Analytics and Big Data for Accountants, 2nd Edition

Chapter 7Examples of Big Data

Learning objectives

• Identify how companies are currently using big data.
• Distinguish how organizations can apply the big data examples in the chapter to their organizations.

Introduction

The top big data trend for 2018 was that big data is no longer a trend — it is a mandatory element of any organization. Many companies are ingratiating big data further into their practices. Chat bots are replacing live correspondents with the help of artificial intelligence and natural language processing. IBM is continuing its rise in digital experience platforms, as organizations move to multichannel digital experiences, and Gartner recently named it as a leader in both its ability to execute and its completeness of vision.¹

Companies have been expanding their budgets to increase their IT departments, consistent with predictions from previous versions of this course. According to the 2020 State of IT report, 44% of organizations plan to increase their technology budgets for the 2020 year. Additionally, 47% of companies expect to hire more IT professionals.²

The focus will continue to be on fine-tuning big data into more manageable information, such as “fast data” and “actionable data” to cut down on the extra noise created by the abundance of data. Turning dark data into usable data is also a highlight from 2018, including using algorithms and AI assistance to help sift through the unstructured information.³

This chapter includes examples of how big data ...