Big Data Management and Cloud Computing: Financial Implications in the Digital World

Abstract

Research background: Globalization has had an impact not only on the Internet society, but also on the way in which digital solutions lead to the improvement of the business activity and optimal policies in simple decision-making. Big data, cloud computing and artificial intelligence may essentially improve the company management and the work of the accountants. The increase of sharing information by digital technologies and big data management are opening huge big opportunities and driving investors towards peak globalization. Purpose of the article: Our aim is to clarify and present the issues in question in terms of financial implications due to the influence of big data management and cloud computing in the digital world. Methods: Our method to conduct the research is a mix of combining quantitative and qualitative analysis in order to identify the benefits of implementing big data management with positively influences over firms’ performance directly. Findings & Value added: Our research presents the financial implications of using cloud computing and digital solution for businesses in the digital world, and also the impact study of adopting cloud technology in business development. There are many implications for implementing big data and cloud computing, but the most important one is increasing the productivity of the companies and improving the international economy.

Unleashing the Power of Cloud Computing for Big Data Management: Advantages, Challenges, and Future Prospects

“…Enhanced Productivity and Economic Growth: Luminița Ionescu and Mihai Andronie highlighted the economic implications of integrating big data with cloud computing [3]. Their research suggests that such integration can significantly boost productivity for companies.…”

How does cloud computing help businesses to manage big data issues

“…Management and shareholders benefit significantly from using big data and cloud computing to strengthen financial information (Furnham, 2019;Liu, 2020). Big data has a lot of promise in terms of exciting breakthroughs, new prospects, lucrative revenue for enterprises and increased production speed and accuracy (Dolan-Canning, 2019;Ionescu and Andronie, 2021;Tao et al, 2019;Trettin et al, 2019).…”

How cloud accounting and integrated services based on AI can impact accounting companies?

“…(Christauskas et al, 2012) In this case the software and necessary assistance are being offered by the cloud supplier in comparison to the need of introducing the software on the client's computer. (Dimitriu et al, 2015) (Ionescu et al 2021) There are four types of cloud computing: Public cloud -temporarily used by the public which is less safe due to the high number of people who access it and requires a huge investment, and this is the reason it is offered by Microsoft, Google or Amazon.…”