TOP 10 TECHNOLOGY INITIATIVES Robert G Parker July 12, 2013
TOP 10 TECHNOLOGY INITIATIVES © Robert G. Parker S-2 Joint AICPA-CPA Canada Survey Conducted in Spring 2013 Survey Participants were asked : “What are the Top Five Priorities for Your Client or Organization in 2013? (Select five from list of 12 ) For the Priorities Selected Participants Were Asked a Series of Questions
TOP 10 TECHNOLOGY INITIATIVES © Robert G. Parker S-3
TOP 10 TECHNOLOGY INITIATIVES © Robert G. Parker S-4 TOP 10 TECHNOLOGY INITIATIVES Managing and Retaining Data Securing the IT Environment Enabling Decision Support -Analytics Managing IT Risk and Compliance Governing & Managing IT Investment Ensuring Privacy Managing Systems Implementation Leveraging Emerging Technologies Preventing and Responding to Computer Fraud Managing Vendors and Service Providers 2013
TOP 10 TECHNOLOGY INITIATIVES © Robert G. Parker S-5 Not-for-profit and other Joint AICPA – CPA Canada Survey Questions were “Canadianized” for Canadian CPAs Canadian Survey Participants Public Accounting Business and Industry Government/Military 25% 40% 15% Consulting-Law 10%
TOP 10 TECHNOLOGY INITIATIVES © Robert G. Parker S-6 TOP 10 TECHNOLOGY INITIATIVES 2013 Top Technology Initiatives IT Initiative Ranking Managing and retaining data 1 Securing the IT environment 2 Enabling decision support and analytics 3 Managing IT risks and compliance 4 Governing and managing IT investment and spending 5 Ensuring privacy 6 Managing systems implementation 7 Leveraging emerging technologies 8 Preventing and responding to computer fraud 9 Managing vendors and service providers 10
TOP 10 TECHNOLOGY INITIATIVES © Robert G. Parker S-7 Canadian accounting professionals gave higher priority than U.S. professionals to: Enabling decision support and analytics Governing and managing IT investment and spending.. Are we the Same? U.S. professionals gave higher rankings to: Ensuring privacy, Managing system implementation Preventing and responding to computer fraud
TOP 10 TECHNOLOGY INITIATIVES © Robert G. Parker S-8 Are we the Same?
TOP 10 TECHNOLOGY INITIATIVES © Robert G. Parker S-9 1. Managing and Retaining Data Big Data Ranked 1 st in the USA and Canada Structured and non-structured data is being collected from many sources, GPS devices, blogs, video cameras, , VM, tweets, etc. Potential Benefits Better-more informed business decisions Faster responses Better client service. Greater insight to support future planning Better communications – e.g. using social media Risks - Issues Collection may violate laws and regulations Industry standards may be violated Contractual obligations may be violated Customer expectations may be compromised Data may be misinterpreted
TOP 10 TECHNOLOGY INITIATIVES © Robert G. Parker S-10 vv Appropriately designed data retention policies and procedures to meet data retention requirements 54% 74% v Is adequately managing the cost of storing and archiving data 54% Survey Results v Understands data retention requirements (internal, legal, and compliance- related) 67% v Is properly backing-up its data and will be able to restore data in the event of an operational data loss or need to access historical data 1. Managing and Retaining Data
TOP 10 TECHNOLOGY INITIATIVES © Robert G. Parker S-11 The big data trend now also allows more contexts around monitoring, analyzing events against combinations of other factors Issues Insurance companies monitor medications an individual receives; the conclusions it draws may not always be correct 1. Managing and Retaining Data Survey – Confidence - Only 54% expressed confidence that : The entity has appropriately designed data retention policies and procedures to meet data retention requirements. Analysis – Clearly Big Data and Data Analytics require additional attention and understanding I Doubt That 74% Will Be Able to Recover Historical Data