Transforming Digital Accounting: Big Data, IoT, and Industry 4.0 Technologies—A Comprehensive Survey

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Authors: Georgios Thanasas, Georgios Kampiotis, Constantinos Halkiopoulos
Cited by: 6
References: 136

Abstract

(1) Background: The convergence of Big Data and the Internet of Things (IoT) is transforming digital accounting from retrospective documentation into real-time operational intelligence. This systematic review examines how Industry 4.0 technologies—artificial intelligence (AI), blockchain, edge computing, and digital twins—transform accounting practices through intelligent automation, continuous compliance, and predictive decision support. (2) Methods: The study synthesizes 176 peer-reviewed sources (2015–2025) selected using explicit inclusion criteria emphasizing empirical evidence. Thematic analysis across seven domains—conceptual foundations, system evolution, financial reporting, fraud detection, audit transformation, implementation challenges, and emerging technologies—employs systematic bias-reduction mechanisms to develop evidence-based theoretical propositions. (3) Results: Key findings document fraud detection accuracy improvements from 65–75% (rule-based) to 85–92% (machine learning), audit cycle reductions of 40–60% with coverage expansion from 5–10% sampling to 100% population analysis, and reconciliation effort decreases of 70–80% through triple-entry blockchain systems. Edge computing reduces processing latency by 40–75%, enabling compliance response within hours versus 24–72 h. Four propositions are established with empirical support: IoT-enabled reporting superiority (15–25% error reduction), AI-blockchain fraud detection advantage (60–70% loss reduction), edge computing compliance responsiveness (55–75% improvement), and GDPR-blockchain adoption barriers (67% of European institutions affected). Persistent challenges include cybersecurity threats (300% incident increase, $5.9 million average breach cost), workforce deficits (70–80% insufficient training), and implementation costs ($100,000–$1,000,000). (4) Conclusions: The research contributes a four-layer technology architecture and challenge-mitigation framework bridging technical capabilities with regulatory requirements. Future research must address quantum computing applications (5–10 years), decentralized finance accounting standards (2–5 years), digital twins with 30–40% forecast improvement potential (3–7 years), and ESG analytics frameworks (1–3 years). The findings demonstrate accounting’s fundamental transformation from historical record-keeping to predictive decision support.

Fields of Study & Subjects

Impact of AI and Big Data on Business and Society Robotic Process Automation Applications Auditing Earnings Management Governance

Publication details

Journal / source
Journal of risk and financial management
Publisher
MDPI AG
Volume
19
Issue
1
Pages
92–92
Publication date
22 January 2026
Language
EN