Most of the businesses are sitting on various types of data, which they are assessing during their business operations. But most of the time, the available data is not effectively organized or consolidated to analyze and interpret.
The volume, complexity, and unstructured nature of data is always overwhelming the SMEs, who often miss discovering the means of insight that the data can bring into their business. But if the management is keen to explore the data with the help of data management professionals; it yields valuable insights into their business which helps them to plan their business operations and increase operational efficiency strategically. It can increase business intelligence and maximize the return of equity.
Data analysts and data scientists are becoming commonplace in most businesses nowadays and employing them on a full-time basis creates a severe financial burden to the management; this is where HLB HAMT and their data analysis professionals step in.
Understanding the whole world of big data in the business is challenging, but our experts have a proper experience and understanding of three Vs in the Big Data
- Volume (How to handle large quantities of data)
- Velocity (Prompt dealing of data streams, which is at an unprecedented speed)
- Variety (How to handle the different types of formats)
Data analytics is highly relevant, as companies and industries transform to take advantage of technological innovations. Data analytics is always confused as descriptive analysis. There are mainly 4 types of analytics;
- Descriptive analytics– Provides insights based on historical information
- Diagnostic analytics- Reviews and examines the cause of historical results
- Predictive analytics- Identifying the patterns of historical data and giving foresight for future
- Prescriptive analytics- Identifying the best option to achieve business goals by using Machine learning and optimization techniques.
How the auditors are using the data analysis in their engagements
The auditors nowadays are focusing on running tests on all the transactions in general ledgers rather than samples. Now they can concentrate on the outliers or exceptions that are flagged as a result of data analysis.
- Monitor and improve business performance: Normally, the auditors compare the ratios and related benchmarks to compare the specific industry performances with the client’s performance. But now, with the help of the realtime reporting technology in data analytics, they can aggregate the data across all clients in a particular industry or geography and derive a meaningful benchmark and advice the client.
- Risk identification and management: Data analytics can help the auditors to see a bigger picture on the client data; like change in the customer behavior, red flags identifications, fraud activities, and predicting the economic trends.
- Improve client experience: as the data will be available realtime for data analytics, the auditors can analyze the data more often rather than monthly, quarterly or annual basis. As a result, the client can do regular interaction between the auditors to get valuable and accurate insights from their data.
How HLB HAMT Can help
As a part of HLB Global, HLB HAMT is equipped to offer data analytic services anywhere in the region. Through the center of excellence in HLB Global, we can bring any level of expertise and industry knowledgeable team for client servicing.
We mainly offer descriptive, diagnostic, and predictive analytic services to help our clients on transforming various data stored into meaningful and actional insights.
Data discovery, channeling data, data visualization, and problem-solving; our experts are ready to help any businesses who need assistance on big data.
MANAGING THE DATA
Your entities are creating several data each day; some times, the data sources are scattered in different systems, and manual intervention is needed to shape the data into a meaningful form.
HLB HAMT can help you in this scenario to work on an effective way to identify the lapses, establish a flow by integrating systems, process improvements, and manage the data effectively for further process. We can also help with the process automation to stabilize the process and minimize manual intervention.
Our procedure to understand the internal control systems and software capability and redesigning the process allows the business to leverage and transform the complete reporting systems ( monthly, quarterly and annual ) more insightfully to run the operations.
ANALYZE AND DISCOVER THE DATA
We are analyzing the historical information collected from various departments and their systems ( Finance, accounts, IT, operations, HR, etc) and converting into meaningful shape by corroborating each other. These results are examined with your business strategy and plans.
We perform a descriptive analysis of the various historical data collected and find the outliers and abnormalities in it. The results may help you to identify or evaluate the chances of fraud risk, KPI’s in the departments, and inappropriate decisions that were taken. By identifying the root causes, you can revisit and amend the business strategies in a more effective manner to get the desired results in the future.
VISUALIZE THE DATA
We provide permanent solutions for visualization of data. Data visualization is an art; it uses various types of infographics, graphs, charts, and mapping to present the complex data for easy understanding by the stakeholders. The visualization includes the trends, anomalies, and outliers in various streams of data.
Visualization can be defined and applied to need to know basis by different parties and a periodical basis (daily, monthly, quarterly, and annual basis). We use different tools and platforms as per the requirement of the client to visualize the data. We provide customized dashboards ( realtime or periodical) on your data for your monitoring and decision-making purpose.
Let’s work as a team to outsource your entire data analytics and reporting function; when you engage us for data analytics; you are opening the doors to a real-world of business, the technical knowledge with the right approach, and affordable cost with a minimized risk on data. By outsourcing the function, you are leveraging from the cost of training, resource management, technology, and knowledge.
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