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Overview of Technology Trends, It and Competitive Advantage

Autor:   •  October 10, 2017  •  1,467 Words (6 Pages)  •  708 Views

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Answer:

- Use of big data in decision making.

- Using big data to offer more specialised decision-making support in the airline company when using company information system.

- Working in partnership with other departments to calculate the points at which big data can most usefully be shared with internal and external stakeholders in the airline company.

- Use of big data in the management of risk.

- Expanding the data resources used in risk forecasting to see the bigger picture that the risk faced by the airline company.

- Identifying risks in annual report for fraud detection and forensic accounting in airline company.

- Using predictive analytics to test the risk of longer-term investment opportunities in new markets and services that other company in airlines industry

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QUESTION 2

Technology revolution is not slowing down or levelling off, but ramping up. Business will soon face a barrage of digital possibilities. With a tsunami of new digital technologies all converging simultaneously - social media, cloud computing, and big data. There has been once again, a cry for corporate IT to radically change the digital transformation of businesses.

(Didier Bonnet, Do You Have the IT for the Coming Digital Wave? Harvard Business Review, 26 August 2013)

REQUIRED:

(a) Suggest TWO (2) ways on how each of the following IT innovation could improve the firm's efficiency.

i. Mobile computing

ii. Big data

iii. Cloud computing

Present your answer in tabular format as follow:

Innovation

How it improves firm's efficiency

Mobile computing

- Lowering search costs and the costs of switching to alternative suppliers

- Reducing the costs of providing information to customers, and enabling targeted interactions

Big Data

- Using big data to offer more specialised decision-making support in real time.

- Identifying risks in real-time for fraud detection and forensic accounting

- Using predictive analytics to test the risk of longer-term investment opportunities in new markets and products.

Cloud Computing

- Increases capacity and connectivity without increasing risk

- Decreases data loss and enables swift recovery

(b) American Institute of Certified Public Accountants (AICPA) survey 2012 and 2013 have revealed top 10 priorities or concerns among the accountants pertaining to the IT revolution.

i. Identify any THREE (3) of the IT priorities been highlighted.

ii. Briefly explain why it requires special attention by the management.

Adopt the format given below to present your answer.

IT priorities

Justification

- Securing the IT environment

- Accounting professionals must confront serious information-related security threats, ranging from cybercrimes to the loss or theft of laptops, mobile phones and client or organizational data.

- Accounting professionals generally are confident in their ability to secure their traditional IT systems. However, they are less certain of security protections for mobile devices and against the ever-changing threat of cyber attacks.

- Managing and retaining data

- The substantial data-related benefits, however, also come with very real challenges. Data are growing in volume and complexity, and are now supplemented by an influx of information from email, social networks and other unstructured data sources. At the same time, the growing threats of fraud, cybercrime and system failures increase the need for organizations to protect and manage that critical information.

- Accounting professionals are reasonably confident in their ability to meet those challenges.

- Managing IT risk and compliance

- Clients expect their accountants to ensure the strict confidentiality of their personal information; an organization’s customers expect the same. In response, many firms have instituted formal privacy policies, which include robust controls on access to data, automated monitoring of access, and employee training that includes voluntary compliance with Generally Accepted Privacy Principles (GAPP).

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