It allows a user to input some basic assumptions about their current and estimated projects, as well as some efficiencies created from migrating to a more advanced analytics platform
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We hear a lot about big data and advanced analytics in the media today...And now we are seeing the types of jobs associated with analytics rising in popularity
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a panel discussed the Rutgers AICPA Data Analytics Research Initiative (RADAR)
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
Topics like big data, advanced analytics, integrated reporting, XBRL, and cloud are covered, and so much more
Although there are many positive aspects of integrating new technology into our companies and using analytics to interpret data, there are also drawbacks
Great article in Accounting Today about the status of XBRL adoption worldwide and its use to reduce business and regulatory reporting burdens (using Standard Business Reporting) and enhance analytics because tagged data is in a machine-readable structured format as discussed by John Turner, CEO of XBRL International
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
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
Standard Business Reporting using XBRL offers many opportunities to the business community. Better analytics of data reported to the government can reduce regulatory burden without requiring additional regulation and XBRL can significantly help in this effort.