Influence of Big Data on Financial Accounting

Influence of Big Data on Financial Accounting Int Adv Econ Res (2018) 24:205–206 https://doi.org/10.1007/s11294-018-9681-0 RESEARCH NOTE 1 1 Josef Horák & Jiřina Bokšová Published online: 5 May 2018 International Atlantic Economic Society 2018 . . JEL Classification M00 M13 M21 Industry 4.0 is a phenomenon that has been increasingly discussed since 2012; first, in Germany and subsequently throughout the European Union and other developed countries, such as the U.S., China, or South Korea. The concept itself is based on individualized mass production in smart factories. Thus, in theory, the production process in accordance with Industry 4.0 principles should bring about significant savings in energy consumption, wages, and other operational expenses. Furthermore, the process should also be much faster, cheaper, more effective, and optimized for customers’ individual requests. However, in order to reach this stage companies will have to invest in new technologies, specifically, in machines and devices that will enable effective cooperation and sharing of information. The current study primarily deals with problems associated with big data, which undeniably represent an essential component of Industry 4.0 itself. The research is based on a literature review, analysis of the accounting processes in the examined companies operating within the automotive industry in the Czech Republic, and on the http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Advances in Economic Research Springer Journals

Influence of Big Data on Financial Accounting

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Publisher
Springer Journals
Copyright
Copyright © 2018 by International Atlantic Economic Society
Subject
Economics; Economics, general; Macroeconomics/Monetary Economics//Financial Economics; International Economics; Microeconomics; Economic Growth
ISSN
1083-0898
eISSN
1573-966X
D.O.I.
10.1007/s11294-018-9681-0
Publisher site
See Article on Publisher Site

Abstract

Int Adv Econ Res (2018) 24:205–206 https://doi.org/10.1007/s11294-018-9681-0 RESEARCH NOTE 1 1 Josef Horák & Jiřina Bokšová Published online: 5 May 2018 International Atlantic Economic Society 2018 . . JEL Classification M00 M13 M21 Industry 4.0 is a phenomenon that has been increasingly discussed since 2012; first, in Germany and subsequently throughout the European Union and other developed countries, such as the U.S., China, or South Korea. The concept itself is based on individualized mass production in smart factories. Thus, in theory, the production process in accordance with Industry 4.0 principles should bring about significant savings in energy consumption, wages, and other operational expenses. Furthermore, the process should also be much faster, cheaper, more effective, and optimized for customers’ individual requests. However, in order to reach this stage companies will have to invest in new technologies, specifically, in machines and devices that will enable effective cooperation and sharing of information. The current study primarily deals with problems associated with big data, which undeniably represent an essential component of Industry 4.0 itself. The research is based on a literature review, analysis of the accounting processes in the examined companies operating within the automotive industry in the Czech Republic, and on the

Journal

International Advances in Economic ResearchSpringer Journals

Published: May 5, 2018

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