Big Data Analytics in Accounting & Finance: Concepts & Practices
Bandung, Telkom University – Telkom University as No.1 Private University in Indonesia continues to develop the potential of all academicians. After successfully organized the Short Online Training Session 1, the School of Economics and Business Telkom University organized the Short Online Training Session 2 started from July 30, 2020, to March 2021. Short Online Training presents speakers and current topics that can be applied.
Short Online Training Session 2 Series #3 will be held on Thursday (15/10) through Zoom Meeting. Entitled “Big Data Analytics in Accounting & Finance: Concept & Practices”, this event presented Herry Irawan, MM., MT., CIPM., CBDA., As the resource person.
Herry explained that Big Data is a term that describes the massive amount of structured and unstructured data. The activities carried out are capturing, storing, and processing the sharing of data reporting.
Big Data is related to many branches of science, such as data analytics, data science, machine learning, IoT, and many more. Big Data has four characteristics. There are 4Vs;
- Volume, data scale namely terabytes to petabytes
- Variety, data in many forms namely structured, unstructured, text and multimedia
- Velocity, data in motion i.e. streaming data analysis to enable decisions in fractions of a second
- Veracity, data uncertainty, namely managing the reliability and predictability of inherently incorrect data types
Hery adds several reasons for using Big Data that there is more data to see, it allows us to see new things, we can see better and it allows us to see different. The benefits of using Big Data are 69% better strategic decisions, 54% improved operation process control, 52% better understanding of customers, and 47% reduced costs.
However, there are challenges faced in using Big Data, such as finding signals in noise. It is difficult for us to gain insight into large amounts of data. Besides, inaccurate data and technology that is moving too fast are also challenges that must be faced.
“There are two different perspectives, statistics and machine learning. The statistical perspective is that surveys are conducted through problems until they find data, while machine learning, namely Big Data, is carried out through data to find solutions.”
There are four types of Big Data Analytics, first Descriptive; data will show what is happening to our business in a comprehensive, accurate, and direct data with effective visualization. Second Diagnostic, namely the ability to trace cause and effect and the ability to isolate all confusing information. Third, Predictive, business strategies remain fairly consistent over time. Historical patterns are used to predict certain outcomes using an algorithm. decisions are automated using algorithms and technology. The fourth is Prescriptive, namely, the data can determine the recommended actions and strategies based on the results of the strategy and apply advanced analysis techniques to make specific recommendations.
This event was followed by a simulation practice of Big Data Analytics processing and a question and answer session with participants. With the holding of the Short Online Training, it is hoped that it can be useful for participants in the use of Big Data Analytics both in everyday life and in the business being run.