Data Analytics Mandate Part 2
Data analytics has become a strategic imperative
Embracing data analytics is by no means a new idea for internal auditors, but judging by the number of “how to get started” articles that continue to be published, adoption is still in its infancy — particularly when it comes to smaller audit functions that may be resource constrained.
Today’s world is overwhelmed with readily available data, and chances are your various departments or business units already are collecting bits of valuable information. If aggregated and analyzed with the aim of enabling your organization to achieve its objectives, this data may present myriad opportunities from which to boost profits, reduce expenses or waste, and grow.
One barrier to embracing the power of data analytics may be obtaining buy-in from your organization’s leaders. This is where internal auditors have an opportunity to make the case. Not only is data analytics the way of the future, but organizations of all shapes and sizes across all industries cannot afford to ignore a tool with the capacity to yield an irresistible bounty. The key for internal auditors is to win the hearts and minds of decisionmakers who can pave the way for adoption of a solid data analytics strategy.
As noted in “Data Analytics Mandate, Part 1: Where do we go from here?,” this paper will review strategies and tactics for those in the early stages of data analytics adoption or those who have yet to begin.2