Professional Documents
Culture Documents
Pol Afa Bdpap
Pol Afa Bdpap
www.accaglobal.com/futures
Acknowledgements 4
Foreword 5
Executive summary 6
1. Introduction 8
5. Conclusion 30
References 32
ACCA and IMA would like to thank all the individuals who have contributed to this research, either by taking part in an expert
interview and/or attending the roundtables.
This report was written for ACCA and IMA by The Futures Company.
4
Foreword
‘Big data’ has become a business buzzword, and its promise and pitfalls are gaining
increasing attention from business and the media globally. The vast quantity of
data collected, stored and transferred by new technologies is reshaping priorities
for many businesses, and the development of new analytical tools is aligning with
other deep shifts in the way that companies work to transform the business
landscape
ACCA’s Accountancy Futures Academy has long had the rise of big data on the
horizon. In 2012, ACCA and IMA published 100 Drivers of Change for the Global
Accountancy Profession, a report that highlights big data as one of the key factors
shaping the future for accountants and finance professionals over the next decade.
Subsequently, the Accountancy Futures Academy has undertaken this new research
that explores in depth the opportunities and challenges big data will present the
accountancy and finance profession.
As business is transformed by the impact of big data and big data analytics, so the
role of finance professionals will change as well. The paradox of this new
technology is that it has the potential to commoditise some traditional aspects of Ng Boon Yew FCCA
the profession, but it also provides the opportunity for finance professionals to Executive chairman
move ‘upstream’, shifting to a more strategic decision making role within
businesses. As big data accelerates the process by which business reimagines itself,
the accountancy profession will have to reinvent itself.
Accountants and finance professionals are well placed to take an active role in big
data by providing a new and critical service: ‘distilling’ vast amounts of information
into actionable insights. In addition, professional accountants are the ethical heart
of the company and they can help act as custodians of non-financial datasets and
set quality and ethical standards for the information used in making strategic
decisions. The role of accountants will become increasingly important as more
companies look for ways of developing new products and services from data they
generate and own, particularly within the context of growing concerns around
privacy and ethical data usage.
The speed at which big data will be adopted by the accountancy profession is
uncertain. This report, however, identifies those within the profession at the
forefront of exploring big data, and through them we can see a glimpse of the
future.
Big data can offer seek ways to use the resource of big
data strategically and unlock the
OPPORTUNITIES AND CHALLENGES
accountants and insights that transform companies – The paradox of new technology is that
without threatening their relationships
finance professionals with customers or exposing themselves
it offers the chance to replace the value
lost as it commoditises traditional skills.
the possibility of to unacceptable risks. The market for Advances in automation, such as
big data analytics is, unsurprisingly, self-service data retrieval, are freeing
reinvention, the chance growing rapidly, forecast to reach accountants and the finance function
to take a more US$23bn by 2016 (IDC 2013). from the more routine aspects of
internal reporting and compliance work
strategic, ‘future-facing’ The open-source software movement – and creating opportunities for them
role in organisations. and the software industry have to alter their profile in business radically.
developed solutions such as new
programming models and new suites of Trained to gather, analyse and
data tools.1 Combined with increases in benchmark information and to use data
The transition, however, will not be easy. processing power, these solutions make in modelling and forecasting,
it possible to synthesise vast amounts accountants and finance professionals
The accountants and finance of information with previously can provide a new and critical service:
professionals who differentiate unimaginable speed and accuracy, but making big data smaller, ‘distilling’ vast
themselves will be those who develop they are only part of the answer. amounts of information into actionable
new skills and new ways of thinking, and insights. Responsible for the ‘integrity’
who form new collaborations and Managing big data effectively requires of reports and accounts, they can help
partnerships. the right people. act as custodians of non-financial
datasets and set quality and ethical
The vast amount of data continually This has far-reaching implications for the standards for the information used in
collected, stored and transferred by accountancy and finance professions. making strategic decisions and for that
technologies is changing the priorities sold to third parties. This role will
of businesses and posing important In this report, ACCA and the Institute of become increasingly important as more
questions for their leaders. How can Management Accountants (IMA) carried companies look for ways of developing
diverse, disparate and often amorphous out a desk-based review of literature new products and services from data
datasets be managed profitably and published on big data, and convened they generate and own, particularly
responsibly? three roundtables with leading within the context of growing concerns
accountancy and finance professionals around privacy and ethical data usage.
Get big data right and it will facilitate to consider the future implications of
ways of improving performance and big data for the profession. This was Big data offers the finance professional
productivity, and creating new wealth supplemented by a series of expert the possibility of moving into a more
for shareholders and stakeholders. Get interviews with big data practitioners strategic, proactive role in business. It is
it wrong and the result will be poor and early-adopter accountancy and important, however, to understand the
decisions, breaches to data security and finance professionals. realities of what it means: the
privacy codes, damage to opportunities are matched by the
organisational reputation and brand, This report examines in unprecedented challenges.
and destroyed value. depth the opportunities and challenges
big data presents the accountancy and To differentiate themselves in the
Data management is becoming a finance profession over the next 5 to 10 marketplace in the next 5 to 10 years
business-critical function as leaders years. and turn big data to their advantage,
1. The open-source movement is based on the idea that programming source codes should be shared. The Apache Hadoop framework, one of the best-known
big data solutions, was developed by an open-source community.
6
accountants and finance professionals A NEW PROFESSIONAL AGENDA Meanwhile, there will also be
will need to do three things. requirements to extract value from big
The opportunities and challenges data through advanced analytics – and
• Develop methods and services for suggest three imperatives in the next 10 to interpret the meaning of big data in
the valuation of data – and extend years, ie those of: ‘visual language’ that can be used in
their role in compliance and internal company dashboards, decision-making
control to the ethical and effective • developing new metrics ‘cockpits’ and information ‘hubs’.
stewardship of data assets.
• learning new analytical skills The accountants and finance
• Use big data to offer more professionals who succeed in the future
specialised decision-making • creating a visual language of data ‘art’. will form a bridge between data science
support – often in real time – and and data art, combining analytical skills
decide when data can most usefully Combined, these imperatives make up and sophisticated models developed by
be shared with internal and external a new professional agenda. mathematicians and statisticians with the
stakeholders or ‘monetised’ as new skills of data art and data ‘storytelling’.
products. Accountants and finance professionals
must find ways not only to measure big They will collaborate closely with the IT
• Use big data and its associated tools data as an organisational asset but also and information management
not only to identify risks in real time to use it as a measure of organisational departments in cross-functional and
and improve forensic accounting but performance. The trend towards multidisciplinary teams: the future could
also to evaluate the risks and integrated reporting (IR) and the inclusion see the emergence of a new
rewards of long-term investment in of non-financial ‘capitals’ in company professional ‘hybrid’, the chief financial
new products and new markets. reports and accounts makes adopting technology officer (CFTO) or chief
this approach all the more urgent. It will financial information officer (CFIO).
increasingly be necessary to combine
‘hard’ financial data with ‘softer’ and Most importantly, they will form
non-financial datasets to provide the partnerships with senior leaders in the
bigger picture of performance. development of strategy and the
management of risk – and provide a
service critical to the future of business.
