Integrating Data Mining Into Managerial Accounting System: Challenges and Opportunities

Abstract

Data mining involves extracting information from large data sets, discovering the hidden relationships and unknown dependencies, and supporting strategic decision-making tasks. The alignment of data mining and business would bring benefits to the organization's management. The study investigated the adoption of data mining technologies in managerial accounting system, concentrating on the challenges and opportunities. The research showed that with the technology adoption, managerial functions could be improved and current information system could be upgraded. Since the technical progresses are reshaping the world of business and accountancy, it is significant for accountants and finance professionals to exploit information technologies.