Brittany Tarto October 1, 2023 ACC-315 Module 5 Assignment Data Storage and Analysis in Accounting Video Link: 19073/class/_UDPL9YC/_3646962/media/_as1493153/__3646962_act- 239260_3b2cfab2df0f0644a189e1add463235c_62t4qbmgwv4.mp4?X-Amz-Content- Sha256=UNSIGNED-PAYLOAD&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz- Credential=AKIA5CXUUMBBBGMI56OS%2F20231001%2Fus-east- 1%2Fs3%2Faws4_request&X-Amz-Date=20231001T130513Z&X-Amz- SignedHeaders=host&X-Amz-Expires=7200&X-Amz- Signature=d7970661f5b1b42a87e577eea15dff1b23b4917427c9bb6d0dcfcfd390f1ac1e 1. Forms of Data a. Structured i. Quantitative ii. Easily organized on spreadsheets and data tables iii. Filters and query language iv. Less storage v. Easier to manage vi. Business owners use vii. Data warehouse b. Unstructured i. Qualitative 1. Audio files 2. Photos 3. emails ii. Unable to be organized iii. Meta tags iv. Expertise required v. Data lakes 2. Forms of Data Storage a. Data lake i. Not yet cleaned and filtered ii. Unstructured and structured data iii. Used by data scientists iv. Affordable v. Purpose not yet determined
b. Data warehouse i. Data has purpose 1. Analytics 2. Future decision making 3. Reporting ii. Structured data iii. Used by data analysts iv. More costly and more complicated c. Data lakehouse i. Combination of both 3. How Data Is Organized In An AIS a. Database needs to be structured b. Structured query language to search specific data c. Ways to input data d. Ways to create output data e. Various types i. Billing statements ii. Sales reports iii. Sales orders iv. Vendor invoices v. Payroll information vi. Tax information vii. General ledger f. Searchable 4. Characteristics of Big Data a. Enormous amount of data b. Volume i. Generated every second ii. Vast c. Velocity i. How quickly data is created d. Variety i. Diversity and assortment of data e. Veracity i. Correctness and accuracy of data f. Value i. Useless without value g. Variability i. Data changes over time 5. How Data Analytics Are Used To Solve Accounting Problems a. Used as a strategy
b. Types of data analytics i. Descriptive 1. What has happened or is happening 2. Visualizations ii. Diagnostic 1. Why something happened 2. Uncover and solve issue 3. Correlations iii. Predictive 1. Predict what will happen 2. Use past data and current trends iv. Prescriptive 1. Describe way to act and take action c. Help accountants i. Work more efficiently ii. Make timely decisions
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