Question

How may organizations utilize data analytics to achieve objectives, improve processes, strengthen controls, and detect fraud?

Provide an example of company that is utilizing data analytics. (Provide a supporting link.)

What are some of the ethical considerations associated with data analytics?

What are some other factors that companies should consider when using data analytics?

Answer 1

Data analytics is becoming a significant tool for improving internal audit effectiveness. This careful examination of data identifies data gaps, strengths, weaknesses, dysfunction, vulnerabilities and risk factors that may constitute threats and finally suggests guiding lines. Although on the field there are several concepts of data analysis such as intelligence analysis, business analysis etc., they all have common components.

Netflix is a good example of a big brand that uses big data analytics for targeted advertising.

UOB bank from Singapore is an example of a brand that uses big data to drive risk management. (https://www.mentionlytics.com/blog/5-real-world-examples-of-how-brands-are-using-big-data-analytics/)

Some of the ethical considerations which a data analysis must follow are :

• It should be made with a benefit.
• It should be prepared with a motive of delivering better results.
• It should be prepared with the insight of sustainability.

Some of the factors which are required to be considered while using data analysis.

• Keeping focus over requirement of the company
• Software solutions bought must have an excessive reusability factor.
• Converting big data and analytic insights into valid results
• Influenced organizations to choose the software solutions that is adaptable to all the conditions.