Big Data is part of Industry Relation 4.0 and it is imperative to the accounting system. List and briefly explain TEN(10) of its benefits towards an Accounting Information System.

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History class teaches us about the Industrial Revolution of the late 18th century. when steam power revolutionized industry. But some may not realize this wasn't our only industrial revolution. The second revolution occurred in the 19th century, when electricity and assembly lines led to mass production, and a third in the 1960s, when advances in computing allowed us to program machines and networks. Today, we are on the verge of a fourth industrial revolution, dubbed Industry 4.0. "Industry 4.0 is the next evolution of automating processes, making them smarter and better," said Brian Heckler, CPA, U.S. leader of KPMG's Industrial Manufacturing Sector. So just what does that mean? And why should CPAS care? Heckler and others discuss Industry 4.0, the financial impact across industries, and why CPAs need to prepare for those changes. "The most important thing is just being on top of this," said C.J. Skender, clinical professor of accounting at the University of North Carolina's Kenan-Flagler Business School. "If you're not on top of it, you're falling behind, and then somebody takes their business elsewhere." What is Industry 4.0? Industry 4.0 began in Germany several years ago as a strategic initiative to provide advanced manufacturing solutions, Skender said. To fully understand Industry 4.0, it's important to understand the internet of things. said Walter Merkas, senior manager in WithumSmith+Brown's cloud solutions and management consulting practice. The internet of things includes anything with an on-off switch that's connected to the internet and/or other internet-enabled devices, as this article from Forbes explains. It includes devices such as computers and cellphones but also things like coffee makers and parts of machinery. The internet of things and that communication between devices is part of what's made Industry 4.0 possible, Merkas said. KPMG's 2016 report The Factory of the Future describes Industry 4.0 as the full integration of information and communication technology and automation technology in the "factory of the future." History class teaches us about the Industrial Revolution of the late 18th century. when steam power revolutionized industry. But some may not realize this wasn't our only industrial revolution. The second revolution occurred in the 19th century, when electricity and assembly lines led to mass production, and a third in the 1960s, when advances in computing allowed us to program machines and networks. Today, we are on the verge of a fourth industrial revolution, dubbed Industry 4.0. "Industry 4.0 is the next evolution of automating processes, making them smarter and better," said Brian Heckler, CPA, U.S. leader of KPMG's Industrial Manufacturing Sector. So just what does that mean? And why should CPAS care? Heckler and others discuss Industry 4.0, the financial impact across industries, and why CPAs need to prepare for those changes. "The most important thing is just being on top of this," said C.J. Skender, clinical professor of accounting at the University of North Carolina's Kenan-Flagler Business School. "If you're not on top of it, you're falling behind, and then somebody takes their business elsewhere." What is Industry 4.0? Industry 4.0 began in Germany several years ago as a strategic initiative to provide advanced manufacturing solutions, Skender said. To fully understand Industry 4.0, it's important to understand the internet of things. said Walter Merkas, senior manager in WithumSmith+Brown's cloud solutions and management consulting practice. The internet of things includes anything with an on-off switch that's connected to the internet and/or other internet-enabled devices, as this article from Forbes explains. It includes devices such as computers and cellphones but also things like coffee makers and parts of machinery. The internet of things and that communication between devices is part of what's made Industry 4.0 possible, Merkas said. KPMG's 2016 report The Factory of the Future describes Industry 4.0 as the full integration of information and communication technology and automation technology in the "factory of the future."

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Big Data is part of Industry Relation 40 and it is imperative to the accounting system List and briefly explain TEN 10 of its benefits towards an Accounting Information System 1 Big data can help impr... View the full answer