Big data

Definition

Big data encompasses large volumes of structured and unstructured data that organizations can analyze for insights. It plays a crucial role in decision-making processes by revealing trends and patterns.

5 Must Know Facts For Your Next Test

1. Big data analytics can improve financial forecasting accuracy.
2. Organizations use big data to identify fraud in accounting systems.
3. Analytics tools like Hadoop and Spark are commonly used for processing big data.
4. Data visualization is essential for interpreting big data insights in financial reports.
5. Regulatory compliance, such as GDPR, impacts how companies handle big data.

Review Questions

• What role does big data play in improving financial forecasting?
• How can big data help in detecting fraud within accounting systems?
• What are some common tools used for processing big data?

Related terms

Data Analytics:

The process of examining datasets to draw conclusions about the information they contain.

Hadoop:

An open-source framework used for processing large datasets across distributed computing environments.

Data Visualization: The graphical representation of information and data to facilitate understanding.