Accountancy and Business world
If you are considering a career in Accountancy but you are also fascinated by advances in technology then fear not, as the two things are now intrinsically linked.
Accounting software firm Xero conducted a survey and found that 83% of accountants accept that a grasp of new technology is as important as the traditional accountant’s toolbox
It will be no surprise that an understanding of Cloud Accounting and the new software developments are part of the technology insights you will gain at Mont Rose College in London.
But have you heard the news about Big Data?
Put it this way: according to IBM, 90% of the data available in the world today was only gathered in the last two years. The internet, phones, credit cards, social media, digitally stored records and even wearable devices mean it’s possible to gather immeasurable amounts of data.
Big Data is not totally new – there have been supercomputers around for some time which can correlate huge data sets. But machines, algorithms, software and data scientists have advanced at a phenomenal rate in recent times, meaning the vast amounts of information being collected can now be used in ways no one could have previous imagined.
What’s this got to do with someone considering a career in accountancy, finance and business? Everything.
Big Data opens up a new world of resources and possibilities to accountants and financial advisors. Video, audio, google maps, demographic profiles and digitally stored accounts from all over the world – the possibilities are endless. Big Data developments will improve forensic accounting, predictive financial profiling, support of business strategies and in-depth financial management in general. Risk management and trend analysis will both become far more exacting skills thanks to Big Data.
The world of business will come to rely on accountants and financial managers even more, to help sift through and practically apply the advances in data analysis.
According to a research paper How Big Data Will Change Accounting by J. Donald Warren Jr, Kevin C. Moffitt, and Paul Byrnes, Big Data can assist with the creation and refinement of accounting standards, helping to ensure that the accounting profession will continue to provide useful information as the dynamic, real-time, global economy evolves.
Until recently there was no real need for financial managers, business leaders and accountants to understand Big Data, as the algorithms and data science was not available to organise the vast information to support effective decision making.
However, companies like Netflix and Amazon are showing just how Big Data translates into business success. It was also used in the USA 2016 general election to pinpoint and influence public opinion and press buttons via social media.
To exploit the potential of Big Data, new skills and new recruits are needed. Pundits believe that Britain could have a skills gap of just over 10,000 accountants even before you try to stay ahead of the technology advances. Companies could soon be recruiting Chief Data Officers to their financial teams.
There has never been a more exciting time to study degree programmes in the field of Business, Accounting and Finance – or work towards a top up degree so contact Mont Rose for a big step forward in getting on board the Big Data train.