Data Analytics in advancing Accounting Profession and Business Information for Decision Making
Abstract
The nature of the risks and opportunities facing business has changed over time. Much of the global value today is more of technology service and knowledge based than it was 40 years ago. The study examines data analytics in advancing accounting profession and business information for decision making. Two specific objectives guided the study, the study used a survey research design approach, and the population consists of 300 respondents made up of 50 each from academics, financial analysts, accountants, business owners, investors and big data analysts. Descriptive statistics was used to analyses the data while Z test was used to test the hypotheses. The findings from the study shows that the two hypotheses tested has a high acceptance degrees level of an average percentage of (92.4%) and (86.98%) respectively, this goes to shows that the issue of big data analytics in advancing accounting profession and business information for decision making is very much germen. This also was observed in the results of Z-Test of the Standard Deviation of (0.412) and (0.303) respectively, which leads to the acceptance of the two alternatives hypotheses and rejecting of the null hypotheses. The study concluded that big data analytics improves and help business organizations take informed decisions to enhance their operational efficiency, also, that the world accepted the slogan that data is the new oil. Those who are able to gain out of that will remain in the business ie, survival of the fittest. This is the implication to the new millennium environment where the professional accountant finds itself. Therefore, should be able to deal with the complex procedures, so that the accountant will be a big data analytics professional too. The study recommended among others that all the stakeholders (academics, financial analysts, professional association bodies, accountants, business owners, investors and government) should be involves in the necessity of teaching big data and business analyses in management sciences in our higher institutions to promote students' knowledge, the continues enlightenment, holding workshops, training and retraining courses for researchers and academics of the importance of analyzing big data and how to process, store, manage and use the analyzed data in the financial and accounting field, since using big data can lead to better disclosure which in turn enhance investor trust.
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