Big Data is a huge amount of data that is put together and checked to help companies make better decisions. Big Data is becoming the basis of rivalry for businesses, improving production and forming substantial worth for the country’s economics by eliminating leftover and growing the worth of goods. All businesses need to pay attention to Big Data because it has the potential to create value in competition. Reputable competitors and new entrants will leverage data-driven strategies to innovate. Big Data will help to create new growth opportunities and new categories of companies that aggregate and analyze industry data .
Impact on the World. Big Data has provided managers the tools they need to measure and know more about their businesses. Managers will be able to turn that knowledge into improved decision making and performance . The healthcare industry was analyzing the health outcomes of medicines when they were widely prescribed, and realizing benefits and risks that were not evident during necessarily more limited scientific trials. There have been others who used data from sensors surrounded by products from kids’ toys to industrialized goods to decide how these products are used in the real world . This type of knowledge creates new service offerings. Big Data can expose major value by making information clear, such as a large amount of data on paper or not easily accessible through networks, that is not in digital form. Organizations build transactional data, then collect precise information on product inventories. There are some major companies that use Big Data to make better management decisions. Refined people can extensively increase management objectives and reduce risks. Big Data can be used to advance the next group of products .
Innovation in Audit
Developments in technology and progressing markets are driving dramatic changes in business, as well as auditing. There will be smarter ways of executing an audit that benefits companies, their investors, and markets. Auditors have the ability to provide greater insight where it matters most for business, including economic risks, core control risks, and strategic encounters. Increased automation reduces the manual data collection and processing that have traditionally made audits time-consuming. And improved connectivity and communication bring the audit closer to real time and increase transparency, helping you make well-informed and timely decisions .
Skill innovation for audit is a major area the field should on to determine the best way this new technique can be used to make audits easy to complete. This new innovation is making it possible to automate highly monotonous work . The disposal of traditional records puts a lot more trust on the tech department records to support transactions. This process makes it necessary to change the way companies are audited. It is also easier to control risk assessment of a company’s financial statements . Today companies are using the cloud- technologies to store data. It makes it easy for them to access important documents from almost anywhere. This new way of storing documents will have an impact on the auditing process is completed. Technology is permitting the observing of complete sets of data, rather than samples, on a more normal and nonstop timescale .
Works Cited
Deloitte. Insights through Innovation. 2015. http://www2.deloitte.com/content/dam/Deloitte/us/Documents/audit/us-deloitte-smarter-audits-dynamic.pdf. 1 April 2016.
Fisher, Liz. Big Data Auditing Dynamite. 13 February 2015. http://www.accaglobal.com/gb/en/member/accounting-business/big-data.html. 2 April 2016.
McAfee, Andrew and Erik Brynjolfsson. Big Data: The Management Revolution. October 2012. https://hbr.org/2012/10/big-data-the-management-revolution/ar. 1 April 2016.
McGuire, Tim. Why Big Data is the New Competitive Advantage. n.d. http://ivey businessjournal.com/publication/why-big-is-the-new-competitive-advantage/. 1 April 2016.
