suggesting the “Accountant of the Future” is one who can efficiently analyze data and effectively use the results. Additionally, the program addresses the issue of automation, suggesting automation will allow students the opportunity to develop skills essential to work-place etiquette. “I think that because of artificial intelligence, the mundane and more basic types of work will become more automated in our professions. This means we can focus on other important things […] the ability to seek to understand and be curious will be very, very important skills”, explains member of the McCombs Accounting Advisory Council, Nichole Jordan.
This curiosity can result in a more sophisticated workforce. While data analytics itself is not changing, the type of data being analyzed is—as is how its used. For example, in terms of Foreign Exchange, data analytics allows businesses to more readily understand their costs and long-term consequences of those costs, in addition to learning how to use their data to lower costs and alter their foreign exchange transaction strategies moving forward. Foreign Exchange Rate Integrity® utilizes data analytics to determine foreign exchange costs and propose solutions to excessive costs—ultimately helping drive down excessive FX costs for clients.
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