AI in Accountancy

Navigating the AI Revolution in the Accountancy Sector: Lesson 1: AI Requires a Vast Amount of Data (or does it)?

Thanks for joining us for part 2 of this 8 part blog series on AI for Accountancy firms. 


Read blog 1 – Navigating the AI Revolution in The Accountancy Sector 


Imagine Artificial Intelligence (AI) as a powerful engine and data as the fuel that makes it run smoothly. In today’s world, we have access to an incredible amount of data, and it’s this data that enables us to create unique AI models. 


But here’s the thing: it’s not just about having a lot of data; it’s also about how we collect, store, and process it efficiently. The more high-quality data we have, the better our AI engine performs. 


Behind the scenes, cloud computing plays a pivotal role, providing the computational muscle necessary to store and make sense of vast datasets. It’s the supercharged engine beneath the AI’s hood, enabling us to harness the true potential of data. 


The Five V’s of Big Data 

When we dive into big data, we often discuss the five V’s: Variety, Veracity, Velocity, Volume, and Value. Traditionally, best practice regarding big data centred around Volume – having immense datasets. However, the landscape has evolved. Today, it’s equally important, if not more so, to emphasise Veracity – the quality and reliability of data.  


The Data Maturity Pyramid: Building a Strong Foundation 

The Data Maturity Pyramid: Building a Strong Foundation

Imagine data as the foundation of a skyscraper. To construct a solid base, we have the Data Maturity Pyramid – a roadmap for effective data management: 

  • Phase 1: Data Integration & Interoperability – Laying the groundwork for smooth data flow within the organisation, focusing on security, storage, operations, and data design. 
  • Phase 2: Data Architecture – Crafting the architectural design of data, emphasising data quality and metadata to make sense of the data’s structure. 
  • Phase 3: Data Governance – Establishing the rules and regulations governing data use, incorporating business intelligence and warehousing for effective data management. 
  • Phase 4: Advanced Practices – Exploring cutting-edge tools and practices, including AI, advanced analytics, and extensive data mining. 


At every phase of this journey, the Veracity of data is paramount. It ensures your data is accurate, reliable, trustworthy and you need it to unlock the full potential of your data. 


Arreoblue is your trusted guide on this data maturity journey. We focus on getting your data in the right shape and format at each pyramid phase, ready to be used effectively in each stage of your data management journey. Contact us today for assistance with your data needs. 


About Arreoblue  

Arreoblue is a Data Analytics Consultancy specialising in the rapid execution of data projects from concept to delivery. Focusing on Financial Services, Retail and manufacturing, we help our clients become data-driven and make more effective decisions through data. Our commitment is to deliver fast Time to Value, ensuring that value is clear and thoroughly understood, leaving our clients with a platform for success they can continue to build upon. Want to find out more? Contact one of our experts today to see how we can create your bespoke solution!