A leading elevator manufacturing group helps transit over a billion people on a daily basis. Although it isn’t easy being one of the Big 4 elevator companies in the world by simply relying upon mechanical systems and equipment, but by wielding the power of analytics and digital transformation, it is possible.
“I do not believe you can do today’s job with yesterday’s methods and be in business tomorrow,” Nelson Jackson, automobile pioneer
The availability of large volumes of data is changing the way organizations look at most of their business processes and functions. In the context of internal audit (IA) also, new ways are coming up to utilize the power of analytics. To stay competent and ahead of the curve, the organizations should ask themselves the following questions — Is their organization still relying on traditional methods for its IA process? Does their IA methodology incorporate analytics? If yes, to what extent?
“Everything is connected to everything else — if only indirectly — and this is reflected in data.” – Eric Siegel, Writer
Have you wondered how the super cyclone that wrought havoc in Orissa in 1999 was different from HudHud, which recently hit coastal Andhra Pradesh? Officially recorded casualties caused by HudHud were 100, compared to 10,000 in areas devastated by the super cyclone. Total destruction was averted due to the timely and accurate predictions of the Weather Department, based on the analysis of past data.