future2020
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The document discusses the future of accounting and the rise of "big data accounting" and the "predictive accountant" by 2020-2022. It notes that algorithms will positively alter the behavior of over 1 billion people and blockchain business will be worth $10 billion. It highlights that analytics accounting professionals using tools like predictive analytics, data mining, and data science will become more common. Overall, the accounting profession will need to adapt to incorporating big data and new data-driven technologies to provide insights to clients.
![The following BigQuery query (note that the wildcard on "TAX_WEAPONS_SUICIDE_" catches suicide vests, suicide bombers, suicide bombings, suicide
jackets, and so on):
SELECT DATE, DocumentIdentifier, SourceCommonName, V2Themes, V2Locations, V2Tone, SharingImage, TranslationInfo FROM [gdeltv2.gkg] where
(V2Themes like '%TAX_TERROR_GROUP_ISLAMIC_STATE%' or V2Themes like '%TAX_TERROR_GROUP_ISIL%' or V2Themes like
'%TAX_TERROR_GROUP_ISIS%' or V2Themes like '%TAX_TERROR_GROUP_DAASH%') and (V2Themes like '%TERROR%TERROR%' or V2Themes like
'%SUICIDE_ATTACK%' or V2Themes like '%TAX_WEAPONS_SUICIDE_%')
The GDELT Project pushes the boundaries of “big data,” weighing in at over a quarter-billion rows with 59 fields for each record, spanning
the geography of the entire planet, and covering a time horizon of more than 35 years. The GDELT Project is the largest open-access
database on human society in existence. Its archives contain nearly 400M latitude/longitude geographic coordinates spanning over 12,900
days, making it one of the largest open-access spatio-temporal datasets as well.
GDELT + BigQuery = Query The Planet](https://image.slidesharecdn.com/future2020-170824223651/85/future2020-17-320.jpg)
future2020
- 1. The Future of Accounting: Towards 2020 The Predictive Accountant https://www.slideshare.net/ssood/future2020 Suresh Sood, PhD [email protected] @soody
- 2. Vignettes in the two-step arrival of the internet of things and its reshaping of marketing management’s service-dominant logic Woodside & Sood Journal of Marketing Management Volume 33, 2017 - Issue 1-2: The Internet of Things (IoT) and Marketing: The State of Play, Future Trends and the Implications for Marketing
- 4. Acuity 2017 Big data accounting-the predictive accountant Tools and techniques of the predictive practice
- 5. Source: Tips and tools of the predictive practice, Sood (2017) , June/July Acuity Magazine & 19 June Accounting Daily The Predictive Practice
- 6. Areas for Conversation • What will the future look like? • What is driving major change in our accounting? • Why do we need to bother with big data ? • What is big data? • How do we ingest truly massive data sets? • What are the use cases for practices ?
- 7. © Chartered Accountants Australia and New Zealand 2016 By 2020-22 : 100 million consumers shop in augmented reality 30% of web browsing sessions without a screen Algorithms positively alter behavior of over 1B Blockchain-based business worth $10B IoT will save consumers/businesses $1T a year 40% of employees cut healthcare costs via fitness tracker Strategic Predictions for 2017 and Beyond, research note 14 October, http://www.gartner.com/document/3471568 2017 Hype Cycle for 3D Printing , July, http://www.gartner.com/document/3388326 Gartner (2016/17)
- 8. 8© 2017 FORRESTER. REPRODUCTION PROHIBITED. Forrester Research, 2016
- 9. “As business is transformed by the impact of big data and big data analytics, so the role of finance professionals will change as well” Ng Boon Yew Executive Chairman of Accountancy Futures Academy of the Association of Chartered Certified Accountants Executive chairman More Diverse Associates
- 10. The ANZ Heavy Traffic Index comprises flows of vehicles weighing more than 3.5 tonnes (primarily trucks) on 11 selected roads around NZ. It is contemporaneous with GDP growth. The ANZ Light Traffic Index is made up of light or total traffic flows (primarily cars and vans) on 10 selected roads around the country. It gives a six month lead on GDP growth in normal circumstances (but cannot predict sudden adverse events such as the Global Financial Crisis). http://www.a http://www.anz.co.nz/about-us/economic-markets-research/truckometer/ ANZ TRUCKOMETER
