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Big data blog series

In this blog series, we capture a variety of views and experiences from members working in both business and practice on the topic of big data.

The growth of computer power, and rise of automation and artificial intelligence will increasingly affect  analytical tasks. Accountants will need to find  new ways to add value in response. 

Some deeper questions about our use of big data and analytics and how it can influence society. 

While there are lots of ways in which accountants are making use of new capabilities in data and analytics, we need to recognise a number of practical barriers and challenges.

Skills are important but there are also cultural aspects around greater reliance on data, frequently termed data-driven decision making.

It is fundamental to ensuring the ACA qualification remains relevant and that members can update their skills to reflect changing market needs.

Any organisation can get new insights about customers, suppliers and operations by better analysis of their data and there are many tools that can make this a lot easier, from Excel upwards.

For both external and internal audit the ability to look at all the data and focus resources on the areas of greatest risk is an important benefit. 

The accountancy profession is catching up, particularly in the field of audit, which reflects substantial investments in the field by the large firms.

It covers a wide range of activities which vary a lot in their complexity.

Three areas of technical development enable new types of analysis – massive amounts more computing power, new sources of data and new ways of collaborating and sharing knowledge to enable more applied research.

Key learnings from the discussions of the last few year.