How can Big Data make accounting and finance more efficient?

By: Maria Jose Vega | Data Analytics Coordinator In previous articles, we had the opportunity to address the issue of Big Data under other types of industries and combined with other technological tools that can greatly help businesses. On this occasion, we want to talk about how Big Data can be a great ally in the area of ​​Accounting and Finance, especially in everything related to accounting audits, development of financial models and even the timely detection of financial fraud. To start, it is important that we define what Big Data is. Very briefly we could say that it is a larger and more complex data set, especially from new data sources. Both Big Data and data analysis (the process to evaluating data using analytical and logical reasoning to examine each component of the data provided) have grown exponentially and are estimated to reach $ 156.72 billion by 2026, with a growth of 13.3% during the forecast period. Currently, more than 98% of the stored information is di ...

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