Big Data And Business Innovation

1665 Words7 Pages
Introduction In this modern age of constant technological advancement and business innovation, a relatively new feature has unlocked more potential for businesses to improve: Big Data. Big Data can be defined in many different ways. It has become important primarily for business decision making. One aspect of business that Big Data is now affecting is the auditing profession. Many opportunities exist for Big Data to improve the standard auditing procedure. However, certain challenges may prevent it from assisting in its full potential. In addition to challenges in the auditing profession, Big Data also has its own ethical implications. In this report, all of these facets of Big Data will be discussed in detail. Definitions Big Data refers to the large amounts of data that businesses deal with on a day-to-day basis. Big Data can be defined in many ways, but this is one of the most general definitions. One of the primary uses businesses have for Big Data is to provide assistance for decision making. In order for Big Data to be effective, organizations must utilize the data to their advantage. The quality of information is what matters, not the quantity. Organizations may have virtually unlimited amounts of data to work with, but they must locate the helpful portions of data in order for it to be effective and serve its purpose. In addition, some data may not be helpful at the present moment in time, but will be needed for analysis in the future (“What Is Big Data?”,

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