Data Analytics and the Accounting Profession

Post S10
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Post S10
In the 21st century, technology has brought several sectors to different heights, making them more efficient and productive. The accounting sector is one area noticing the positive effects of technological advancement. In this segment, various accounting technologies continue to emerge, including big data analytics. Big data analytics is essential in accounting as it involves identifying patterns, trends, and relations in big data to assist in making informed decisions about the data. Richins et al. (2017) journal "Big Data Analytics: Opportunity or Threat for the accounting profession?” discusses various issues associated with big data analytics and their impacts on the accounting profession.
The article reflects that hunt for costing accuracy is almost complex because the costs connected with greater accuracy are more than the incremental benefits. Big data analytics could offer lasting solutions to address this issue. For instance, by combining structured and unstructured data, companies can realize a deep understanding of existing events ins...