FINANCE
New
professional
hybrids
TECHNOLOGY INFORMATION
Figure 1.1: The impact of big data on business over the next 5 to 10 years
WESTERN EUROPE
UK
51% CENTRAL AND
EASTERN EUROPE
US
52%
IRELAND (REP)
63% SOUTH ASIA
62%
47%
GULF STATES
77%
GLOBAL 76% MALAYSIA ASIA PACIFIC
63%
AMERICAS
62% MIDDLE EAST
76%
62% 74%
AFRICA AUSTRALIA
91%
69%
8
them into compelling strategic stories, Achieving widespread adoption in the METHODOLOGY
will find themselves at the heart of profession will demand new
21st-century business. capabilities, new metrics and new ways The research was carried out in three
of thinking. stages. The first, after an initial period
Accountants and finance professionals of desk research and a review of
have already spotted the potential of New types of data will throw up new existing evidence, involved the
big data. In the 2012–13 ACCA–IMA challenges as well: over the next development of a series of hypotheses
technology trends survey, 78% of decade, new standards for measuring about what big data means for the
respondents said that they expect and valuing data will be developed, future, supplemented by interviews with
widespread adoption of big data within with the inclusion of new and more experts.
the next two years (ACCA and IMA diverse datasets in reporting, modelling
2013). The same survey identified big and forecasting. There are less In the second stage, these hypotheses
data as the second most impactful measurable issues too, such as those were tested in workshops attended by
technology trend in terms of its concerning ethics and privacy. The big data experts, accountants and
potential to significantly reshape the debate about the impact and finance professionals, and held in
business and accountancy landscape implications of these has barely begun London and Singapore and (online) in
(see Figure 1.1 for scores by region). – but getting them wrong could prove the US.
to be explosive.
In the final stage, evidence and insights
This report, then, sets out to give a were brought together – to identify the
balanced picture of the impact of big key drivers of change and the key
data on the accountancy and finance themes for this report.
professions in the coming 5 to 10 years.
Figure 1.2: Expectation of It is framed by the question, ‘How will The report has four chapters. The first
widespread adoption of big data big data affect businesses over the next chapter provides an introduction to big
5 to 10 years, and what opportunities data, chapter 2 defines big data and the
and challenges will it create for the future of business, chapter 3 sets out
In 5–10 years
(2%)
accountancy profession?’ As a piece of specific opportunities and challenges
Within
the next ‘futures thinking’, it does not claim to for the accountancy and finance
In 2–5 2 years predict the future. Instead, it identifies professions. The last chapter identifies
years (78%) and explores the big data trends likely some of the actions these professions
(20%)
to affect the accountancy professions will need to take to ensure their
globally in the coming years. continuing value and relevance.
potential to transform as create value. They need to be Any analysis of the impact of big data
effectively and expertly managed, and
almost every aspect of they require significant investment from
needs to start by defining what big data
means. The term is commonly used, but
business – from research companies. not commonly understood. It refers
primarily to the vast amount of data
and development to This section examines the risks and continually collected through devices
sales and marketing and rewards of big data in business. and technologies such as credit cards
and customer loyalty cards, the internet
supply-chain and social media and, increasingly, WiFi
management – and to sensors and electronic tags. Much of
this data is unstructured – data that
provide new does not conform to a specific, pre-
opportunities for growth. defined data model.
The impact of big data on business is part of a deeper and more fundamental shift. Drawing on the work of Carlota
Perez, the technology and economic historian, one can identify a series of long-term (50–60 year) technology waves since
the industrial revolution, from canals and cotton in the late 18th century, through rail, steam, electricity, steel, oil, and
cars at the start of the 20th century, and information and communications technologies towards the end of it: a wave that
is continuing.
Perez observes that existing businesses need to integrate the technologies of the latest wave if they are to remain
competitive. Typically, this involves a process of business transformation. So, to take the example of the retail sector, the
department store was the creation of the third wave (electricity, steel and chemicals). During the fourth wave (oil and
cars) retailing shifted to edge-of-town sites and road-based distribution. Now, in response to the fifth wave (information
and communications technology), retailing is being transformed by the application of digital technologies, both in how it
engages with customers and in the way that stock is managed, monitored, and distributed.
10
Big data is a kind of euphemism, a Gartner formalised its definition in 2012: continue growing. As big data becomes
deliberately naive shorthand for datasets ‘Big data are high volume, high velocity, mainstream, it is likely that new defining
so vast, so complex and so dynamic and/or high variety information assets characteristics will appear once its
they cannot be managed by standard that require new forms of processing to sheer size becomes ‘normal’.
software such as Microsoft Excel. enable enhanced decision making,
insight discovery and process ‘We are at an important nexus
‘We’re seeing data that is different optimization’ (Gartner 2012a). point with respect to big data, and
from what we would call ordinary, I strongly believe it will simply
There are other, less formal definitions,
or server-type data. Big data for us too. Big data has also become become data in the very near
is really a collection of datasets so shorthand for the technologies and future.’
large and complex that you simply analytical tools that help manage and (BRAD MONTERIO, MANAGING DIRECTOR,
can’t use the existing database to interrogate it. Recent years have seen COLCOMGROUP INC)
VOLUME
Terabytes
Records
Transactions
Tables, files
Batch
Structured
Near time
Unstructured
Real time
Semi-structured
Streams
VELOCITY VARIETY
BIG DATA: ITS POWER AND PERILS 2. BIG DATA AND THE FUTURE OF BUSINESS 11
THE BIG DATA BOOM This analogy has some value, but it is WHAT MAKES BIG DATA
flawed. Unlike oil, big data is in almost DIFFERENT?
