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The International Federation of Accountants has published draft guidance aimed at helping organizations to make better use of forward-looking business analytics.

The guidance sets out seven guiding principles for designing such tools and thoughts on how to implement them.

Among the principles, predictive analytics should be: relevant, timely, and reliable; supported by high-quality data standards; and integrated into management processes.

IFAC said the guidance would help organizations to “embrace predictive analytics to achieve better forward-looking performance insights.”

It added: “From strategic issues to routine tasks, all executives, managers, and operational staff expect higher-quality information from professional accountants to support management and organizational decision making.”

The guidance, “Predictive Business Analytics: Forward-Looking Measures to Improve Business Performance,” is subject to public consultation until July 29.

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