Big data, data analytics and artificial intelligence in accounting: an overview

Abstract

This chapter provides a brief overview of the growing role played by big data, data analytics, and artificial intelligence (AI) in the accounting profession. The term 'Big Data' along with other trending topics such as 'Data Analytics' and 'Artificial Intelligence (AI)' have become buzzwords in the accounting profession in recent years. The skills of accounting professionals have evolved as technology has made rapid advances from using pencil and paper to typewriters and calculators, and eventually spreadsheets and accounting software. Data analytics in accounting is a relatively new skill set that is growing significantly in all areas of the accounting profession. Accounting professionals who can discern patterns and trends in big data and translate them into compelling strategic narratives will find themselves at the center of the twenty-first-century business world. Therefore, accounting professionals can capitalize on numerous opportunities in this rapidly evolving, disruptive, but ultimately advantageous environment by embracing big data, data analytics, and artificial intelligence (AI) to stay ahead of the competition.