Big Data Analytics
The extensive use of data, statistical and quantitative analysis, exploratory and predictive models, and fact based management to drive decisions and actions.
What is analytics?
This level utilizes advanced statistical methods to uncover trends, patterns and errors across large data sets.
What is Level 5?
May be applied to both tax strategy and the process of tax compliance.
What are Tax Analytics?
Analytics saves _____ and _____.
What are time and money?
Less than _____% of all data we create is ever analysed and used.
What is 0.5%?
Technology that uses data, statistical algorithms and machine-learning techniques to identify the likelihood of future outcomes based on historical data.
What are predictive analytics?
This level uses modeling and statistical methods to determine what should be done from a business and tax perspective.
What is level 4?
Some of the tax focus is on explaining past results, but there is also an interest in _____.
What is prediction?
Integration of Tax Analytics can help companies achieve greater F_____.
What is functionality?
By 2020, there will be more than _____ smart connected devices in the world, collecting, analysing and sharing data.
What is 50 billion?
This technology is able to remove data prep and analytical processing latencies to test new scenarios and create models.
What is In-memory analytics?
This level can be used to quickly review millions of pages of documents from public data sources, tax regulations, regulatory hearings and tax rulings.
What is level 5?
Getting tax data to mean the same thing throughout the company.
What is “data harmonization”?
One challenge tax departments may face is the combination of _____ and _____ data.
What is structured and unstructured?
There are nearly as many pieces of digital information as there are _____ in the universe.
What are stars?
Technology that allows you to analyze text data from the web, comment fields, books and other text-based sources to uncover insights you hadn't noticed before.
What is text mining?
This level focuses on forward-looking analysis and forecasting.
What is level 3?
A challenge for organizations is finding people who are knowledgeable about both _____ and _____.
What are tax and analytics?
Tax teams are shifting their focus from _____ data to _____ data for trends and making timely, high-impact decisions that can influence the company’s bottom line.
What is managing and analyzing?
Bad data costs US businesses alone $_____ annually.
What is $600 billion?
Technology that helps you examine large amounts of data to discover patterns in the data.
What is data mining?
This level focuses on making tax professionals more proficient in developing reports and visualizations.
What is level 1?
A key issue is lack of data.
Why is tax not highly analytical?
Data tax experts have typically worked with has been based on hindsight, but accounting experts can now aid their clients with information based on _____ and _____.
What are insights and foresight?
We perform _____ search queries every second on Google alone, _____ searches per year.
What is 40,000 and 1.2 trillion?