Advances in technology and the explosion of data have changed the game for business. The fast moving data revolution has meant that generally businesses are data rich, information poor.
For those businesses that manage to extract value from big data there is likely to be huge competitive gains whether through driving business innovation and efficiencies, optimising business operations or harnessing customer insight to improve products and customer experience. Ultimately those that get it right will be able to maximise market share and profitability.
Blindly collecting data for the sake of collecting data however will not work. Businesses need to find innovative ways to process and analyse big data sets such that management can derive meaningful insight which can be used to effect positive change and influence business decisions. Key to this will be having the right combinations of people, processes and technology.
A new approach using the latest technologies
At Bishop Fleming we are embracing the new technologies available to us and using market-leading data analytics tools to create real value for our clients. We can use data analytics to provide data-driven insight and intelligence to aid financial and operational decision-making.
The biggest revolution has been in our audit practice: Auditors around the world have been shaken by events that have questioned auditor’s integrity and the quality of the audit work performed.
The demand, from clients, investors and regulators alike, for more forward-looking and insightful audits is increasing. With higher data volumes and the shift from manual to automated processes, our audit approach is moving beyond the traditional audit sampling to the use of more sophisticated data analytic tools. We can now look for the needle in the haystack.
Privileged insight into your business
With secure, cloud based software that can connect directly to your system we have a more effective and flexible way to work with our clients. We have the ability to analyse relationships between nominal accounts and balances, identifying the source and destination of transactions so that more meaningful conclusions are drawn across a high volume of transactions where manuals techniques would be impossible.
Findings are presented using sophisticated data analytics dashboards which enable our clients to quickly focus and make informed decisions over financial performance and effectiveness.
For further information, contact Fleur Lewis, Partner: 03333219000 or email@example.com.
Big Data Seminar – An invitation:
Bishop Fleming will be hosting a ‘Big Data’ seminar in conjunction with the Met Office and Inflo on 6th April.
The seminar will address what ‘Big Data’ means for businesses and how you can harness technology to make real differences.
For more details, please visit: http://bishopfleming.co.uk/big-data/
Registrations close on 29th March 2017.
Posted by Pam Tuckett on May 25, 2017
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