As can be seen from Gartner’s definition, unlimited supply and ‘renewable’. It
big data has the potential to add value. grows in volume each year, and by orders The idea that data is growing in volume
Companies are using business intelligence of magnitude. Ten years ago, people is, of course, nothing new. It has been a
and data mining tools to improve talked of gigabytes of data; now they talk recurring theme since the term
efficiency, spot new opportunities, of terabytes, a thousand times bigger. ‘information explosion’ was first used in
provide customers with better products 1941. Many companies have been
and services, and predict future Key to the continued growth of data handling large datasets for years. When
patterns of behaviour. Unsurprisingly, volume over the next 10 years is the mass retailer Tesco rolled out its
the word ‘value’ is now being touted as so-called ‘internet of things’, also Clubcard loyalty scheme in the UK in
a new ‘V’ in Gartner’s model. referred to as the ‘internet of the mid-1990s, Lord MacLaurin, then
everything’ (IoE). New technologies – chairman, memorably remarked that
The opportunities are not exclusive to for example, radio frequency computer scientists and data analysts at
big business. Online and cloud-based identification (RFID)2 and near-field Dunnhumby, the customer-science
platforms, such as Google Analytics communication (NFC)3 – are increasingly company that set up the scheme, knew
and Tableau, mean that small and connecting objects to the internet and more about his customers after three
medium-sized enterprises (SMEs) can allowing information to pass between months than he did after 30 years.
unlock insights from big data without them. New York market intelligence firm
making substantial capital investments. ABI Research predicts that more than The current ‘explosion’ is different,
Unencumbered by large legacy systems, 30 billion devices will be wirelessly though. This is not just because it
these businesses are sometimes able to connected to the internet by 2020 (ABI involves data that is much more likely to
leapfrog ‘old tech’ and start with big Research 2013). lack ‘form’ and to fall outside traditional
data almost from the outset. relational databases; it is also because it
has been accompanied by the
The business potential is so great that development of advanced analytics that
big data is now often described as the allow organisations to unlock insights
‘new oil’, the informational equivalent of from data with previously unachievable
the natural resource that shaped speed and accuracy.
economies in the 19th and 20th centuries.
When people in business think of big
data they think, to return to Gartner’s
definition, of velocity as well as volume
and variety. Big data is fast data: it is
collected quickly, transferred quickly
and processed quickly.
2. Radio-frequency identification (RFID) is an electronic tagging system that uses tiny wireless tags to transfer data via radio-frequency fields. RFID tags are used
in industry to track objects and products and in agriculture to track livestock.
3. Near-field communication (NFC) enables radio communication between smart phones and similar devices in close proximity to each other. It is the ‘enabling’
technology for contactless payment.
12
WHAT BIG DATA MEANS FOR ‘The data you have about your • Data collection and use are coming
BUSINESS customers, the markets, even the under increased scrutiny and are
subject to laws and regulations that
external data that you buy…when it vary by region and country.
Analysis of big data allows organisations
to see beyond historical data and to is combined it becomes unique to
‘scan’ the environment for emerging your organisation and can therefore • In the competitive race to extract
trends. Consequently, it has the act as a sustainable competitive more and new value, there will be a
potential to transform the cost and advantage.’ growing focus on developing
effectiveness of processes such as (KEVIN LONG FCA, BUSINESS DEVELOPMENT sophisticated analytics that can go
new-product development, market DIRECTOR, TERADATA) beyond what everyone else sees.
targeting and pricing. Gartner forecasts that ‘predictive
Nonetheless, the business potential has algorithms’ will distinguish the
Refined and distilled into actionable its limits. Big data is a liability as well as leading organisations of the future
insight, broken down so it can be an asset. There are many reasons why (Gartner 2012b). In other words,
mapped to granular decision-making this is so. competition for skills will further
processes, it becomes both a increase, potentially leading to a
commercial and a strategic-planning tool. • Data depreciates in value and can ‘big data divide’ in business.
be worth less tomorrow than it is
‘At the franchise level of McDonald’s, today. The greater the speed of data Big data, it is clear, needs to be actively
they are more interested in their collection, the faster, in some cases at managed if it is to provide profitable
least, the rate of data obsolescence. solutions for companies.
daily results and how many
customers come through the store • Extracting its value may be difficult
than they are in their financial or expensive, depending on skills or
statements, because these key technologies not readily available to
indicators help them act today the organisation. According to one
rather than at the end of the month.’ estimate, the US could face a
(GARY BOOMER CPA, CEO, BOOMER CONSULTING)
shortage of 190,000 people with the
skills needed to analyse big data by
2018 (McKinsey Global Institute 2011).
Information is not just a tool, however: it
is a business opportunity in its own
right. This is most clearly seen in the • As more companies and industries
trend to develop new products and make use of big data, its
services from proprietary data.4 competitive advantages will
Companies are selling their own data to diminish. There will probably be a
create new revenue streams. race to unlock value from ‘dark data’
– data that is collected but unused.
BIG DATA: ITS POWER AND PERILS 2. BIG DATA AND THE FUTURE OF BUSINESS 13
3. Big data and the future of accountancy: opportunities and challenges
Table 3.1: Summary of the opportunities and challenges big data presents the accountancy and finance profession
Increasing the value of data through stewardship and The value of data varies according to its use
quality control
Uncertainty about future developments in
regulation, global governance and privacy rights
and what they might mean for data value
2. Use of big data in decision making Using big data to offer more specialised decision- Self-service and automation could erode the
making support in real time need for standard internal reporting
Working in partnership with other departments to Cultural barriers might obstruct data sharing
calculate the points at which big data can most between silos and across organisational
usefully be shared with internal and external boundaries
stakeholders
3. Use of big data in the management of risk Expanding the data resources used in risk Ensuring that correlation is not confused with
forecasting to see the bigger picture causation when using diverse data sources and
big data analytics to identify risks
Identifying risks in real-time for fraud detection and
forensic accounting Predictive analytic techniques will mean changes
to budgeting and return on investment
Using predictive analytics to test the risk of calculations
longer-term investment opportunities in new markets
and products Finding ways to factor failure-based learning from
rapid experimentation techniques into processes,
budgets and capital allocation
14
AREA 1: VALUATION OF DATA ASSETS
The growing importance of big data as a multinational telecoms carrier Telefónica, ‘I see data as an asset, definitely. As
company asset is driving the development for example, recently set up a new global an asset type, it’s not very different
of new ways to value data assets. division, Dynamic Insights, that uses the
company’s own repository of customer
from a brand.’
