Big Data: Possibilities and Probabilities

Author: Cory Campbell

The possibilities and probabilities of big data combined with the power of emerging technologies such as robotics process automation (RPA), artificial intelligence (AI), the internet of things (IOT), and blockchain have great potential to provide value in new ways. Big data has the potential as well as the possibilities to improve operational efficiency, drive new revenue streams and gain competitive advantages over business rivals. It’s no longer a question of whether big data analytics will reshape the accounting profession, but rather a question of how quickly.

Publication Date: April 2022

Designed For
Professionals in public practice, business, government, and education who wish to be knowledgeable about the power of big data analytics.

Topics Covered

• What is Big Data?
• Why does Big Data Matter?
• How is Big Data being used?
• Why does Big Data mean for the future of work?
• What does Big Data mean for the future of the accounting profession?

Learning Objectives

• Recognize potential hurdles that face implementation of big data analytics initiatives
• Differentiate between descriptive, diagnostic, predictive, and prescriptive analytics
• Identify how to distinguish the "V"s of data including volume, variety, velocity, and veracity in the context of various types of data (e.g. sensory, image, activity data)
• Identify the term that refers to our ability to make use of the ever-increasing volumes of data
• Identify the percent of big data initiatives that fail based on the November 2016 Gartner report
• Identify a characteristic of unstructured data
• Identify the industry that is using Big Data for trade visibility, customer data transformation, and social analytics for trading
• Identify the last step in the process of data analytics and critical thinking

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Information Technology (2 hours)

Program Prerequisites
Basic understanding of accounting and audit standards.

Advance Preparation
None