For those of you who don’t know me, most of my time is spent justifying why moving to Big Data and/or a Business Intelligence platform is a worthwhile investment. Lately, I’ve been making an effort to evangelize the value add (i.e. value proposition) of such tools in a more efficient manner. ...
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According to a recent survey cited by Business Insider , the top jobs for 2015 include the following: 2015 Rank / Job Title Mid-level Income 1 Actuary $94,209 2 Audiologist $71,133 3 Mathematician $102,182 4 Statistician $79,191 5 Biomedical Engineer $89,165 6 Data Scientist $124,149 7 Dental Hygienist $71,102 8 Software Engineer $93,113 9 Occupational Therapist $77,114 10 Computer Systems Analyst $81,150 Of these 10, four of the professional titles include data analytics in their responsibilities: Actuary, Mathematician, Statistician and Data Scientist
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a panel discussed the Rutgers AICPA Data Analytics Research Initiative (RADAR)
Meaning evidence based data is not in a machine-readable format using one common accounting standard for government financial reporting to provide better data analytics to make evidenced based decisions
Stay tuned and continue to monitor XBRL and Data Amplified and the accounting, audit, tax and internal audit professions continues to move forward into the digital age and data analytics because increasing more critical in daily operations
Rutgers University is suggesting that IPSASB adopt XBRL to support better government financial reporting (using a machine-readable data format for superior data analytics). The National governments, bodies and organizations that have adopted or have plans to adopt IPSASs are also using XBRL mandated by the same governments for securities and tax oversight of companies in said countries
Great tech news article in Federal Computer Week on June 17, 2016 about the United States Internal Revenue Service (IRS) moving forward with an XML data format for machine-reading of tax forms starting with the non-profit sector for better transparency and data analytics. The announcement by the IRS bodes well for the XBRL Consortium and its efforts to support the use of structured data for better “big data” analytics and to promote better transparency
It means that with the cost of data analytics and storage expenses of Big Data declining -- we are going to see better technology enhancements to auditing and analytics of data used for crowdfunding and the opportunity of the management accountant to move up the consulting to management pyramid
As the mashing of various data sources in public and private domains accelerate for enhanced data analytics -- the need for structured, trusted, third-part verified tagged data from credible sources like the US SEC will become more significant
Because XBRL tagged data is structured – data tagged in XBRL is perfect for extreme data analytics allowing currency and language linked to XBRL to be immediately converted and analyzed. XBRL allows management accountants to not only review their own company’s financial operation but also look at peers for data analytic comparisons and exceptions