Question

Question 1: Read these articles

(i) Big Data

(ii) Business Analytics: Transforming the Role of Management Accountants

(iii) Data analytics and the role of the Management Accountant

Answer this question: Discuss how big data and data analytics are changing the role of Management Accountants.

Question 2: Read the article and watch the related videos

(i) Short-Term Business Decisions: Product Mix Decisions

(ii) Data Analytics for Better Product Decision Making by PM at Mixpanel

(iii) How global product teams drive growth with data

Answer this question:

One of the applications of Management Accounting is in short-term business decisions: Product Mix Decisions. Discuss how management accountant can use big data and data analytics in product related decisions.

Answer 1

Answer 1

Big Data’ is not simply a buzzword or hype that will fall into oblivion in the following years. Instead, Big Data already has, and will, gain further deep implications for the business world.

Nonetheless, as it still forms a relatively young technological trend, there is not a precise definition of what Big Data is. To put it simply, Big Data can be seen as the mass volumes of data being externally and internally generated through the boundless interaction of devices and applications with their specific users, while measuring all kinds of imaginable and unimaginable data, and using the internet as an intermediary. Ever more businesses across different sectors access the world of Big Data, whether to improve the efficiency of their business operations or to pursue more strategic purposes.

So, as an example, Big Data can directly flow into an intensified predictive approach of planning and analyzing While change processes, and the management of change itself, quite often prove to be complex and complicated matters, more available data might assist in handling these issues

Answer 2

Big data can help accounting professionals see the bigger picture by predicting shifts in consumer behavior, identifying red flags for fraud and anticipate economic trends. The sooner accountants can identify these risks, the better chance they have of helping clients mitigate risks and protect performance.

Tax data analytics combines tax technical knowledge, large sets of data, and new technologies such as visualization tools to generate insights and deeper understanding. Tax analytics can help an organization's tax function make smarter, real-time decisions to improve business performance and drive strategy.

an a accounting graduate can make it in the data science field. One should have the required skills and competencies as the data industry values skills more than qualifications. Furthermore, an accounting background will give an upper edge in the case of business problems.

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