Data analytics is considered by today’s leading organisations as the ‘last frontier’ in managing information overload and achieving strategic growth. The use of data analytics or predictive analytics allows organisations to efficiently extract, clean and standardise data from multiple operational and legacy systems, as well as data in the public domain, to deliver real insights to business stakeholders.
Deloitte has combined a range of competencies and technological capabilities across its business to develop a set of innovative data analytics solutions. These solutions are concerned with either assisting you to improve the quality of critical information in your business or helping you to leverage such information.
Improving the Quality of Data
Data Quality improvement is more than just cleaning data, it is about generating true benefit to an organisation through process, data and reporting quality improvements.
Most organisations recognise the strategic importance of their information, but few understand how to assess, improve and sustain the quality thereof. Deloitte has the people, tools and processes to assist your organisation to:
- Identify and assess the quality of its important business information;
- Design and implement information quality improvements; and
- Monitor and improve the quality of this important information.
The information quality and integrity projects that our clients typically engage us in can be classified into one of two offerings:
- The first offering consists of short-term projects in which we only assess the quality of important information, while
- The second offering consists of longer-term projects in which we assist our clients to assess, improve and sustain the quality of important information.
Data quality should be viewed as an ongoing process, as opposed to a point in time solution. From the moment it is collected, data is potentially out-of-date. High quality data comes from continually measuring, assessing and refining the data quality process.
We utilise our deep knowledge and experience in the areas of data, processes and systems to develop innovative methods to assist your organisation leverage its information and to answer questions such as the following:
- What happened?
- How many, how often, where?
- Where exactly is the problem?
- What actions are needed?
- Why is this happening?
- What if these trends continue?
- What will happen next?
- What’s the best that can happen?
We are thus able to use your organisation’s information to provide the following benefits:
- Identify and quantify process and system weaknesses (design and operation);
- Detect, isolate and quantify fraud;
- Test for regulatory compliance and quantify the extent of non-compliance;
- Enable continuous monitoring;
- Generate important management information;
- Identify segregation of duties conflicts, either based on user configuration or based on transactions actually performed by users;
- Perform recalculations and reconciliations;
- Identify and quantify cost and/or tax savings;
- Identify opportunities to reduce cash outflows;
- Identify opportunities to sell more, higher value goods or services and bill the customers correctly
- Improve the effectiveness and efficiency of external and internal audits and generate significant value-add (not obtainable through traditional auditing techniques);
- Assist in the investigation of any disputes in which the analysis of an organisation’s information has the potential to provide clarity on the matter;
- Identify business process inefficiencies;
- Release working capital;
- Represent interrelationships between hundreds of metrics simultaneously and holistically;
- Provide an assumption-free approach to analytics;
- Scrubbing and cleaning of existing data to ensure compliance with business rules;
- Facilitate interpretation with a visual interface;
Our solutions are either of a “packaged” or “customised” nature, depending on the nature of your requirements. The packaged solutions are used to deliver standard, routine assignments, while the customised solutions are used to deliver complex, specialised assignments.
Ordinarily, the steps that we follow are:
- Source and Optimise Data: Skills, tools and experience to collate, match, validate and derive data into an optimal format for analysis and accurate prediction from a variety of sources;
- Analyse and Interpret: This can either be done using a deductive approach (expert rule sets based on domain knowledge and experience) or using an inductive approach (data driven insights explained by domain knowledge and experts); and
- Model and Predict: Forecasting, optimising and modelling the future.