Big Data

Big Data, Data analytics, data mining are all terms that are thrown about with abandon these days.It seems as if everyone is in the business of gathering information.Information about who we are, what we buy, where we are, who we know, what we watch, you name it, someone knows about it.What is done with this information?How is it protected?How do companies capitalize on this information?As accountants, how can we use data to help our organizations and our careers?Do we have a responsibility to control data?Can we use data to help our organizations gain competitive advantage?Should data be regulated?

In this assignment, discusses big data (what is it) and data analytics (what does this mean).As accountants, the focus of data analytics should be how we can help our organization determine what information should be collected and how can we use this information to assess the performance of our company to make better decisions.A key use of big data is predictive analytics.If we can capture the correct data to help us predict the future of our business, the industry, and economic trends; then we are better able to reduce the risks of our business.You should address predictive analytics and how this concept might be integrated into our accounting systems.What are the requirements to protect data?How do we ensure that our systems are protected?What are the requirements from an internal control perspective for our systems?What makes accountants uniquely qualified to address big data, data analytics, and predictive analytics? Who should regulate and control data?Make sure to address the question posed above in the description of the scenario, as well.