As business is transformed by the impact
of big data and big data analytics, so
the role of finance professionals will
change as well. Some skills that were
once valued will become commoditised,
as has already happened in other
Big data: its power and perils
Accountancy Futures Academy
The big data boom
Big data is commonly used, but
not commonly understood. It refers
primarily to the vast amount of data
continually collected through devices
and technologies such as credit cards
and customer loyalty cards, the internet
and social media and, increasingly, WiFi
sensors and electronic tags. Much of this
data is ‘unstructured’ – data that does
not conform to a specific, pre-defined
data model.
BIG DATA AND THE FUTURE OF
ACCOUNTANCY: CHALLENGES AND
OPPORTUNITIES
Accountants and finance professionals
have already spotted the potential
of big data. In the 2012–13 ACCA–
IMA technology trends survey, 78%
of respondents said that they expect
widespread adoption of big data within
the next two years (ACCA–IMA 2013).
The same survey identified big data as
the second most impactful technology
trend in terms of its potential to
significantly reshape the business and
accountancy landscape. (See Figure 1
for scores by region)
professions. Other skills that were
previously misunderstood or overlooked
could become more valued