In the past two decades, our access to information has grown exponentially. With innovative technologies, we can access the Internet quickly and cheaply, and storage and computing capabilities continue to increase. As accountants, we must ask ourselves what this means to us as a profession.

Instructions

Terms such as Big Data, data analytics, and artificial intelligence are being used with increased frequency as the discussion around information and the Internet continues.

a. Define each of these terms by doing a quick search on the Internet.

b. How may each of these concepts be used in accounting?

c. What opportunities do each of these concepts present to the profession? What are the challenges?