Posted by Bishop Fleming on June 8, 2017
Bishop Fleming’s Audit Director, Ria Burridge, in advance of her Digital Disruption Seminar in Bristol on 28 June 2017, explains how the issue of Big Data is having an impact on business.
Who would have thought that the fastest growing taxi group in the world owns no taxis, or one of the largest hotel groups owns no hotels? Businesses with no physical assets are harnessing the value of data to disrupt entire sectors.
The fast-moving data revolution means businesses are data rich and information poor. But as can be seen from the examples above, businesses that are managing to extract value through data are gaining a huge competitive advantage.
Gains are being made through innovation and efficiencies, optimising business operations and harnessing customer insight to improve products and customer experience. Ultimately, those that are getting it right are maximising market share and profitability.
Collecting data for its own sake does not achieve anything of value. The value lies in businesses finding innovative ways to process and analyse big data sets, so that management is deriving meaningful insight to bring positive change, and influence business decisions.
Key to this is having the right combination of people, processes and technology. Which makes decision making in today’s world a blend of human judgement, intuition, plus the precision and risk awareness that data analytics provides.
At Bishop Fleming we are embracing the new technologies available to us, 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.
We acknowledge that Companies don’t have analytics problems; they have business problems that analytics can address.
The biggest revolution has been in our audit practice. Auditors around the world have been shaken by events that question auditor integrity as well as 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 moves beyond the traditional audit sampling to the use of more sophisticated data analytic tools. We can now look for the proverbial needle in the haystack.
With secure, cloud-based software that connects directly to client systems, we have a more effective and flexible way to work with you. 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 higher volume of transactions where manuals techniques are impossible.
Findings are presented using sophisticated data analytics dashboards to enable our clients to quickly focus on key areas and make informed decisions about financial performance and effectiveness.
Register now for the Digital Disruption Seminar, Wednesday 28th June 2017, 8:00am – 10.00am. Faculty of Business and Law Building, Frenchay Campus, University of the West of England, BS16 1QY
Bishop Fleming is hosting a ‘Digital Disruption’ seminar in conjunction with Moon Consulting, UWE and Inflo on 28th June 2017.
Digital disruption is all around us. The seminar will address what Data analytics means for businesses and how you can harness the technology to make a real difference. It also will show how digital disruption carries both opportunity and risk.
Ian Johnson, Programme leader for forensic computer and security at UWE, will be speaking about the recent Wannacry attack (which hit the NHS and FedEx to name but a few), with more about what this means for your business systems.