Managing ‘Big Data’ a top priority for accounting departments
Effective management of all the data we now create will ultimately lead to better business decisions
TORONTO—Managing and retaining data is the top technology-related priority of Canadian and U.S. accounting professionals, according to a joint survey conducted by the Chartered Professional Accountants of Canada (CPA Canada) and the American Institute of Certified Public Accountants (AICPA).
“Many organizations are facing increased risks associated with data management because of an explosive growth in volume and the complexity of information being handled,” says Frank Colantonio, director of continuing education with CPA Canada. “However, in this era of big data, effective management will ultimately lead to better business decisions.”
While data oversight was the top priority among respondents, it was closely followed by securing the IT environment in both Canada and the U.S.
“As we go down the list, we see concerns about dealing with emerging technologies such as mobile devices and the cloud, managing IT spending and preventing computer fraud. These are issues that all businesses in North America are struggling to confront, to some degree,” says Jeannette Koger, director of member specialization and credentialing for the AICPA.
Here’s how technology initiatives ranked and the confidence level for meeting that goal, as measured by the percentage of survey takers who identified themselves as “confident” or “highly confident” that their organization is adequately addressing the category:
|1.||Managing and Retaining Data (57 per cent)||Managing and Retaining Data (55 per cent)|
|2.||Securing the IT Environment (56 per cent)||Securing the IT Environment (51 per cent)|
|3.||Enabling Decision Support and Analytics (33 per cent)||Managing IT Risks and Compliance (47 per cent)|
|4.||Managing IT Risks and Compliance (57 per cent)||Ensuring Privacy (45 per cent)|
|5.||Governing and Managing IT Investment and Spending (38 per cent)||Managing System Implementation (44 per cent)|
|6.||Ensuring Privacy (53 per cent)||Preventing and Responding to Computer Fraud (44 per cent)|
|7.||Managing System Implementation (47 per cent)||Enabling Decision Support and Analytics (37 per cent)|
|8.||Leveraging Emerging Technologies (22 per cent)||Governing and Managing IT Investment and Spending (38 per cent)|
|9.||Preventing and Responding to Computer Fraud (47 per cent)||Leveraging Emerging Technologies (27 per cent)|
|10.||Managing Vendors and Service Providers (42 per cent)||Managing Vendors and Service Providers (47 per cent)|