BSBRES401A - Technologies Transforming the Accounting Industry

This report examines the transformative potential of three key technologies—cloud computing, big data, and artificial intelligence—on the accounting industry. It details how big data offers customer insights and operational efficiencies, citing examples like Walmart's use of machine learning to enhance online shopping. The report also explores how cloud computing enables companies like Toyota to leverage connected platforms and reduce IT costs through outsourcing. Furthermore, it discusses AI's role in automating tasks and improving decision-making, potentially reshaping the role of accountants. The analysis considers whether these technologies will lead to increased outsourcing and cost reduction, ultimately improving productivity and customer service. This document is available on Desklib, a platform providing a wealth of study tools and resources for students.

Running head: GAME CHANGING TECHNOLOGIES
Game Changing Technologies
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1GAME CHANGING TECHNOLOGIES
Game changing technologies
The three technologies which are going to enable the changes are expansion of cloud
computing, big data and artificial intelligence.
The capability of big data is that it has a frequency that data changes and then
dissipate the data sources such as mobile devices as well as social media. Big data is essential
insight to the customers, operational prices and key aspects of the business. The benefits of
big data are providing better information as well as great operational efficiency. The
companies those are using big data are Amazon, American Express, Netflix, Walmart and
many others. The big data is changing the world by providing new business opportunities,
better understanding the behaviour of customers and improved management. For example,
Walmart is used big data to improve online shopping experiences with the search engine
driven by the machine learning. Big data also improves security as well as law enforcements.
Big data helps to prevent data breaches from being occurred and minimized damage to those
data. It can predict where crimes are happened at provided moment1. The big data can predict
the outcomes by use of algorithms for data interpretation. There is no need to eliminate
humans for the accounting work. The companies increasingly outsource their accounting
services because of cost savings and providing better core business functions. Hire of an
outsourced accounting services is cheaper and cost effective. The big data technology can
reduce cost, improve productivity and better customer services by making a better
collaboration among the employees, partners and suppliers to boost business efficiency while
cost reduction2. The business performance is improved through strategic alliances and
outsourcing.
1 Changming, C, "Research on the Application of Cloud Computing in Medical Field.". in Big Data and Cloud
Innovation, 1, 2017.
2 Dhar, V, "The Future of Artificial Intelligence.". in Big Data, 4, 2016, 5-9.

2GAME CHANGING TECHNOLOGIES
Expansion of cloud computing is one of the technologies that can change the entire
world. The cloud computing enables the companies to segment, supply as well as consume
the resources at low cost and greater flexibility3. It permits for higher performance
infrastructures available on the mobile devices. It allows to provide effective business
processes. The companies those are using cloud computing are Netflix, Toyota, Apple,
Pinterest and Xerox. The companies are incorporated cloud technology with an ability to
access distributed computer processing along with storage capabilities. The cloud technology
enables the company to scale the computing solutions as it is growing. For example, Toyota
is leveraged cloud computing for transforming car into connected platform4. The car
company is used of Microsoft Azure to host the applications that can connect car to
Facebook. The cloud computing can eliminate need for the internal IT department. Moving to
the cloud computing lets the technology experts to handle the technology such that it is
focused on firm and clients. The companies are used of outsourcing as it is provided scalable
solution and provides an opportunity to the firms to change fixed staffing cost into variable
cost. With outsourcing, there is easy access to the technology for leveraging technology
investment of outsourcing providers. The technology programs are migrated to cloud based
platform and adopted Software as a Service (SaaS). Cloud computing technology helps to
reduce cost and globalization increases better productivity5. Choosing of right equipment help
to reduce risk of costly errors and improve the way to do business. Web based technologies
enable the company to improve the business operations.
The capability of Artificial intelligence is to create of intelligent machines that work
like humans. The activities with the artificial intelligence are speech recognition, problem
3 Chang, A, "Big data in medicine: The upcoming artificial intelligence.". in Progress in Pediatric Cardiology,
43, 2016, 91-94.
4 Ouf, S, & M Nasr, "Cloud Computing.". in International Journal of Cloud Applications and Computing, 5,
2015, 53-61.
5 Sohangir, S, D Wang, A Pomeranets, & T Khoshgoftaar, "Big Data: Deep Learning for financial sentiment
analysis.". in Journal of Big Data, 5, 2018.

3GAME CHANGING TECHNOLOGIES
solving and learning. The companies those are involved into artificial intelligence
development are Philips, Panasonic, Volkswagen and JPMorgan Chase. Artificial intelligence
is changing the world by enabling people to rethink how to integrate of information, analyse
the data and use of insights for improve decision making. It promotes new model for digital
education and regulate the AI principles. Artificial intelligence is the future of accounting.
Therefore, it is a possibility that this technology can eliminate accountants6. It is required to
outsource as it provides benefits of cost savings, and improves skills and qualifications to
remain competitive. When it is outsourced of accountants, then it is an advantage for small
and start up business. The technology can reduce the operational cost and involved team into
all the activities, which can help to improve productivity. It can reduce labour cost, eliminate
the errors and provide better customer services.
6 Reddy, M, "Big Data and Current Cloud Computing Issues and Challenges.". in International Journal Of
Engineering And Computer Science, , 2016.

4GAME CHANGING TECHNOLOGIES
References
Chang, A, "Big data in medicine: The upcoming artificial intelligence.". in Progress in
Pediatric Cardiology, 43, 2016, 91-94.
Changming, C, "Research on the Application of Cloud Computing in Medical Field.". in Big
Data and Cloud Innovation, 1, 2017.
Dhar, V, "The Future of Artificial Intelligence.". in Big Data, 4, 2016, 5-9.
Ouf, S, & M Nasr, "Cloud Computing.". in International Journal of Cloud Applications and
Computing, 5, 2015, 53-61.
Reddy, M, "Big Data and Current Cloud Computing Issues and Challenges.". in International
Journal Of Engineering And Computer Science, , 2016.
Sohangir, S, D Wang, A Pomeranets, & T Khoshgoftaar, "Big Data: Deep Learning for
financial sentiment analysis.". in Journal of Big Data, 5, 2018.