The Role of Big Data Analytics in Supply Chain “3Fs”: Financial Reporting, Financial Decision Making and Financial Performance “An Applied Study”

Abstract

Big Data has a big impact on accounting as nowadays it makes new sorts of unstructured data and information accessible via social media, audio, video, photos, and textual information, which can improve financial accounting, reporting, and managerial accounting procedures. Big Data will improve the quality and relevance of accounting information in financial accounting, resulting in increased transparency and utility of information for auditors, management, and stakeholders in the decision-making process. The era of the internet and Big Data Analytics permits the collection of enterprise operations, consumer preferences, and market trends in structured and unstructured information. Big Data is heavily intertwined with financial reporting and financial management because Big Data is required for company management and operation, as well as making better real-time decisions and judgments. Big Data plays a crucial role in human resources, management, marketing, production and operation management, and finance, so it needs to integrate business analytics into a company's strategy. This research used a questionnaire for collecting data that was analyzed using the Statistical Package for the Social Sciences (SPSS).

Digital transformation and supply chain efficiency improvement: An empirical study from a-share listed companies in China

“…Businesses need to constantly adjust their supply chain strategies to adapt to rapidly changing market conditions and consumer preferences. For instance, by implementing real-time data analysis and monitoring market trends, businesses can respond more quickly to market changes, thus increasing the adaptability and flexibility of the supply chain [ 30 ].…”

“…For instance, by implementing real-time data analysis and monitoring market trends, businesses can respond more quickly to market changes, thus increasing the adaptability and flexibility of the supply chain [30].…”

Digital Transformation in Operational Management: A Systematic Review of Current Trends and Practices

“…Studies have highlighted the importance of big data in decision-making processes within organizations, emphasizing its role in innovation and operational improvements (Pillay & Merwe, 2021). Big data is intertwined with financial reporting and management, aiding in real-time decision-making and judgment processes (Megeid, 2022). Furthermore, big data-driven decision-making is gaining acceptance among operations and supply chain managers, enabling the utilization of vast amounts of data to derive valuable insights for decision-making (Lamba & Singh, 2018).…”

Automating financial reporting with natural language processing: A review and case analysis

“…The role of Big Data in financial reporting cannot be overstated. Megeid (2022) emphasizes how Big Data analytics improve the quality and relevance of accounting information, thereby increasing transparency and utility for stakeholders involved in the decision-making process. The integration of Big Data with financial reporting processes enables the extraction of valuable insights from unstructured data sources, such as social media, audio, and video content, which were previously inaccessible or underutilized in financial analysis.…”