Bluebird is a footwear manufacturer and retailer. Having operated successfully on high streets across the country...

 

Transcribed Image Text:

Bluebird is a footwear manufacturer and retailer. Having operated successfully on high streets across the country for many years, it added an e-commerce website a number of years ago. Sales through the website now account for nearly 50% of turnover, driven by popular social media campaigns. Many of its online customers sign in to the website through well-known social media platforms, giving Bluebird access to a range of personal data and additional advertising as they are encouraged to 'like' and 'share' their purchases through these platforms Production processes have recently been upgraded. Not only have these processes been made much more efficient, they also generate much more data on the production process than ever before. This is important to Bluebird both for cost and quality control. Discussing this with Bluebird's auditors, Bluebird's Managing Director, Tim Finch said: 'we're now squarely in the world of Big Data... but what we haven't really identified yet is how best we can use this data, and the possibilities of data analytics, for the benefit of the company'. Robin Wright, the Audit manager, sympathised with Tim's comment: 'I know exactly what you mean, data and data analytics is having a substantial impact on how we audit businesses like yours, and even on how we run our own business'. Requirement (a) Explain the term 'big data', including the characteristics of big data known as the 'four V's'. 6 Marks (b) Suggest 2 inputs to, and 2 outputs from, the production process. 4 Marks (c) Explain the terms descriptive, predictive, and prescriptive analysis, giving examples relevant to Bluebird. 9 Marks (d) Discuss the impact of data analytics on the accounting profession's assurance and compliance services. 6 Marks Bluebird is a footwear manufacturer and retailer. Having operated successfully on high streets across the country for many years, it added an e-commerce website a number of years ago. Sales through the website now account for nearly 50% of turnover, driven by popular social media campaigns. Many of its online customers sign in to the website through well-known social media platforms, giving Bluebird access to a range of personal data and additional advertising as they are encouraged to 'like' and 'share' their purchases through these platforms Production processes have recently been upgraded. Not only have these processes been made much more efficient, they also generate much more data on the production process than ever before. This is important to Bluebird both for cost and quality control. Discussing this with Bluebird's auditors, Bluebird's Managing Director, Tim Finch said: 'we're now squarely in the world of Big Data... but what we haven't really identified yet is how best we can use this data, and the possibilities of data analytics, for the benefit of the company'. Robin Wright, the Audit manager, sympathised with Tim's comment: 'I know exactly what you mean, data and data analytics is having a substantial impact on how we audit businesses like yours, and even on how we run our own business'. Requirement (a) Explain the term 'big data', including the characteristics of big data known as the 'four V's'. 6 Marks (b) Suggest 2 inputs to, and 2 outputs from, the production process. 4 Marks (c) Explain the terms descriptive, predictive, and prescriptive analysis, giving examples relevant to Bluebird. 9 Marks (d) Discuss the impact of data analytics on the accounting profession's assurance and compliance services. 6 Marks

Answer rating: 100% (QA)

Answer 1 Big data is defined as data with greater diversity coming in higher volumes and with greater velocity The three Vs is another name for this Simply said big data refers to larger more complica... View the full answer