In recent years, Big Data and the ability to analyse and use those data is touted as the Next Big Thing.
In the accounting industry, it is also becoming increasingly relevant. So much so the Big 4 has invested heavily and are setting up teams of data analysts and scientists to try and make core services like assurance become more efficient. But when it comes to financial data, most data scientists are not accounting professionals and while they can extract the data for you, they are most certainly not the right people to analyse it. In fact, data analytics team often have to work with the finance professionals to co-ordinate their efforts and make sure the output is relevant and useful to them. This not only is an inefficient allocation of resources but also a costly process for the client.
Connor (from Disruptive Outcomes LLP) in his article here, raised a very valid point: We, as accountants, are the people best equipped to analyse this data. And in order to lead the next wave of disruption, we should be training our accountants to be data scientists as well instead of looking to hire from outside the profession.