Big Dat Bringing Big Changes From Accounting By Robert J. Sym

1610 WordsNov 4, 20157 Pages
Article 1: Big Data: Bringing Big Changes to Accounting by Robert J. Capriotti – Source 1 Summary: This article is generally about how data analytics and the increasing amount of data that is starting to be compiled in the business world will shape how internal and external audits will be completed and evaluated. Essentially, the article starts talking about how there is so much data in the world and that it comes from many different sources including the web, books, or other reference materials. The article also mentions that the data that is being compiled is recent, saying that “90 percent of the data that exists today was created over the past two years” (Capriotti, 2014). Data has become so valuable that some companies are even considering it to be an asset to the company (Capriotti, 2014). The main use of data is simple: data helps companies make informed decisions regarding how the company conducts its operations; and with technology growing, data is becoming very large and also very complex. Capriotti classifies data analytics into four distinct categories: descriptive, diagnostic, predictive and prescriptive. Descriptive data helps a business understand what is going on in their organization at the current time. You could say a balance sheet would contain descriptive data. Diagnostic data is compiled after the fact, and focuses on the results of the decision a company made. Predictive data is compiled before the fact, and helps a company determine what

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