Big data: its power and perils
This report, drafted in partnership with ACCA (Association of Chartered Certified Accountants), sets out to present a balanced picture of the impact of big data on the accountancy and finance professions in the coming five to 10 years.
"Big data: its power and perils" examines the implications of the question, “How will big data affect businesses over the next five to 10 years, and what opportunities and challenges will it create for the accountancy profession?” This report identifies and explores the big data trends likely to affect the accountancy profession globally in the coming years.
- Big data will, over the next five to 10 years, create new opportunities for accountants and finance professionals to take a more strategic, more future-facing, and more proactive role in organizations.
- Valuing and accounting for big data are likely to be among the biggest challenges over the next 10 years, requiring the development of new metrics and accounting standards. Extracting value from big data will demand the development of new and different skills.
- The future of the accountancy profession lies at the intersection of finance, technology, and information.
- Big data will be one of the transformational opportunities of the 21st century. Whether it transforms the finance and accountancy professions for better or for worse depends on how people choose to respond to the challenges it creates.