Advertisement

Data As An Asset

  • Sean Stein Smith
Chapter
Part of the Future of Business and Finance book series (FBF)

Abstract

Linking back to the initial conversation and introduction of the topic relating data to the financial services profession, this also connects to the subtopics of blockchain, artificial intelligence, and the services that can be constructed off of these trends. The trends of blockchain, increased encryption, and the intersection of greater technology integration with traditional accounting and financial services will, of course, cause disruption within the industry, but will also cause a paradigm shift as to how professionals view and evaluate assurance, audit, and other advisory services. This is an important topic to keep in mind, especially as different technologies and technology tools continue to enter, evolve, and disrupt the marketplace over time. Regardless of the specific tool or platform that is utilized as a component of this process; RPA, AI, blockchain, or other automation tools or processes, the underlying trend is that professional services are going to become increasingly connected to the data that is produced, stored, and disseminated by organizations both internally and externally. No two firms as the same, and the applications and implications of data and information technology will have different end effects depending on the specific vector and business model of the practice.

Keywords

Data Data analytics Data science Cryptoasset consulting Tokenization Education Blockchain augmented finance Data driven organizations 

References

  1. Appelbaum, D., Kogan, A., & Vasarhelyi, M. A. (2017). Big data and analytics in the modern audit engagement: Research needs. Auditing: A Journal of Practice & Theory, 36(4), 1–27.  https://doi.org/10.2308/ajpt-51684.CrossRefGoogle Scholar
  2. Díaz-Santiago, S., Rodríguez-Henríquez, L., & Chakraborty, D. (2016). A cryptographic study of tokenization systems. International Journal of Information Security, 15(4), 413–432.  https://doi.org/10.1007/s10207-015-0313-x.CrossRefGoogle Scholar
  3. Drew, J. (2018). Merging accounting with “big data” science. Journal of Accountancy, 226(1), 47–52.Google Scholar
  4. Fambrough, G. (2019). Introduction to the fraud reduction and data analytics act of 2015. Armed Forces Comptroller, 64(1), 45–46.Google Scholar
  5. Huerta, E., & Jensen, S. (2017). An accounting information systems perspective on data analytics and big data. Journal of Information Systems, 31(3), 101–114.  https://doi.org/10.2308/isys-51799.CrossRefGoogle Scholar
  6. Lai, K. (2018). Singapore banks using DLT to tackle money laundering. International Financial Law Review, 1.Google Scholar
  7. Marinova, P. (2018). Why VC firm fifth wall ventures is bullish on the tokenization of real estate. Fortune.Com, 1.Google Scholar
  8. Perols, J. L., Bowen, R. M., Zimmermann, C., & Samba, B. (2017). Finding needles in a haystack: Using data analytics to improve fraud prediction. Accounting Review, 92(2), 221–245.  https://doi.org/10.2308/accr-51562.CrossRefGoogle Scholar
  9. Richins, G., Stapleton, A., Stratopoulos, T. C., & Wong, C. (2017). Big data analytics: Opportunity or threat for the accounting profession? Journal of Information Systems, 31(3), 63–79.  https://doi.org/10.2308/isys-51805.CrossRefGoogle Scholar
  10. Savva, N., & Straub, G. (2018). Making big data deliver: Investment in data science can reap great rewards — but if it doesn’t yield what you want, ask where you’re going wrong, say Nicos Savva and Gabriel Straub. London Business School Review, 29(1), 40–43.  https://doi.org/10.1111/2057-1615.12215.CrossRefGoogle Scholar
  11. Sullivan, C. (2018). Gdpr regulation of Ai and deep learning in the context of Iot data processing—a risky strategy. Journal of Internet Law, 22(6), 1–23.Google Scholar
  12. Whittemore, A., Freese, P., & Lucido, A. (2017). Leveraging data analytics as a force multiplier. Armed Forces Comptroller, 62(4), 49–52.Google Scholar

Copyright information

© Springer Nature Switzerland AG 2020

Authors and Affiliations

  • Sean Stein Smith
    • 1
  1. 1.Lehman College, CUNYBronxUSA

Personalised recommendations