(ANGIE LIM CA, CFO, ASIA-PACIFIC –
The internet and the spread of mobile data to create new services and new INTERNATIONAL DIRECTOR, JONES LANG
and smart technologies have radically revenue streams (Telefónica 2012). LASALLE)
altered the profile and visibility of data
in business. As wireless technologies and the IoE Yet valuing data is fraught with difficulty.
further expand the volume and variety Intangible assets, increasingly
Data is increasingly used to drive of data, opportunities to convert big important in the knowledge economy,
operating efficiencies. Some of the data into value will grow – in the short tend to get hidden in reporting and
benefits are clearly seen in the retail term at least. governance systems developed for the
sector, where real-time analytics are industrial age. Even when it is visible,
helping companies keep pace with Over the next 10 years, therefore, data data is not easy to measure. The first
customer demand and reduce logistics will become an important source of challenge is the problem of
and distribution costs. New York fashion wealth creation – and will, increasingly, depreciation, highlighted in the
brand Elie Tahari, for example, is now be seen as a business asset that has to previous section. Increases in velocity
using sales data to predict global be valued and may need to be mean increases in the rate of
demand for each of its products four accounted for. obsolescence: the value of old data can
months in advance (IBM 2012). The quickly ‘decay’ as new data becomes
granularity of these predictions is HELPING COMPANIES VALUE THEIR available.
striking: the company, thanks to big DATA ASSETS
data and its associated tools, is able to A related problem is that the value of
see which sizes and which colourways The key concept here is that accountants data varies according to its relevance,
are selling out fastest, in which stores and finance professionals who develop and that its relevance varies according
and in which regions. metrics for big data could differentiate to who uses it. How do you measure the
themselves in the marketplace. commercial value of a dataset
Big data is more than a business tool objectively? Data that is worth little to
used for competitive advantage. For a Recent research has found that 20% of one group of people might be useful to
growing number of companies, in a large companies already class data as another.
growing number of sectors, it is also a an asset on their balance sheets – and
business plan or a business model. that for companies with more than These problems are likely to be resolved
10,000 employees, the figure rises to as markets for datasets develop, gaining
Profits are now being built on big data. 30% (Dynamic Markets 2012). Providing depth and liquidity, and as expertise
Internet companies such as Google have data valuation services could be a and knowledge grow, but other
pioneered the monetisation of big data significant opportunity – and an uncertainties surround big data. As the
– and other companies, in other sectors, important differentiator – for previous section suggested, these
are following their lead. The Spanish accountants in the future. include issues such as regulation, global
In order to value big data assets, VALUING BIG DATA: PROBLEMS AND SOLUTIONS
accountants and finance professionals
will need to identify what data is of Different datasets require different levels of investment and, consequently,
value, select an accepted valuation have different values. Routine, highly structured data is, for example,
methodology and determine key generated more easily and more simply than qualitative and risk-analysis data
assumptions. gathered on new export markets.
‘Data is like food. It has a shelf life The ‘problem’ of big data in accountancy, however, may be exaggerated.
and a use-by date. Some types of Certain principles for valuing intangible assets will apply.
data have a longer shelf life than
‘Profits or cash flows can be linked with investments in initiatives that may be
others.’ regarded as using big data’, says Richtermeyer. ‘Time and resources spent
(ALEX STEER, SENIOR STRATEGIST, FABRIC
generating big data capabilities may be appropriately capitalised and valued
WORLDWIDE)
similarly to the way custom software or other custom technology is.’
What is more, it is important to remember that data is not just something that
has to be measured but is also a metric in its own right. Seen like this, it is an
accountancy tool.
16
SPOTLIGHT ON NINA TAN CPA, ACCA Box 3.1: Data valuation: legal
CFO of Trax Technology Solutions and ethical uncertainties
Pte Ltd
As new digital technologies lead to
the collection, storage and trading of
personal data on an unprecedented
scale, people are starting to see the
WHAT’S DATA WORTH?
transfer of data between them and
companies as a ‘one-sided
Nina Tan is chief finance officer of Trax Technology Solutions, a company that handshake’ over which they have little
captures retail data through image recognition technology to provide reports control.
to fast moving consumers goods (FMCG) retailers and their sales
representatives in real time. Its solutions turn photographs of products, into Recent privacy controversies such as
the Edward Snowden affair have
data that shows how these products are performing against key performance
fuelled concerns, and further alerted
indicators (KPIs).
consumers to the dangers of data
misuse.
‘The valuation of data assets is still in an exploratory stage,’ says Tan. ‘The
learning that I would share with fellow accountants is adopted from Steve As yet, however, a consistent global
Job’s statement: “a person should stay hungry and stay foolish.”’ framework for regulating data privacy
has still to emerge. This means that
data valuations may need to be
‘Some of the previous methods that the profession has developed in valuation ‘adjusted’ for particular market
or auditing are good grounding guidelines, but we need to open our minds, conditions – and according to
evolve with technology and see how we can modify and adapt to add value as whether a company operates in a
strategic partners to the business entity. In order to do that, we’ve got to stay ‘data economy’.
hungry for knowledge, experience and exposure, and stay foolish in our
The position varies both between and
humility, be open to new ideas and move with the times so that we can play a
within regions. Some EU member
part in growing businesses.’ states, for example, interpret
regulations such as the e-Privacy
‘Developing the pricing strategy of big data products is something that CFOs Directive differently. A good example
should get involved with.’ is the Netherlands, which has recently
relaxed its policy on cookies (Loerke
2013). It is unclear what impact this
will have on the type of value that can
be extracted, but it could mean that
data generated in the Netherlands
increases not only in volume, but also
in economic value.
There are other, less obvious, ethical
and legal questions. Given trends in
health regulation, for example, could
retailers be held liable if they are seen
to reward customers for repeat
purchases of unhealthy foods? What
is the pressure on companies to use
data responsibly – and what does it
mean for data valuation?
18
AREA 2: USE OF BIG DATA IN DECISION MAKING
The growing volume of both structured There are also concerns that people will ‘As technologies allow businesses
and unstructured information, forget that data-led decisions still to very securely capture, store and
combined with more sophisticated involve interpretation and judgement,
analytical tools, has enabled the and make poor decisions as a result
analyse increasing volumes of data
development of more data-driven forms (Crawford 2013). As American from increasingly diverse sources,
of decision making. statistician and writer, Nate Silver accountants that can help extract
argues, ‘Data-driven predictions can the right information from data and
The facilitation of better decision succeed – and they can fail…Unless we make it easily available to people in
making is identified as one of the become aware of the biases we
their organisation at the right time
greatest benefits of big data. In a survey introduce, the returns to additional
by Tata Consulting Services, 80% of information may be minimal – or will create a competitive
businesses said that implementing big diminishing’ (Silver 2013). advantage.’
data initiatives had improved their (AGATA WATERLOOS FCCA, CFO, MICROSOFT
SLOVAKIA)
decision making (Tata Consultancy On a practical level, there is also the
Services 2013), and companies continuing problem of dataset
increasingly appear to be using data to accessibility and interrogation. Data
inform discussions about developing discovery tools such as Tableau and
new products and services and how to Qwikview now allow staff who are not
interact with customers, employees and very technically skilled to make
stakeholders (PwC 2013). diagnostic analyses on the basis of their
own explorations of data, but for many
Nonetheless, the role of big data in the organisations deep data analysis
decision-making process needs to be remains the domain of the specialist
viewed with caution. The problem of (Capgemini 2013).
rapid obsolescence means there is a
risk of basing decisions on out-of-date This creates a significant opportunity
information. According to IDG Research for the accountancy profession to
Services, only one in ten business support companies in the business-
leaders say that big data solutions are critical use of data. Trained to gather,
effective at getting important analyse and benchmark data,
information to their workers in a timely accountants and finance professionals
fashion (Information Week 2013). can apply their core skills to the
strategic use of big data. The next 5 to
10 years could see them finally shed
their ‘backroom’ image and take a
central and more proactive role in value
creation.
