Accounting has often been called the language of business and it is invaluable in managing the day-to-day financial costs, inputs, outputs, and outcomes associated with business activity. However, as companies start to understand the impact that non-financial drivers ranging from manufacturing outputs to headcount to service transactions to asset utilization rates affect the health of the business, executives have had to broaden the scope of considerations needed to track the health of the company.
As they have done so, businesses have had to shift even their financial departments to focus not just on dollars and cents, but to production units, employees, transactions, uptime, turnover, and loyalty. In doing so, the language of business has started to shift from accounting to a new paradigm of data.
Today, data is the language of business.