Chartered Accountants Australia and New Zealand (CAANZ) has unveiled a joint initiative with Microsoft and Westpac, in an attempt to develop a tailored data analytics solution.
CAANZ brings big data to small business
CAANZ described the initiative, entitled CA Kairos, as “a vital step in equipping businesses, particularly small to medium sized enterprises (SMEs), with the skills and tools to access big data in a meaningful way”.
Comprising a combination of platforms and systems such as The Predictive Accountant and The Connected Practice, CA Kairos will provide a single source of data via a collection of tools, dashboards, and predictive models supporting different client scenarios. It will be powered by Microsoft Azure and Power BI solutions.
The announcement coincides with the Australian government's recently unveiled statement on innovation, which has aimed to further the innovation agenda within the country.
According to CAANZ, its own statement places the body firmly at the heart of predictive analytics, a concept it believes represents the future for SME businesses wanting to maintain their competitive edge.
Lee White, CAANZ CEO, said the initiative represents a significant step both for chartered accountants and SMEs, and detailed the ways in which big data will impact the profession as a whole.
“There will be a huge demand for professional advisers who are commercially astute and data-savvy who can use predictive analytics to make better business decisions, particularly from small to medium sized enterprises. Chartered Accountants are ideally positioned to take advantage of this,” Mr White said.
The integration of big data into the skill set comes in the wake of PKF managing partner Wayne Healy declaring that from an accounting point of view, compliance work is dead, and that big data and predictive analytics will serve as the future of accounting.