20
CREATING VALUE THROUGH DATA
SHARING SPOTLIGHT ON HARVEY LEWIS
Research director, Deloitte
The key concept here is that
accountants and finance departments
can improve the flow of data both inside
and outside organisations, saving time
and money and increasing efficiency. OPEN DATA: THE ULTIMATE IN DATA SHARING?
Accountants and finance professionals Over the past 15 to 20 years, ‘open data’ has developed into a movement,
can help maximise the value of data by founded on the idea that information is a common resource that should be
determining the points at which it can shared. Public administrations from US to France and Kenya to Singapore
most usefully be shared with internal have started making government datasets accessible to citizens and
and external shareholders. Timely developers. More recently, businesses have started to explore the commercial
exchange of data between departmental benefits of open data and data sharing.
silos can, for example, improve
consistency and clarity and avoid What might these commercial benefits be? The most obvious, perhaps, is
situations where decision makers get access to the (scarce) skills and resources needed to unlock the insights for
different answers to the same question, innovation. By opening their data on platforms such as Kaggle (which allows
or analyse the same question twice. the world’s ‘data miners’ to compete to design the best models), companies
can ‘leverage’ the analytic power of the crowd.
As the guardians of a company’s assets,
accountants and finance professionals Crowdsourcing platforms are not the only access point, of course. Several
may baulk at the idea of external data organisations, including online retailers, have created application
exchange. In practice, as organisational programming interfaces (APIs) that allow developers to build apps that the
boundaries shift and blur, in future companies can then use to market and sell their products better.
there is likely to be greater awareness
that distributed knowledge can create, Harvey Lewis says: ‘I think we are going to see traditional companies, which
not erode, competitive advantage. With have built their entire industry on selling proprietary data, overtaken by
the rise of the open data movement, this smaller, nimbler and more open competitors. Large businesses, too, which are
distribution could increasingly involve a struggling to manage their data, may decide to open up because turning to
company’s customers. the external community can be a very cost-effective and innovative way of
unlocking insight.’
Already, companies such as P&G and
Walmart are sharing data across their The accountancy profession has an important role to play in helping
supply chains in order to improve companies make the open-data decision. Lewis continues: ‘One of the key
efficiency. points for the accountancy profession is that you can’t make any decisions
about whether or not you outsource or insource your data analysis unless you
understand what the value of the data is. If accountants can find a way of
accurately estimating the value of data, then company boards can make
better decisions about whether or not they should open it up to unlock value.’
22
EXPANDING THE DATA RESOURCES In the era of big data, external sources The main and more immediate potential
USED IN RISK FORECASTING are proving an increasingly useful and in forensic accounting and auditing,
immediate risk-management tool. however, lies in real-time analytics and
The key concept here is that Social media are effectively early ‘agile’ risk identification. Testing can
accountants and finance professionals warning systems of shifts in both now be programmed into live corporate
will increasingly use big data to see the consumer sentiment and serious systems to provide continuous
bigger picture of business risk. macroeconomic and social and political monitoring of transactions. The
risks. News of insurgencies and natural automation of fraud detection allows
Ten years ago, Canadian Tire, retailer of disasters can break on Facebook and auditors to perform risk assessments in
electronics, kitchen supplies, sporting Twitter or their Chinese and Russian real time or near real time, helping
equipment and car accessories, made a equivalents, Sina Weibo and VK, first. companies to meet the increased
breakthrough study that linked demands of regulatory compliance.
consumer behaviour with credit risk. By There are, however, caveats attached to
detailed analysis of transactions made big-picture analysis and forecasting. Some early-adopter accountancy firms
with its credit card, accepted by One of the most significant is the are even using automated pattern
multiple outlets, it found that late danger of confusing causation and detection to create new commercial
payments and defaults could be correlation. This danger has been amply applications. A US company, for
predicted by the type of goods and demonstrated by Berkeley professor example, has developed a fraud-
brands people bought and the type of David Leinweber, who found that the detection solution for a client
bar they visited. Its data indicated, for annual closing price of the S&P 500 concerned about theft by employees.
example, that anyone who purchased a stock market index between 1983 and Software automates trend analysis and
chrome-skull car accessory or a Mega 1993 was positively correlated with the gives notification of events that fall
Thruster Exhaust System was likely to rate of butter production in Bangladesh outside a given set of parameters.
miss paying their bill eventually, and (Leinweber 2009). When the solution detects an anomaly,
that the Sharx Pool Bar in Montreal, it automatically alerts the client.
where 47% of patrons missed four Proving causality demands more than
Canadian Tire card payments over 12 noticing a coincidence of data trends. USING PREDICTIVE ANALYTICS TO
months, was the ‘riskiest’ watering hole The risks of big data analytics must TEST THE RISK OF LONGER-TERM
in Canada. always be kept in mind. OPPORTUNITIES
The predictions proved to be more IDENTIFYING RISKS IN REAL-TIME The key concept here is that predictive
precise than traditional industry models will increasingly be used to test
forecasting methods. Canadian Tire The key concept here is that ‘live’ data the risks of investment in new markets
subsequently decided not to use the streams will become vital fraud- and products – and accountants will
(socially sensitive) findings to manage detection and forensic-accounting increasingly be required to help
its own customers, but its story tools. maximise their value.
illustrates a key point about big data
analytics: they show you a bigger Big data makes it easier for auditors to The field of predictive analytics
picture (New York Times 2009). spot large-scale fraud. Negative combines techniques such as statistical
Accountants and finance professionals correlations between different datasets modelling and data mining to predict
can exploit this big picture advantage. (for example, non-financial and financial events. Developed by mathematicians
By including diverse sets of data in their measures of business performance) and statisticians, these predictive
calculations, they can improve could, for example, be warning signs of models can be used by accountants
identification and mitigation of risks. ‘manipulation’. and finance managers to assess
6. 3D printing is a new technology that transforms digital models into 3D printed objects.
