Accountants face several implications if their company uses an integrated information system like Big Data. They will need to develop methods to value data assets, use big data to enhance decision making in real-time, and leverage big data to better manage risks. Accountants also must evolve their skills to harness insights from big data to support the future business challenges.
Accountants face several implications if their company uses an integrated information system like Big Data. They will need to develop methods to value data assets, use big data to enhance decision making in real-time, and leverage big data to better manage risks. Accountants also must evolve their skills to harness insights from big data to support the future business challenges.
Accountants face several implications if their company uses an integrated information system like Big Data. They will need to develop methods to value data assets, use big data to enhance decision making in real-time, and leverage big data to better manage risks. Accountants also must evolve their skills to harness insights from big data to support the future business challenges.
What are the implications to accountants if their company uses an integrated information
system such as the Big Data?
Big Data is the term for a collection of data sets so large and complex that it becomes difficult to process using on-hand database management tools or traditional data processing applications. The implications to accountants if their company uses an integrated information system such as the Big Data covers 3 areas, which are valuation of data assets, use of big data in decision making and use big data in management of risk. Accountants need to develop methods and services for the valuation of data assets and extend their role in compliance and internal control to the ethical and effective stewardship of data assets. Besides, accountants have to use big data to offer more specialised decision making support which occurs often in real-time and decide when data can most usefully be shared with internal and external stakeholders or monetised as new products. Moreover, accountants have to use big data and its associated tools not only to identify risks in real time and improve forensic accounting, but also to evaluate the risks and rewards of long-term investment in new products and new markets. Finally, managing big data effectively requires the right people. So, accountants have to evolve their core skill set of accountancy to harness the wisdom from data for the future business which will become more challenging.