Академический Документы
Профессиональный Документы
Культура Документы
The amount of information published ethics and privacy. The debate about
was growing exponentially before the impact and implications of these has
the world embraced computers and barely begun – but getting them wrong
information became digital. Converging could prove to be explosive.
technology trends, the shift from
analogue to digital, widespread mobile These are early days in the evolution of
device adoption, internet-connected big data. Only time will tell where the
systems and ‘exhaust data’ from physical insights and inspiration it can provide
objects (also known as the internet of may eventually lead. Accountants are
things, or the internet of everything: already preparing.
IoE) have combined to create the vast
amounts of structured and unstructured This report presents a balanced
data we now call ‘big data’. picture of the impact of big data
on the accountancy and finance
New types of data will throw up new professions in the coming five to
challenges as well: over the next decade, ten years by identifying specific
new standards for measuring and opportunities and challenges for the
valuing data will be developed, with accountancy and finance professions.
the inclusion of new and more diverse
datasets in reporting, modelling and
forecasting. There are less measurable Faye Chua
issues too, such as those concerning Head of future research, ACCA
About the report
‘Big data’ has become a business professions. Other skills that were Big data: its power and perils
buzzword. Its promise and its pitfalls previously misunderstood or overlooked
are gaining increasing attention in could become more valued.
businesses across the world, as corporate
New types of data will throw up new
leaders come to terms with the risks and
challenges as well: over the next decade,
opportunities it will mean for them.
new standards for measuring and
valuing data will be developed, with
The combination of new data and new
the inclusion of new and more diverse
analytics is aligning with other deep
datasets in reporting, modelling and
shifts in the way that companies work,
forecasting. There are less measurable
transforming the business landscape.
issues too, such as those concerning
Organisations are becoming more flexible,
ethics and privacy. The debate about the
more fluid, more open: they are becoming The transition, however, will not be easy.
impact and implications of these has
creatures of increasing complexity.
barely begun – but getting them wrong
The accountants and finance professionals
could prove to be explosive.
As business is transformed by the impact who differentiate themselves will be
of big data and big data analytics, so Big data can offer accountants and those who develop new skills and new
the role of finance professionals will finance professionals the possibility ways of thinking, and who form new
change as well. Some skills that were of reinvention, the chance to take a collaborations and partnerships.
once valued will become commoditised, more strategic, ‘future-facing’ role in
as has already happened in other organisations.
particularly within the context of growing FIGURE 2: NEW ACCOUNTING AND FINANCE PROFESSIONAL HYBRIDS
concerns around privacy and ethical
data usage.
Big data offers the accountancy and
finance professions the possibility of
moving into a more strategic, proactive
role in business. It is important, however,
to understand the realities of what it
means: the opportunities are matched by
the challenges.
To differentiate themselves in the
marketplace in the next 5 to 10 years
and turn big data to their advantage, FINANCE
accountants and finance professionals
will need to do three things:
1 develop methods and services for
the valuation of data – and extend
New
their role in compliance and internal
professional
control to the ethical and effective
stewardship of data assets. hybrids
2 use big data to offer more specialised TECHNOLOGY INFORMATION
decision-making support – often in
real time – and decide when data
can most usefully be shared with
internal and external stakeholders or
‘monetised’ as new products.
3 use big data and its associated tools
not only to identify risks in real time
and improve forensic accounting but
also to evaluate the risks and rewards
of long-term investment in new
products and new markets.
SUMMARY OF THE OPPORTUNITIES AND CHALLENGES BIG DATA PRESENTS THE ACCOUNTANCY AND FINANCE
PROFESSION
1 Valuation of data Helping companies value their data assets through the Big data can quickly ‘decay’ in value as new data
assets development of robust valuation methodologies becomes available
Increasing the value of data through stewardship and The value of data varies according to its use
quality control
Uncertainty about future developments in regulation,
global governance and privacy rights and what they might
mean for data value
2 Use of big data in Using big data to offer more specialised decision-making Self-service and automation could erode the need for
decision making support in real time standard internal reporting
Working in partnership with other departments to Cultural barriers might obstruct data sharing between
calculate the points at which big data can most usefully silos and across organisational boundaries
be shared with internal and external stakeholders
3 Use of big data in Expanding the data resources used in risk forecasting to Ensuring that correlation is not confused with causation
the management of see the ‘bigger picture’ when using diverse data sources and big data analytics to
risk identify risks
Identifying risks in real-time for fraud detection and
forensic accounting Predictive analytic techniques will mean changes to
budgeting and return-on-investment calculations
Using predictive analytics to test the risk of longer-term
investment opportunities in new markets and products Finding ways to factor failure-based learning from rapid
experimentation techniques into processes, budgets and
capital allocation
A NEW PROFESSIONAL AGENDA company reports and accounts makes analytical skills and sophisticated
The opportunities and challenges suggest adopting this approach all the more models developed by mathematicians
three imperatives in the next 10 years, urgent. It will increasingly be necessary to and statisticians with the skills of data
those of: combine ‘hard’ financial data with ‘softer’ art and data ‘storytelling’.
