The big data and accounting in the era of a pandemic: A desk research perspective

Abstract

Is it possible for businesses to establish accounting procedures to make the most of big data and gain a competitive intelligence advantage in order to endure and thrive in a COVID-19 environment? This paper employed a desk research or systematic literature review approach to explore the difficulties and potential benefits of big data analytics for businesses during and after the COVID-19 pandemic. The study reveals that the most effective way to manage fluctuating consumer demand and potential losses is to have a plan in place for handling critical situations. Again, big data is viewed as an intangible asset that can be utilised to plan for and implement important contingencies that will increase a company's chances of surviving a pandemic. This study clearly demonstrates that incorporating big data into accounting methods, such as recording, measuring, valuation, risk assessment, materiality, intelligence, audit, and reporting, can enhance competitive intelligence, leading to new forms of trust and responsibility, and ultimately, effective internal governance. This study contributes to accounting research by presenting new and important insights into how accountants perceive the applications, opportunities, and challenges of big data beyond the COVID-19 pandemic. It provides an in-depth examination of the predictive analytics of big data as an intangible asset from an accounting perspective. This research includes policy and expert recommendations for developing new accounting perspectives on big data analytics to ensure organisations' financial viability throughout and beyond the COVID-19 situation.