Big data refers to high-volume data sets that cannot be managed via traditional relational databases. Big data allows for more real-time data analysis and can help businesses make more informed financial decisions.
Examples: Data collected from sensors, applications, and other AI or Internet of Things (IoT) technologies; tools like Apache Spark and Apache Hadoop, Qlik Sense, and Sisense Data & Analytics are used to manage data.
Bots, short for robots, are a form of automation that are trained to do certain repetitive tasks.
Examples: Botkeeper, Chata.ai, Otter.ai, Cortana (Microsoft), Alexa (Amazon), Siri (Apple), Google Assistant
Customer Relationship Manager (CRM)
An application that helps you manage your relationships and interactions with clients. You’re able to store basic customer data (contact information, etc.), their history with you, preferences, support needs, etc.
Examples: Salesforce, Accelo, Insightly, HubSpot, Keap, Zoho
A distributed ledger is a synchronized database accessible across different sites and geographies. A blockchain is a database structured to house large amounts of information that also can be accessed quickly and easily by any number of users at once. It collects the information together into sets of information groups—also known as blocks.
Examples: Amazon Quantum Ledger Database (QLDB), Corda, Ethereum, Hyperledger, IBM Blockchain Platform, Kaleido Blockchain Business Cloud, and Salesforce Platform
Enterprise Resource Planning (ERP)
An automation application for businesses that creates a central database across departments. It provides real-time company visibility to all teams and leaders, aiding decision making and improving efficiency.
Examples: Oracle Netsuite, Sage Intacct
Internet of Things (IoT)
Physical items equipped with sensors and technologies that allow them to transmit data. IoT capabilities are largely behind the rise and availability of Big Data. As CPAs step into more business analysis and consultant roles, clients’ data capabilities from IoT could aid in financial decisions.
Examples: Smart appliances, Apple Watch and FitBit, retail store sensors, smart door locks/keyless entry systems, etc.
Optical Character Recognition (OCR)
Software that can scan documents and images, then convert them into different formats.
Examples: PDF Scanner: Document Scan, OmniPage Standard, Microsoft Office Lens, Google Docs
An application that allows for one computer to connect to another host computer, accessing its desktop and files as if present at the physical host computer.
Examples: Amazon Workspaces, Microsoft Remote Desktop, Chrome Remote Desktop, AnyDesk, TeamViewer, Slashtop
Voice over Internet Phone (VoIP)
A technology that transmits voice calls over a broadband connection instead of a traditional telephone analog line. Many varieties exist, including those that work only via a computer, those that require a special phone, or those that can be used with a traditional telephone.
Examples: RingCentral, Vonage, Nextiva, Dialpad Zoom