24
4. Big data and the future of accountancy: imperatives
The impact of big data They can either do nothing and watch
as advances in technology commoditise
‘There is an opportunity to
evolve the skill set of
means that accountants their skills and downgrade their role, or
accountancy and finance to
they can adapt to the new environment
and finance professionals and increase their influence and the harness the wisdom from the
are at a crossroads. value they add to organisations. data. Senior leaders need to hear
the wisdom and not just data.
The overarching requirement in the That does not mean we lose our
next 5 to 10 years is a new professional
agenda that repositions the accountant
DNA as financiers, but it’s what
and finance professional at the centre of we need to do to become the
organisations. next generation of finance
leaders.’
Big data is an opportunity for the (ASHTON DALLSINGH FCCA, VICE PRESIDENT
accountancy and finance professions to AND CFO – EMEA AND RUSSIA, CISCO)
take a more strategic role and help
shape the future. Trained to gather and
analyse structured and unstructured
data and to model and benchmark DEVELOPING NEW METRICS
information, accountants and the
finance function can provide a new and Accountants will need to develop
business-critical service to senior metrics and standards for the valuation
management and boards: making big of internal data. In addition, they will
data smaller, distilling information into need to combine different datasets to
the insights that improve decision measure organisational performance
making and transform organisations. and to assess and predict risks.
Everything from social media comments
If they are to move up the value chain and online product reviews to
and turn big data to their advantage, information on the quality standards,
however, accountants and finance working conditions and credit and
professionals will need to ‘up skill’ and political risks of overseas markets is
do things differently. important to big-picture analysis.
Unstructured data and data not
The new professional agenda consists routinely available from the enterprise
of three imperatives, ie those of: system will increasingly need to be
gathered and synthesised.
• developing new metrics
The requirement to combine and
• learning new analytical skills integrate different types of data can, of
course, be seen in the context of a
• creating a visual language of data ‘art’. wider trend: integrated reporting (IR).
Currently much discussed by
These imperatives, and their accountants, auditors, bankers and
implications, are discussed on the institutional investors, IR recognises the
following pages. importance of non-traditional indicators
and predictors in company reports and
long-term assessments – and, therefore,
makes big data more important.
BIG DATA: ITS POWER AND PERILS 4. BIG DATA AND THE FUTURE OF ACCOUNTANCY: IMPERATIVES 25
Box 4.1: Big data and SPOTLIGHT ON BRAD MONTERIO
integrated reporting Managing director, Colcomgroup Inc
‘When you think about data surrounding something like natural capital –
essentially the ‘E’ in ESG data – you begin to see how broad and large the
data about an organisation’s impact on the environment could become’,
Monterio continues. ‘The amount of financial information found on the
balance sheet, income statement and statement of cash flows is dwarfed by
the potential volume of metrics for greenhouse gas emissions, water use,
forestry impact, natural resource extraction and more.’
In the future, then, accountants and finance professionals will use more
diverse sets of data in models and forecasts.
7. ‘Mash-ups’ are applications that combine information from multiple sources to produce a single
output.
26
On a practical level, the adoption of
SPOTLIGHT ON TONY LEVY new metrics for performance will mean:
Business unit executive,
product marketing, IBM Business Analytics • helping leaders and managers
identify non-financial measures most
relevant to their organisations – at
particular points in time; for
BIG DATA AND THE FUTURE OF THE FINANCIAL PLANNING example, data from social media
AND ANALYSIS FUNCTION such as Facebook, Twitter, Sina
Weibo and VK could be used during
The data needs of accountants and finance professionals are changing. a product launch to predict sales
Increased volatility and uncertainty in the operating environment mean that it and revenue growth
is no longer sufficient to deliver timely reports on historical financial
performance. ‘In the past, we always focused on predictable trends, but the • developing ways to quantify
analysis task has changed’, says Tony Levy. ‘We need to look at less unstructured data such as ‘consumer
predictable trends, we need to access more diverse data sources, and we sentiment’ data gathered from
need to invest in analytics to unlock the insight in them. ‘Business as usual is social media, data about the
no longer possible.’ political and credit risks of new
export markets and data about
For many members of the accountancy and finance professions, the challenge, climate change and environmental
according to Levy, could be considerable. ‘Finance can be doing a lot more risks and use it in forecasting
with big data and analytics than they have in the past in order to cope with models.
increasing volatility, uncertainty and risk,’ he says. ‘In the next five years, it
needs to mature its capabilities, from reporting and analysis of what has The latter points to the more general
already happened to foresight into what will happen next.’ imperative: the need to acquire new
and different skills.
‘The danger is that today’s accountants spend 60% of their time collecting
and validating data…. All that has to be retooled and upgraded, so that
automation unlocks the capacity of the FP&A team [and allows it] to focus 60%
of its time on delivering stronger business foresight and judgement using big
data and analytics.’
For Levy, the imperative is clear: the accountant’s and finance professional’s
role must be repositioned.
‘The critical question for the CFO is whether they see their organisation as a
score keeper that runs an efficient finance shop, or as an agent of
performance, linking strategy to execution, delivering analyses and foresight,
instilling innovation to spur profitable growth and focusing on enterprise
transformation and business model innovation.
‘The future of the CFO is at stake…. The CFO is in a unique position: they
bring with them a discipline of performance that no one else in the
organisation has. They understand the value drivers of the business, and how
these support shareholder value. Only the CFO and finance function are able
to connect shareholder value to the value stream of the business.’
BIG DATA: ITS POWER AND PERILS 4. BIG DATA AND THE FUTURE OF ACCOUNTANCY: IMPERATIVES 27
LEARNING NEW ANALYTICAL • Analysis of performance trends must CREATING A VISUAL LANGUAGE OF
SKILLS go deeper than previously. As DATA ‘ART’
companies invest in big data
The analytical skills of accountants and systems, for example, Hadoop ‘Art’ could be the next big thing in big
finance professionals make them clusters, the focus of the data. Big data, as Capgemini puts it,
particularly well qualified to analyse big accountancy profession will broaden ‘operates in a cauldron of ambiguity
data and identify the datasets that are to include a more diverse range of requiring as much “data art” as “data
of real value to an organisation. datasets beyond financial data. science” to achieve continuous,
Developing these skills will be incremental and actionable insight’
important over the next 5 to 10 years. • Specialist big-data groups will be (Capgemini 2013a).
