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The Role of Big Data Analytics in Accounting: Data Source Data Intergration

The document discusses the role of big data analytics in accounting. It outlines the key stages: 1) gathering data from internal and external sources, 2) integrating the data into a single format, 3) analyzing the data through calculations and identifying trends and patterns, 4) interpreting the results through an accounting lens to gain accounting insights, and 5) using the insights to make informed business decisions.

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48 views1 page

The Role of Big Data Analytics in Accounting: Data Source Data Intergration

The document discusses the role of big data analytics in accounting. It outlines the key stages: 1) gathering data from internal and external sources, 2) integrating the data into a single format, 3) analyzing the data through calculations and identifying trends and patterns, 4) interpreting the results through an accounting lens to gain accounting insights, and 5) using the insights to make informed business decisions.

Uploaded by

believe mashana
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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w Data Sources -> Data Integration -> Data Analytics -> Accounting Insights -> Decision

The Role of Big Data Analytics


in Accounting

DATA SOURCE DATA INTERGRATION


This is the foundation of the process. It's In this stage, you combine data from all
where you gather all the relevant financial those different sources into a single,
data from various internal and external unified format. This often involves
sources cleaning and organizing the data to
ensure consistency and accuracy

01 02

03
ACCOUNTING
INSIGHT This could involve calculations, identifying
trends, and uncovering patterns. You

04
This is where the analysis might calculate profit margins, analyze
gets a financial twist. You customer spending habits, or track
interpret the results of your inventory turnover.
data analytics specifically
through an accounting lens.
For instance, you might see DATA ANALYSIS
that a particular product line
has lower profitability than
others, or that a specific
marketing channel is
generating a higher customer
auquisiation cost

05
Armed with the accounting insights, you can now make informed decisions. Perhaps you
decide to discontinue the low-profit product line, or allocate more marketing budget to the
high-performing channel. Data-driven decisions are less likely to be based on intuition and
more likely to lead to positive outcomes.

DECISION MAKING

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