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?
This blog post is a follow up to our original blog post on Internal Audit: Harnessing the power of Analytics published on April 24th where we had brought out the need for analytics in IA and provided some use cases for analytics. In this post we would like to talk about some specific examples where analytics has created significant impact for clients.
The technology landscape is changing rapidly and commoditization of technology is the new norm. The next-generation digital trends – Social, Mobility, Analytics and Cloud (SMAC) – have transformed the way businesses are run.
Digital growth in India has shown a tremendous spur among organizations and has significantly impacted the consumers, services in the market. Our annual Enterprise IT Trends and Investments Survey titled SMAC 3.0: Digital is Here covers the journey of the Social, Media, Analytics and Cloud (SMAC), areas that have been the latest buzzwords among IT strategists. The survey, which was aimed to capture key IT priorities and initiatives taken by organizations across various sectors, provided meaningful insights from the 267 CIO’s that responded. The results clearly highlight that the direction of the respondents’ current and future plans align with the ‘Digital India’ story.
“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.
Heard of the famous quote “In God we trust, all others must bring data” by William Edwards Deming? Today is a data driven world. Organizations across the world are accumulating large volumes of data over the years, which can be used effectively to derive business insights. The power of analytics has transformed the way we do Internal Audit today.