- 11. Statistics, Data Mining or Data Science ? • Statistics –precise deterministic causal analysis over precisely collected data • Data Mining –deterministic causal analysis over re-purposed data carefully sampled • Data Science –trending/correlation analysis over existing data using bulk of population i.e. big data –Extraction of actionable knowledge directly from data through a process of discovery, hypothesis, and hypothesis testing. Adapted from: NIST Big Data taxonomy draft report : (see http://bigdatawg.nist.gov /show_InputDoc.php)
- 12. Data Science Innovation Data science innovation is something an organization has not done before or even something nobody anywhere has done before. A data science innovation focuses on discovering and using new or untraditional data sources to solve new problems. Adapted from: Franks, B. (2012) Taming the Big Data Tidal Wave, p. 255, John Wiley & Son Data Science Algorithms Companies are reimagining Business Processes with Algorithms and there is “evidence of significant, even exponential, business gains in customer’s customer engagement, cost & revenue performance” Wilson, H., Alter A. and Shukla, P. (2016), Companies Are Reimagining Business Processes with Algorithms, Harvard Business Review, February
- 13. Variety of Data Types & Big Data Challenge 1.Astronomical 2.Documents 3.Earthquake 4.Email 5.Environmental sensors 6.Fingerprints 7.Health (personal) Images 8.Graph data (social network) 9.Location 10.Marine 11.Particle accelerator 12.Satellite 13.Scanned survey data 14.Sound 15.Text 16.Transactions 17.Video Big Data consists of extensive datasets primarily in the characteristics of volume, variety, velocity, and/or variability that require a scalable architecture for efficient storage, manipulation, and analysis. . Computational portability is the movement of the computation to the location of the data.
- 14. Categories of Data Sources 1. Transactions 2. External Data (CA Kairos curated data and content packs) 3. Customer data (includes web/e-commerce site Google analytics) 4. Social media and online search data
- 16. • The data collected in a single day take nearly two million years to playback on an MP3 player • Generates enough raw data to fill 15 million 64GB iPods every day • The central computer has processing power of about one hundred million PCs • Uses enough optical fiber linking up all the radio telescopes to wrap twice around the Earth • The dishes when fully operational will produce 10 times the global internet traffic as of 2013 • The supercomputer will perform 1018 operations per second - equivalent to the number of stars in three million Milky Way galaxies - in order to process all the data produced. • Sensitivity to detect an airport radar on a planet 50 light years away. • Thousands of antennas with a combined collecting area of 1,000,000 square meters - 1 sqkm) • Previous mapping of Centaurus A galaxy took a team 12,000 hours of observations and several years - SKA ETA 5 minutes ! To the scientists involved, however, the SKA is no testbed, it’s a transformative instrument which, according to Luijten, will lead to “fundamental discoveries of how life and planets and matter all came into existence. As a scientist, this is a once in a lifetime opportunity.” Sources: http://bit.ly/amazin-facts & http://bit.ly/astro-ska Galileo Square Kilometer Array Construction (SKA1 - 2018-23; SKA2 - 2023-30) Centaurus A
- 17. The following BigQuery query (note that the wildcard on "TAX_WEAPONS_SUICIDE_" catches suicide vests, suicide bombers, suicide bombings, suicide jackets, and so on): SELECT DATE, DocumentIdentifier, SourceCommonName, V2Themes, V2Locations, V2Tone, SharingImage, TranslationInfo FROM [gdeltv2.gkg] where (V2Themes like '%TAX_TERROR_GROUP_ISLAMIC_STATE%' or V2Themes like '%TAX_TERROR_GROUP_ISIL%' or V2Themes like '%TAX_TERROR_GROUP_ISIS%' or V2Themes like '%TAX_TERROR_GROUP_DAASH%') and (V2Themes like '%TERROR%TERROR%' or V2Themes like '%SUICIDE_ATTACK%' or V2Themes like '%TAX_WEAPONS_SUICIDE_%') The GDELT Project pushes the boundaries of “big data,” weighing in at over a quarter-billion rows with 59 fields for each record, spanning the geography of the entire planet, and covering a time horizon of more than 35 years. The GDELT Project is the largest open-access database on human society in existence. Its archives contain nearly 400M latitude/longitude geographic coordinates spanning over 12,900 days, making it one of the largest open-access spatio-temporal datasets as well. GDELT + BigQuery = Query The Planet
