Using Big Data and analytics in accounting for strategic decisions

Abstract

The purpose of this paper is to study the potential of using Big Data and analytics in accounting in order to improve strategic decision-making processes at the enterprise. To achieve the goal, the following tasks were performed in the research process: the concepts, advantages and disadvantages of using Big Data and analytics in accounting were considered; directions for using Big Data in accounting in general and for improving strategic decision-making processes in particular were investigated. The use of advanced technologies in accounting can significantly improve the quality and relevance of accounting information, reduce preparation time and ensure availability of data in real time. Studying the basic principles of accounting organization using information technologies, efficiency, accuracy, security and compliance with regulatory requirements were identified as key. The potential impact of Big Data on the accounting profession and its practices is very significant. As the volume of available information grows, new opportunities appear to improve the accuracy and efficiency of traditional accounting approaches. Big Data analysis can reveal financial trends, patterns, and anomalies that were previously difficult to access or invisible through traditional methods. The use of Big Data and analytics in accounting for making strategic decisions can significantly contribute to the achievement of the goals specified in the modern economic paradigm. Simplified acquisition and analysis of large volumes of data makes it possible not only to increase the accuracy and speed of decision-making in financial management, but also to respond more effectively to changes in macroeconomic conditions, such as diversification of production and exports, improvement of living conditions of the population, and reduction of social inequality. The introduction of high technologies, including Big Data analysis, is becoming a key tool for ensuring sustainable economic development, contributing to the growth of productive forces and optimization of production processes in accordance with modern requirements and challenges of the global market.