Prospects for Using Big Data in Financial Analysis

Author:

Sadyrin Igor,Syrovatskay Olga,Leonova Olga

Abstract

The ongoing digital transformation of the national economy inevitably sets the task of introducing digital technologies and tools into the practice of economic activities of organizations and enterprises. One of the areas of digitalization is Big Data technology, which in many ways is already being used in the field of finance. However, for the effective use of big data in the practice of financial analysis of economic activity, it is necessary to solve a variety of significant problems. The article discusses the promising directions of using big data in financial analysis procedures, which, being integrated into the system of forming various management decisions, can significantly increase their efficiency. The necessary elements of the financial analysis system, which, first of all, should be focused on the use of big data, are considered, as well as aspects that, when using digital technologies, can provide the maximum effect.

Publisher

EDP Sciences

Reference10 articles.

1. Methodical instructions for analyzing the financial condition of organizations approved by the Order of the Federal Financial Markets Service of the Russian Federation of January 23, 2001 No. 16.

2. The rules for holding the arbitration managers of financial analysis, approved by the Decree of the Government of the Russian Federation of June 25, 2003 No. 367.

3. Financial technology & automated investing automated investing. How Big Data Has Changed Finance, Febrary 10, 2021. https://www.investopedia.com/articles/active-trading/040915/how-big-data-has-changed-finance.asp.

4. Forbes. “84% of Enterprises See Big Data Analytics Changing Their Industries’ Competitive Landscapes in the Next Year.” Febrary 10, 2021. https://www.forbes.com/sites/louiscolumbus/2014/10/19/84-of-enterprises-see-big-dataanalytics-changing-their-industries-competitive-landscapes-in-the-nextyear/?sh=7a4f0e2417de

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