NEW! Global Perspectives & Insights: Data Analytics, Parts 1-3

06-02-2023

Adapting to a new data frontier Since the days before computers, even as far back as when businesses could be run out of horse buggies, people have relied on data to make strategic decisions about their companies. The difference between then and now is the sheer volume of detailed, extraordinarily complex data that modern technology can collect for us. According to a recent study from SeedScientific, it is estimated that there is currently approximately 44 zettabytes of data in the world. For a bit of perspective, one zettabyte equals enough storage to download about 500 billion full-length movies.

By 2025, SeedScientific estimates that the world’s data output will reach 175 zettabytes. Although not all of this data is relevant for any significant purpose, let alone relevant to a particular organization or industry, it does speak to the wealth of information available for people and entities to analyze — should they so choose.

Today, data analytics — the formal term for examining data sets to find trends and draw conclusions — is a key component of virtually all business strategies impacting all levels, from executive management decisions down to frontline workers. This means it must be a fundamental part of the internal audit universe as well, both as a tool and as a focus (directly or indirectly) of audits.

In this Global Knowledge Brief, the first in a three-part series on data analytics, we will provide an overview of the forms data takes in today’s business landscape, as well as how this data must be accounted for in an effective data governance and management strategy. Without a foundational understanding of these topics, internal audit will find providing independent assurance over this critical area next to impossible.

 

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