Big data analytics

Back in the Game (a) (1273 Points)
Replied 18 June 2014

The IT has made a big shift since last decade,Due to which there has been a hoarding huge data.Use a lot of information and making sense out has in it self become a career.The Tool MS excel has though Restrictive usage due to its inherent limitation and Lack of professional's ability to demostrate the knolwedge in MS excel to its Full Capacity.This is where in Software like SAS,R made a major impact and thus become a useful to for analytics.

In simple terms its to make Sense out of lot of Huge business data to formulate startegies and people appreciating this job need to know the big data analytics software like SAS or R.This a more kind of technical and repetitive knowledge application and therefore CA's role is not very well appreciated from my perspective .Yet if someone wanna make Extreme shift from the Core Finance principles.He Can.....

1 Like

Sachin Chokshi (Partner) (34 Points)
Replied 18 June 2014

Big Data is nothing but a 'big' collection of 'data'. The phrase big data doesnt mean that all the data that is big is relevant. Infact, in today's world most of the data that is being generated/captured is irrelevant and can be ignored.

Imagine the companies like E-bay, Amazon, etc. that captures billions of data every day and what do they do with that is a real question. Big data as I understand teaches or provides the technology on how to extract the relevant information for management purposes.

By utilizing the powers of big data, organisations can significantly enhance their business processes and proactively act on risk. However, by failing to plan for big data initiatives, organizations will surely be planning to fail in obtaining the desired results.

As Auditors or any other sound professional, we should carefully assess and ensure that all big-data related projects are carried out as per the established project management methodology.

1 Like

Sathish M (Management Accountant) (40581 Points)
Replied 19 June 2014

Sir thank you both for your insights.

keerthi reddy (9 Points)
Replied 29 November 2022

Big Data has been around for a while, but it has only recently that it has revolutionised the business world. Most businesses now understand how to capture the terabytes of data that floods into their operations and use analytics to turn it into actionable insights. The benefits of big data and analytics have made them a must-have for organisations looking to maximise their business potential. Businesses of all sizes and industries can benefit from effective big data use. Among the advantages of big data and analytics are better decision-making, larger innovations, and product price optimization.

The benefits of big data and analytics demonstrate how powerful a tool it has become for businesses of all sizes and industries. Big data analytics has become critical for both organisations and analytics professionals. Big data analysts are in high demand right now because data is useless unless it is analysed.

For more information, visit: Learnbay.co

keerthi reddy (9 Points)
Replied 29 November 2022

Big Data has been around for a while, but it has only recently that it has revolutionised the business world. Most businesses now understand how to capture the terabytes of data that floods into their operations and use analytics to turn it into actionable insights. The benefits of big data and analytics have made them a must-have for organisations looking to maximise their business potential. Businesses of all sizes and industries can benefit from effective big data use. Among the advantages of big data and analytics are better decision-making, larger innovations, and product price optimization.

The benefits of big data and analytics demonstrate how powerful a tool it has become for businesses of all sizes and industries. Big data analytics has become critical for both organisations and analytics professionals. Big data analysts are in high demand right now because data is useless unless it is analysed.

For more information, visit: Learnbay.co

mr shad (20 Points)
Replied 26 December 2023

Big Data refers to the processing and analysis of large and complex datasets. It offers benefits and opportunities for professionals like CA, CMA, CS, and Advocates by enabling:

Informed Decision-Making: Quick insights for strategic decisions.
Efficiency: Automation and streamlined processes.
Risk Management: Identification and mitigation of risks.
Personalization: Tailoring services based on client preferences.
Cost Reduction: Optimizing resource utilization.

Emerging Opportunities include roles in data analytics, compliance, fraud detection, legal analytics, cybersecurity, technology consulting, and entrepreneurship. Professionals can leverage Big Data to enhance their services and contribute to digital transformation.