needed. Research has found that
There is, as the first section of this the best way to create value from This means that data ‘storytelling’ could
report made clear, a widening big-data big data is to form a separate, be as important a part of the big-data
skills gap. The opportunity to help close specialist group in an organisation skills set as advanced and predictive
it cannot be ignored: it could be (Tata Consultancy Services 2013). analytics. Here again, accountants’ core
transformative for the accountancy and skills put them at an advantage: telling
finance profession. • Working closely and regularly with the story of big data requires the ability
the CIO and with IT staff and to analyse it and to separate the
The convergence of core accountancy business-unit analysts will help pool essential from the marginal.
skills with some of the skills of data and build knowledge.
science will open up new career paths ‘You need somebody who can go
– and, crucially, help replace the value ‘We are seeing some companies down, read right deep into it, and
lost as technology automates the more start putting together centres of
routine aspects of reporting work.
communicate [what it means].’
excellence…that different parts of (VIVEKANAND GOPALKRISHNAN, DIRECTOR OF
Moving into the domain of data science the organisation can go to for help RESEARCH AND INNOVATION, DELOITTE
ANALYTICS INSTITUTE (ASIA))
has practical implications, as the when they have a business
following examples show. intelligence, data discovery, big There will be a growing requirement for
data requirement they want to accountants and finance professionals
• It will be important to ask the right to use statistical and analytical skills to
attack.’
questions of the CIO and analytic ‘unravel’ the meaning of data and
(JOHN O’ROURKE, VICE PRESIDENT OF
functions. Databases will need to be PRODUCT MARKETING, EPM APPLICATIONS, communicate that meaning to decision
‘interrogated’ for the answers and ORACLE) makers. Accountants are not software
insights the CEO and the engineers or data scientists but they
organisation need. To use predictive In SMEs, which will lack the resources could, in the future, be the point at
analytics tools well, one has to know for a dedicated function, less formal which data science and data art meet.
what information is needed, as the (but equally consistent) mechanisms for What kind of storytelling ‘applications’
technology consultancy Forrester collaboration will be needed. will they help develop? A good example
has recently pointed out (Forrester is given in Box 4.4.
2013).
Increasingly, accountants will help
decide the financial content used in
‘data visualisation’ and company
dashboards – and how non-financial
data should be overlaid on it. Put simply,
they will be required to help create a
common visual language for data.
28
Box 4.4: Big data visualisation, Procter & Gamble
BIG DATA: ITS POWER AND PERILS 4. BIG DATA AND THE FUTURE OF ACCOUNTANCY: IMPERATIVES 29
5. Conclusion
‘Business as usual’ is no longer possible Big data and its associated tools offer Already, we are seeing the emergence
for accountancy and finance the possibility of reinvention, the of new technical skills sets. People
professionals. The future depends on a chance to reposition accountants and trained in software tools such as XBRL
new professional agenda. finance professionals at the centre of (eXtensible Business Reporting
organisations. If the finance function Language) are becoming sought after
For accountancy, as for most professions, works more closely with other by finance departments, pointing to a
technological change is a double- departments to unlock insights from growing overlap between functions
edged sword. It has the potential to data, its visibility in business will traditionally seen as distinct.
replace or devalue traditional skills, but dramatically increase. It will come to be
it also has the potential to help develop seen not as a service department but as Accountants and finance professionals
new ones. Big data will, over the next 5 a strategic partner that helps leaders who integrate their core skills with new
to 10 years, create new opportunities make and validate their decisions. skills in big data and analytics will help
for accountants and finance Furthermore, the potential of big data organisations to:
professionals to take a more strategic, to demonstrate connections between
more future-facing and more proactive non-financial data and financial value • improve decision making
role in organisations. through integrated reporting means
that the accountancy and finance • manage risks
‘I think that big data will provide a functions could play a greater role in
new lease of life for finance promoting integrated thinking across • identify and develop new markets
organisations.
professionals. By embracing the • improve operating efficiency
concept of big data, by harnessing Once organisations realise the
the benefits, I think finance connection between non-financial • increase margins.
professionals will sit at the strategy information and financial value, there is
table rather than the finance table.’ a greater likelihood that silos will begin The future of the accountancy
(SUNDARA RAJ, CONSULTING LEADER, PWC
to break down within the organisation profession lies at the intersection of
MALAYSIA) as the finance team and others – such as finance, technology and information.
human resources, operations, The next 10 years could see the
These opportunities offset the risk that marketing and public relations – emergence of new professional hybrids
the finance function will be collaborate to ensure that those in senior management or on boards: the
downgraded as smart tools and linkages create financial value. CFTO and the CFIO (see Figure 5.1).
technologies commoditise its skills.
Making the most of them, however, will It is important, however, to understand ‘Consider the birth of a new chief
not be easy. The accountants and the realities of what big data means. finance and technology officer
finance professionals who really Valuing and accounting for big data are
likely to be among the biggest
(CFTO) or chief finance and
differentiate themselves in the future
will be those who use big data to: challenges over the next 10 years, information Officer (CFIO) position
requiring the development of new whereby the individual possesses a
• create insight – and further develop metrics and accounting standards. balance of financial and
their core analytical skills Extracting value from big data, technology/information
meanwhile, will demand the
management skills to help the
• identify innovation through new development of new and different skills.
Data science will need to be combined company manage its big data
business models
with data art to provide information and assets to [enhance] profitability and
• improve the quality of planning and insights that organisations can easily economic value.’
forecasting, and access and use. The ability to help tell (BRAD MONTERIO, MANAGING DIRECTOR,
the ‘story’ of data – in, for example, COLCOMGROUP INC)
• contribute to business-critical visual form – will become almost as
decisions about strategy and important as the ability to analyse and
investment. interrogate it.
30
By crossing the discipline of finance
with the disciplines of IT and
‘I really hope that the accountancy Big data will be one of
profession will not step away from
information management, accountants
working with information
the transformational
and finance professionals will increase
the net value they bring to the C-suite technology and business analytics opportunities of the
and the board. functions because we really should 21st century. Whether
be out there with them to bring
‘Any profession constantly has to value, and at the same time to
it transforms the
evolve. Finance is no different … bring stewardship.’ finance and accountancy
There is no quick fix, no light-switch (NINA TAN CPA, ACCA, CFO, TRAX
TECHNOLOGY SOLUTIONS PTE LTD)
professions for better
solution. This has to be a broad, or for worse depends
continuous effort. This has to be a
journey. We need to marry trends on how they choose to
[in big data] to the curriculum of the respond to the
profession, not only for the challenges it creates.
upcoming students but also for the
existing members, too. If we don’t,
we won’t be able to cope with what
CEOs will need.’
