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
professions. Other skills that were
previously misunderstood or overlooked
could become more valued.
New types of data will throw up new
challenges as well: over the next decade,
new standards for measuring and
valuing data will be developed, with
the inclusion of new and more diverse
datasets in reporting, modelling and
forecasting. There are less measurable
issues too, such as those concerning
ethics and privacy. The debate about the
impact and implications of these has
barely begun – but getting them wrong
could prove to be explosive.
Big data can offer accountants and
finance professionals the possibility
of reinvention, the chance to take a
more strategic, ‘future-facing’ role in
organisations.