big data roundtabe intro - canada
TRANSCRIPT
The global body for professional accountants
Upcoming Financial Management Institute Events
Cyber Security• Tuesday, February 24, 2015 at 1:00pm
EST• Panelists:
• Les Wong – Director, Cyber Threat Evaluation Centre, Communications Security Establishment of Canada
• Ewan Willars – Director of Policy, ACCA Global
A Conversation with Nova Scotia’s new Auditor General• Thursday, March 12, 2015 at 12:00pm
EST• Presenter:
• Michael Pickup, CA – Auditor General of Nova Scotia
Upcoming Webinars
May 21, 2015• “Operating in a Cost Containment Environment: How Thriving
Organizations Leverage their Collective Expertise”• 8:00am – 4:00pm• National Arts Centre, Panorama Room
The global body for professional accountants
Big data.
The global body for professional accountants
3V MODEL OF BIG DATA
TerabytesRecords
TransactionsTables files
StructuredUnstructured
Semi-structured
BatchNear timeReal time Streams
Volume
Velocity Variety
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78%
20%
2%
Within the next 2 years In 2-5 years
In 5-10 years
62%CFOs
EXPECTATION OF WIDESPREAD ADOPTION OF BIG DATA
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IMPACT OF BIG DATA ON BUSINESS IN THE YEARS AHEAD
The global body for professional accountants
WHAT BIG DATA MEANS FOR BUSINESS?
POWERS
1. See beyond historical data and to ‘scan’ the environment for emerging trends
2. Potential to transform the cost and effectiveness of processes such as new-product development, market targeting and pricing.
3. Commercial and a strategic-planning tool
The global body for professional accountants
WHAT BIG DATA MEANS FOR BUSINESS?
PITFALLS
1. Data depreciates in value and can be worth less tomorrow than it is today
2. Extracting its value may be difficult or expensive
3. Competitive advantages will diminish4. Increased scrutiny and are subject to laws and
regulations5. Growing focus on developing sophisticated
analytics that can go beyond what everyone else sees
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Big data and accountancy…
The global body for professional accountants
3 AREAS
1. Valuation of data assets
2. Use of big data in decision making
3. Use of big data in the management of risk
The global body for professional accountants
BIG DATA SKILLS NEEDED IN THE FOR THE NEXT DECADE
Global
0% 10% 20% 30% 40% 50% 60% 70% 80%
Use of tools that support data modelling and analysis, 69%
Knowledge of data extraction tools in the mining of business in-telligence, 72%