Organizations with effective data analytics can make stronger business decisions by learning what is working and what is not, what they are doing well, and where they need improvement, according to ISACA.
By analyzing their information, enterprises can make decisions to help increase profitability, improve performance, and identify and manage risks.
Using data analytics can help assurance professionals establish value by pointing out potential cost savings and operational improvements. Leveraging data analytics can provide other significant benefits, including:
- Greater insight into privacy and security issues
- Improved assurance over the quality of data
- Increased staff productivity.
A data analytics plan should focus on the end result and include the following steps:
- Perform ad hoc analysis in support of targeted risk areas.
- Leverage data analytics within many projects for greater insight.
- Move to repeatable analyses performed periodically on high-risk activities.
- Define the measures of success along the way.
The results of data analytics can be useful in identifying areas of risk, fraud, errors and misuse; improving business efficiencies; verifying process effectiveness; and even influencing business decisions.
The ISACA whitepaper, “Data Analytics – A Practical Approach,” is available for free download here (registration required).