Nonnie Enterprises is a manufacturing business which makes novelty ...

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Nonnie Enterprises is a manufacturing business which makes novelty gifts for the tourist trade. It is based in the lower North Island and employs 100 staff and it is always looking for opportunities to expand. At a recent managers meeting, the CEO expressed surprise when the Chief Accountant expressed an interest in learning about “Big data” and utilising it. The CEO suggested that big data was really a marketing tool and that the Chief Accountant and his team had enough to worry about preparing annual financial statements, tax returns, regular management accounting reports and assessing capital investment projects without worrying about big data. The Chief Accountant is in charge of the Accounting & Finance Department.
Your introduction should briefly explain what big data is and then describe at least three areas where big data could have relevance to the Accounting & Finance Department’s functions.

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Introduction

The fact that humankind generates 2.5 quintillion bytes of data every day (Marr, 2018) is illustrative enough to understand that the amount of data is massive and that those data need to be processed in a proper manner in order to improve everyday activities of individuals, companies, and governments. This is how a concept of big data was born.
The big data concept refers to studying and analyzing large volumes of structured (data in databases) and unstructured data originating from social media posts, emails, text documents, video, audio etc. (SAS, 2018). In general, the data comes in four types: company data, consumer data, sensor data and syndicated data (Hannan, 2016). The purpose of big data analytics is to predict the human behavior (Lifewire, 2018) and to make more informed decisions.   
Big data concept has successfully been deployed in many areas such...

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