- 18. Oil reserves shipment monitoring Ras Tanura Najmah compound, Saudi Arabia Source: http://www.skyboximaging.com/blog/monitoring-oil-reserves-from-space
- 20. Airbnb Power BI App
- 21. Connecting Power BI with Massive Big Data
- 22. Big Data Use Cases for Advisory Practice Forecasting (Financial) or predictive analytics using external big data sources e.g. Airbnb and Web/e-comm site Investor deck for startups and early stage including financial reporting and potential e-commerce revenues Cross border/interstate business expansion Cost of Capital Estimates Risk Management including reputation (use social media channels) M & A Fraud Spend Analytics Continuous Auditing and/or missing inventory e.g. via Drone
- 23. 23© 2017 FORRESTER. REPRODUCTION PROHIBITED. trillion $862 billion $19 billion $397 billion $1.5 the amount of USD spent online globally in 2016 North America Latin America Western Europe Asia Pacific $248 billion Source: Forrester Research ForecastView Online Retail Forecasts *Global figure comprises 27 countries: Argentina, Australia, Austria, Belgium, Brazil, Canada, China, Denmark, Finland, France, Germany, Greece, India, Ireland, Italy, Japan, Luxembourg, Mexico, Netherlands, Norway, Portugal, South Korea, Spain, Sweden, Switzerland, United Kingdom, and United States Rate based on CAGR 2015 to 2021 10.6% 12.3%10.3% 8.3% 11.3% CAGR How fast eCommerce is growing globally
- 24. 24© 2017 FORRESTER. REPRODUCTION PROHIBITED. Data aggregated from IBIS World reports, 22 August 2017
- 25. Online tenure leads to more spending per customer High engagement leads to more orders, more categories purchased, and more spend https://www.quillengage.com
- 29. GoogleTrends
- 31. Language on Twitter Tracks Rates of Coronary Heart Disease, Psychological Science, January 2015 31 The findings show that expressions of negative emotions such as anger, stress, and fatigue in the tweets from people in a given county were associated with higher heart disease risk in that county. On the other hand, expressions of positive emotions like excitement and optimism were associated with lower risk. The results suggest that using Twitter as a window into a community’s collective mental state may provide a useful tool in epidemiology…So predictions from Twitter can actually be more accurate than using a set of traditional variables.
- 32. 32 Sherman and Young (2016), When Financial Reporting Still Falls Short, Harvard Business Review, July-August Sood (2015), Truth, Lies and Brand Trust The Deceit Algorithm, http://datafication.com.au/ New Analytical ToolsCan Help
- 33. 33 Deception Algorithm (1) Self words e.g. “I” and “me” – decrease when someone distances themselves from content (2) Exclusive words e.g. “but” and “or” decrease with fabricated content owing to complexity of maintaining deception (3) Negative emotion words e.g. “hate” increase in word usage owing to shame or guilty feeling (4) Motion verbs e.g. “go” or “move” increase as exclusive words go down to keep the story on track
- 35. “The honest answer is this: The accountant of the future might not be an accountant at all. Career paths and internal structures will change dramatically” …a new type of "analytics" accounting professional is evolving and joining existing practices. Initially, these individuals may well not have CA credentials but are productive from day one if they possess an analytical mindset with an ability to utilise relevant data tools and tech to gain insights from accounting or more broadly business information. At the same time, the individuals with existing data science or analytic skills have the opportunity to compliment such skills with accounting skills through bridging style conversion courses or accounting boot camps for data analysts or data scientists.
- 36. The future is impossible to predict. However one thing is certain : The company that can excite it’s customers dreams is out ahead in the race to business success Selling Dreams, Gian Luigi Longinotti 36