Big data and data analytics are becoming an important part of an accountant’s methods for analyzing the different companies and their performances. The use of these elements enhances organizational performance, improves fraud detection, and increases audit performance and scope.
- Choose a company that is not publicly traded (a small or medium-sized company).
- Review the company, and suggest some of the ways in which big data would benefit this company.
Big data is a rapid evolving concept in data management. Big data can benefit any business, but it depends if companies have the systems and the people to use it properly and process it so that it is useful for that specific companies needs. A company like Modern Technology Solutions, Inc. will benefit from the use of big data without a doubt. An example of this would allow big data to build more individual relationships with customers and even predict what the customers need before they ask for it through customer analytics. A company like Modern Technology Solutions seems to always have the need for innovation of new products and services as well. Analytics from big data can provide insight on where innovation is needed and determine qualities from products that are the most important for customers through new market trends. In addition, operational analytics can be useful to plan business operations more effectively and analyze their operations in real time so improvements can be made on the spot.