• developing new metrics and non-financial datasets to provide the They will collaborate closely with the IT
• learning new analytical skills bigger picture of performance. and information management departments
• creating a visual language of data ‘art’. Meanwhile, there will also be in cross-functional and multidisciplinary
Combined, these imperatives make up a requirements to extract value from big teams: the future could see the emergence
new professional agenda. data through advanced analytics – and of a new professional ‘hybrid’, the chief
Accountants and finance professionals to interpret the meaning of big data in financial technology officer (CFTO)
must find ways not only to measure big ‘visual language’ that can be used in or chief financial information officer
data as an organisational asset but also company dashboards, decision-making (CFIO). Most importantly, they will
to use it as a measure of organisational ‘cockpits’ and information ‘hubs’. form partnerships with senior leaders
performance. The trend towards Finance professionals who succeed in in the development of strategy and the
integrated reporting <IR> and the the future will form a bridge between management of risk – and provide a
inclusion of non-financial ‘capitals’ in data science and data art, combining service critical to the future of business.
IN SHELL, WE’RE MOVING TOWARDS A SPACE ‘THE FUTURE OF THE CFO IS AT STAKE…THE CFO IS
WHERE WE MANAGE INFORMATION AND DATA IN A UNIQUE POSITION: THEY BRING WITH THEM A
IN AN INTEGRATED WAY. THE CONTROL AND DISCIPLINE OF PERFORMANCE THAT NO ONE ELSE
ASSURANCE SKILLS NEEDED SAT NATURALLY WITH IN THE ORGANISATION HAS. THEY UNDERSTAND
THE FINANCE FUNCTION’ THE VALUE DRIVERS OF THE BUSINESS, AND HOW
IAN BETTS, FCCA, DATA MANAGER UPSTREAM AND PROJECTS AND THESE SUPPORT SHAREHOLDER VALUE. ONLY
TECHNOLOGY AT SHELL THE CFO AND FINANCE FUNCTION ARE ABLE TO
CONNECT SHAREHOLDER VALUE TO THE VALUE
STREAM OF THE BUSINESS.’
AS TECHNOLOGIES ALLOW BUSINESSES TO TONY LEVY, DIRECTOR, PRODUCT MARKETING, IBM BUSINESS
VERY SECURELY CAPTURE, STORE AND ANALYSE ANALYTICS
INCREASING VOLUMES OF DATA FROM
INCREASINGLY DIVERSE SOURCES, ACCOUNTANTS LEVERAGING BIG DATA IS A CRITICAL PART OF THE
THAT CAN HELP EXTRACT THE RIGHT EQUATION OF HOW COMPANIES EXECUTE THEIR
INFORMATION FROM DATA AND MAKE IT EASILY ENTERPRISE STRATEGY AND GAIN COMPETITIVE
AVAILABLE TO PEOPLE IN THEIR ORGANISATION ADVANTAGE, AND FINANCE PROFESSIONALS
AT THE RIGHT TIME WILL CREATE A COMPETITIVE COULD PLAY A MAJOR PART.
ADVANTAGE’ ASHTON DALLSINGH, FCCA, VICE PRESIDENT AND CFO EMEA AND
AGATA WATERLOOS, FCCA, CFO, MICROSOFT SLOVAKIA RUSSIA, CISCO SYSTEMS
About ACCA
ACCA (the Association of Chartered Certified Accountants) is the global body
for professional accountants. We aim to offer business-relevant, first-choice
qualifications to people of application, ability and ambition around the world
who seek a rewarding career in accountancy, finance and management.
About IMA®
IMA® (Institute of Management Accountants), the association for accountants
and financial professionals in business, is one of the largest and most respected
associations focused exclusively on advancing the management accounting
profession. Globally, IMA supports the profession through research, the CMA®
(Certified Management Accountant) program, continuing education,
networking, and advocacy of the highest ethical business practices. IMA has a
global network of more than 65,000 members in 120 countries and 200 local
chapter communities. IMA provides localised services through its offices in
Montvale, N.J., USA; Zurich, Switzerland; Dubai, UAE; and Beijing, China.
By looking to the future it helps the profession stay at the cutting edge. The
Academy’s work fosters fresh thinking and innovative discussions, identifies the
barriers to and facilitators of tomorrow’s successes, and identifies the potential
strategies that will enable business and finance to navigate the choppy waters
that lie ahead.
www.accaglobal.com/futures
The information contained in this publication is provided for general purposes only. While every effort has been made to ensure that the information is accurate and up to
date at the time of going to press, ACCA accepts no responsibility for any loss which may arise from information contained in this publication. No part of this publication
may be reproduced, in any format, without prior written permission of ACCA. © ACCA November 2013.