(ASHTON DALLSINGH FCCA, VICE PRESIDENT
AND CFO, EMEA AND RUSSIA, CISCO)
FINANCE
New
professional
hybrids
TECHNOLOGY INFORMATION
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32
Appendix: Contributors to this report
BIG DATA: ITS POWER AND PERILS APPENDIX: CONTRIBUTORS TO THIS REPORT 33
BRAD J. MONTERIO STEVE WILLIAMS RICHARD SIDEY
Managing director, President, Decisionpath Manager, Deloitte
Colcomgroup Inc. Consulting
Richard specialises in
Brad advises companies on Steve leads strategy and performance-led finance
growing market share, roadmap engagements for transformations for
opening new markets, developing new Fortune 500 and mid-market companies organisations across the private sector,
revenue streams, driving market seeking to leverage business including large telecoms companies,
adoption and sourcing strategic partners. intelligence, performance management, global media corporations and complex
Brad counsels clients in the financial big data and analytics to improve consumer businesses. He has a wide
services, financial technology, XBRL, ESG, business performance. His experience knowledge of advanced analytics tools
integrated reporting, sustainability, CSR, leading 13 BI strategy engagements and methods, including big data, data
accountancy and investment advisory and judging TDWI Best Practices mining and data warehousing, and has
sectors. He also co-authored ‘Bringing competitions for 14 years brings a implemented a range of traditional
Order to the Chaos: Integrating multi-industry, multi-function planning and reporting tools.
Sustainability Reporting Frameworks perspective to the formulation of
and Financial Reporting into One pragmatic BI strategies and practical
Report with XBRL’ for Harvard Business roadmaps for improved business
School’s first eBook, The Landscape of performance.
Integrated Reporting.
34
AMBER ARNHOLD CMA TONY LEVY ELIOT KINGSLEY
Senior finance manager, Business unit executive, IBM Analytics lead, IBM Global
Honeywell Business Analytics Process Services Europe
Amber has held various Tony is a business unit Eliot has worked in a variety
financial roles, with executive with IBM Software of technology and services
domestic and international experience Group. He has a passion for helping consulting and managerial
in audit, controllership and financial clients drive business performance roles across sectors that include finance
planning and analysis at Honeywell. through the strategic application of and insurance, manufacturing, utilities,
Currently the senior finance manager business analytics software. He has over distribution, telecommunications,
for the aerospace business and general twenty years’ experience with market research and defence. Eliot
aviation aftermarket, she is responsible enterprise solutions within the Global joined IBM in 2009 when IBM acquired
for partnering with business leaders in 2000 in operations and finance. SPSS, the predictive analytics company.
prioritising resource and investment
opportunities optimising results for the
business aviation market.
BIG DATA: ITS POWER AND PERILS APPENDIX: CONTRIBUTORS TO THIS REPORT 35
JAKE BARTON ACA AGATA WATERLOOS FCCA TAN SWEE WAN
Group finance director, CFO, Microsoft Slovakia Director, Nexia
Kantar TS Technology Pte Ltd
Agata’s responsibilities
Jake oversees financial cover development of the Swee Wan leads Nexia TS’s
matters for several financial plans and financial Forensic Technology
operating companies strategy of the company, Services. He has managed
across Kantar. He will also take on and finance management focused on numerous forensic technology and IT
responsibility for the SOX/corporate business and financial controlling, advisory assignments in Singapore and
governance and procurement functions reporting and business analysis. Before the region. Swee Wan has trained
within the organisation. Jake leads joining Microsoft, Agata managed regional law enforcement agencies in
implementation of best practice across finance at the Slovak subsidiary of cybercrime investigations, testified in
the client base for contracts and Pernod Ricard. Agata began her courts as expert witness on electronic
commercial terms as well as ensuring an professional career at evidence, spoken at international
increased focus on client profitability. PricewaterhouseCoopers, both in conferences and is quoted in various
Slovakia and Czech Republic. publications and the national press on
forensic technology.
36
QUEK KENG SWAN SUNDARA RAJ IAN BETTS FCCA
Financial controller Asia- Consulting leader, PwC Data manager upstream
Pacific, Philips Healthcare Malaysia and projects and
technology, Shell
Keng Swan is the regional Raj leads PwC’s consulting
financial controller for practice in Malaysia. He also Ian leads Shell’s upstream
Philips Healthcare Spare sits on PwC Malaysia’s data management drive
Parts Supply Chain. Before joining executive board. Raj started his career with a team located across shared
Philips Healthcare, Keng Swan was with PwC Malaysia’s corporate finance service centres in Chennai, Manila,
previously employed at Lucent practice and was instrumental in Kuala Lumpur and Glasgow. Previously
Technologies and Verizon Business, establishing its consulting practice. he supported the transformation of
leading the regional Shared Services Today, PwC Consulting provides Shell’s downstream business as finance
Centre for the latter. industry-focused management, manager and, before joining Shell in
technology, and risk consulting services 2007, held multiple finance roles with
for leading companies locally and Kraft Foods in Europe, Asia Pacific and
regionally. Raj specialises in strategy, North America.
transformation, and people and
change.
BIG DATA: ITS POWER AND PERILS APPENDIX: CONTRIBUTORS TO THIS REPORT 37
PRERIIT SOUDA BOB BURGOYNE NINA TAN, CPA (ISCA),
Analyst, marketing science Global head of marketing ACCA
(advanced analytics), TNS science, TNS CFO, Trax Technology
Global Solutions Pte Ltd
Bob leads TNS’ global
Preriit consults internal strategic appraisal of the Nina is an international
clients on advanced challenge and opportunity delegate having spent 14
analytical requirements for their presented to the research industry by years abroad in UK and China. She has
projects and has been developing big data – new data sources and garnered more than 20 years’
techniques for analysing new and associated analytical techniques and experience of multinational
advanced data visualisation methods. use-cases. Bob co-wrote a TNS ‘point of corporations, international listed
Previously, Preriit was research assistant view’ piece on the topic and has spoken companies, GLCs, audit firms and
to the chair of the marketing at various industry events. Bob works start-ups. Nina’s expertise in global
department at Southern Methodist across TNS and other Kantar/WPP M&A ventures led to her own successful
University (US). He was ESOMAR young companies to test and refine new data start-up specialty chemical company;
researcher of year (2011), named as one methodologies and integration consolidation between SingTel and ST
of the new faces of engineering 2012 opportunities. Telemedia’s trunk radio business and
(nominated by IEEE USA) and won best the merger of Sunpage/ST Mobile
analytics paper award at the MRSI Data/ST Trunk Radio.
annual conference in New Delhi.
38
POL-AFA-BDPAP
ACCA 29 Lincoln's Inn Fields London WC2A 3EE United Kingdom / +44 (0)20 7059 5000 / www.accaglobal.com