I think what I learned the most is that through this whole class, I felt
like I struggled with wondering if I really understood how to interpret
the data given to us and then I looked at my grades and comments.
Honestly, I think I am 1000 times harder on myself then I really need
to be. The biggest aspect I can take away from this class that I can
use in my current career is to pay attention to the current economy
vs previous economies. d Data during different economies doesn't
compare well until you look into the whys behind the numbers.
I was looking for a good and recent article about web services and
the capabilities they are looking for in the future. I didn't find one in
that really spoke to me however, I think web services are still being
explored greatly. Technology is changing rapidly, and advancements
are making some older tech obsolete. d I think it will be interesting to
see where the next steps take Amazon and other companies that
provide web services.
Big data and emerging technology have affected my selected
company, Amazon. Amazon will most likely always be in the lead
when it comes to coming out with new technology. This helped
Amazon boost the security of Amazon’s customer’s financial
information from online fraud, delivery services that no one else can
meet, streaming, and the ability to collect large amounts of data.
Amazon will continue to have endless opportunities if they continue
what they are doing. d Amazon.com, a multinational technology
company that specializes in online retail shopping. Company leaders
recognized the need to use data and machine learning to deliver on
customer promises while also achieving cost-effective functionality
at scale (Amazon Web Services, 2021). With these objectives in
mind, Amazon.com set out to become an AI-driven leader in product
forecasting. Furthermore, the company uses browsing and
purchasing data to provide more tailored product recommendations.
Machine learning allows for data experimentation, allowing data
scientists to create a better and more personalized experience for
customers. I believe Amazon.com will continue to grow and better
serve its sellers and customers.
he best aspect of the course that I can use in my future career is
seeing the bigger picture of a company and how we create business
valuations to better understand how a company is doing and what it
may be able to do in the future. In the article, Emerging Technology
Trends to Look Out for In the Accounting Sector, artificial
intelligence can be used to automate processes in the accounting
sector. It helps you manage cash flow more effectively by using
predictive analytics. Artificial intelligence helps with automating
tedious tasks, identifying frauds, and enabling clients to track their
money in real-time. Also, electronic signatures are becoming
common in accounting due to making the process of sharing
documents, signing contracts, and sending invoices easier.
Accounting has come a long way and although it relies on paper
records management, they are rapidly digitizing everything for
several reasons.
Happy 8th week we made it. I did not think I was going to really like
this class; I thought it was just another class to get through until the
next term. But I found myself really learning and taking away that
there is so much more to a company than just revenue and the
standard way of looking at the financials. There is so much more to a
business's financials and what they truly mean, and how to value that
business.
I chose JetBlue for my company project and learned so much about
this business. Pre-pandemic this airline was profitable and opening
more hubs in different locations. It has slowly come back post
pandemic and will eventually make a full recovery. There are so many
cool things that are in store for technology in the airline industry with
AI being one of them. I am not sure that this will disrupt the airline,
but it will certainly help.
Felt that learning how to complete an accounting valuation will be
the most helpful due to its importance in financial reporting. The
industry I mostly focused on during this course was the media and
entertainment industry since my chosen company was Disney. Big
data and emerging technology are already being utilized in the
Disney organization, especially in its theme parks. "Disney is
employing machine learning technologies to improve the efficiency
of its parks and the experiences of its visitors. Disney’s My Magic+
program is helping the firm achieve its efficiency objective. The
Magic band bracelets and the My Disney Experience app are part of
this initiative" (Prakash, 2021). Big data allows Disney to receive and
review customer patterns. This ultimately allows Disney to provide
its customers with the best customer service as well as customer
experience possible. This innovation will only continue to help
Disney in the future as it will enable them to continue to make
changes where/when necessary as well as meet the wants/needs of
its customers efficiently.
The class has been extremely interesting, engaging and informative
for me. By being a part of the course, I got an opportunity to
understand how to analyze the financial statements of an
organization, including its balance, sheet, profit and loss account and
cash flow statements. Previously when I would come across the
financial records of a firm, I would feel overwhelmed as I was not
sure what each of the elements in the statements meant. However,
this course has taught me to critically analyze financial statements
and ascertain the financial health of an organization. One of the best
aspects of the course, according to me, is that it captures how
technology can be integrated into the accounting domain to get an
acute image of a firm’s financial position and viability.
In the digitalized era of the 21st century, innovative technologies can
play an instrumental role in revolutionizing the existing valuation
models. By using innovative elements, it will be possible to efficiently
and effectively analyze the numbers of an organization in the matter
of a short span of time. Some of the chief digital technologies that
have the potential to transform the existing accounting domain
include big data, Artificial Intelligence (AI), Autonomous robots and
the internet of things (IoT) (Marr, 2021). For professionals like me,
such technologies can play a key role in critically examining the
financial numbers of a business entity and make vital business-
related decisions.
The class has helped me to understand that the accounting landscape
has undergone a major transformation in recent times. One of the
key reasons for the change is the critical role that technology has
been playing in simplifying accounting processes and activities. In the
future, I can try to strengthen my technical and digital skills so that I
will be able to leverage diverse kinds of technologies and get an
accurate insight into the financial aspects of a business entity.
Emerging technologies can act as a major source of disruption in the
accounting and financial management landscape. The inability to
adapt to new technologies and strategically use innovative
approaches can adversely affect the ability to examine the financial
statements of organizations accurately and precisely. The course has
helped me understand that to sustain and thrive in the ever-evolving
industrial setting, I need to focus on developing my knowledge of
accounting as well as digital skills. It will help me to adjust to the
evolving accounting field.
References
Marr, B. (2021, December 10). The 6 biggest technology trends in
accounting and Finance. Forbes. Retrieved August 16, 2022, from
https://www.forbes.com/sites/bernardmarr/2020/07/27/the-6-
biggest-technology-trends-in-accounting-and-finance/
How Disney World Uses Big Data And Machine Learning?
(appventurez.com)
https://resources.vistair.com/articles/aviation-technology-trends-
2021-beyond
Finance Monthly. (2022). Emerging Technology Trends to Look Out for
In the Accounting Sector. Retrieved on August 18, 2022, from:
https://www.finance-monthly.com/2022/08/emerging-technology-
trends-to-look-out-for-in-the-accounting-sector/
Amazon Web Services. (2021, December 3). Predicting The Future of
Demand: How Amazon Is Reinventing Forecasting with Machine
Learning. Forbes.
https://www.forbes.com/sites/amazonwebservices/2021/12/03/pr
edicting-the-future-of-demand-how-amazon-is-reinventing-
forecasting-with-machine-learning
