Business as usual is no longer possible for accountancy and finance professionals. This report from Institute of Management Accounting (IMA) and ACCA discusses how big data will affect businesses and the accounting profession over the next 5 to 10 years.
Big Data: Its Power and Perils
The report states that the accountants and finance professionals role will change significantly. Big data gives finance professionals a chance to move in to more strategic roles within the organization by using their skills to gather, analyze and structure in non-financial datasets. These skills will come in handy to make big data smaller and more structured.
In the future finance professionals will ensure that data compiles with regulation, and make sure that it meets the quality standards of the organization. Finance professionals will also work closely with IT to combine unrelated internal datasets effectively. This will help increase transparency within the organization and provide real-time information.