Big data and big data analytics

Question 1

Big Data

Answer 1

a term that describes large, hard-to-manage volumes of data that inundate businesses on a day to day basis.

Question 2

structure of big data

Answer 2

can be structured, unstructured and semi structured

Question 3

what makes big data different from regular data?

Answer 3

it is a more complex set of data which results in traditional software’s being unable to process and store them.

Question 4

it is an essential and useful tool that can be…

Answer 4

used to improve businesses and help them make more informed decisions.

Question 5

Advantages of big data

Answer 5

Higher customer retention
Better decision making

Question 6

higher customer retention

Answer 6

big data can be used by businesses to observe customer patterns to help tailor certain products and services to their wants and needs.
increases customer satisfaction
boosts overall sales

Question 7

Better decision making

Answer 7

businesses can use big data to improve their decision-making processes as they have more readily available information exposed to them.
means they can use the data to make accurate and informed decisions about the wants and needs of the customers.

Question 8

Disadvantages of big data

Answer 8

security risks
regulations and legislation

Question 9

Security risks

Answer 9

due to the volume of sensitive information collected for big data analytics, cyber-security risks are increased as hackers may find this information attractive.

Question 10

Regulations and legislation

Answer 10

big data can often include personal information and as a result, there are many laws and regulations in place to protect consumers from this.

Question 11

data protection act 2018

Answer 11

developed to make sure that companies use information ‘fairly, lawfully, and transparently.’

Question 12

the 3 Vs

Answer 12

high variety
high volume
high velocity

Question 13

impact on accounting

Answer 13

unavoidable that it is going to change the role of accountants.
negative and positive impact on the profession.

Question 14

positive impact on the profession

Answer 14

big data can help accountants identify issues quickly with real-time access to data.
people want things done quickly while still being effective these days.
speeds up decision making.

Question 15

negative impact on the profession

Answer 15

job roles may be altered and skills required to use big data may be different from what we already know.