Client Manager Audit and Assurance Services.
A good friend gave me a Google Mini as a Christmas present. Using voice commands, I can ask it to play music, stream media on my TV, answer questions and add grocery items to my shopping list! How cool is that!
I reflected on the advancements in technology over the past decade and how these have impacted on how we do business and even run our businesses.
It blows my mind that technology can now be harnessed to improve my own decision making skills and identifying where risks lie in my business!
It’s called ‘Data Analytics’ and although it doesn’t sound as radical as Google Mini or “Hey Siri”, it packs some powerful punch in regards to assisting in the success of your business. Data Analytics is the thorough analysis of large amounts of information to identify trends and assist you in drawing meaningful conclusions.
It sounds boring I know, but what it means is Data Analytics is like the “google Mini” for your business. Technology that analyses all the relevant fields of information to assist you in your business success. This information influences you to make better business decisions and identify the areas where there is potential risk. Now it’s more interesting isn’t it!
This detailed analysis will also encourage innovation, so your business can remain competitive and assist in developing measured strategies to mitigate risk.
Key areas Data Analytics has helped business includes:
- Identifying business insights;
- Improving financial performance;
- Detecting potential fraud;
- Recognising transaction errors and anomalies; and
- Pinpointing ineffective controls.
Bishop Collins offers qualified professionals who can assist you in undertaking Data Analytics as well as a broad range of internal Audit and Assurance services, to improve your business outcomes and identify and address concerns you believe are most important to your short and long-term success.