writes Caseware Africa’s Jodi Joseph.
In today's legislation-mandated world, reporting and compliance are top priorities, but they can be time-consuming and prone to error. As a veteran chief financial officer myself, I know every financial and C-suite exec wants to be thorough and accurate, and nobody wants the auditors to find something their CFO couldn't find.
At the same time, risk is growing and the need to control costs is a top concern. Traditional ways of doing things aren't enough anymore. Financial professionals today need smarter tools to empower them to work more efficiently and strategically. Using data analytics tools helps them to reduce risk so that they are more enabled to find anomalies, outliers and fraud. This frees up time so that they are empowered to transform the way they work and are better enabled to help run the business more effectively.
Everyone in the value chain should be using the technology to be more effective and provide better assurances. This empowers auditors too. Given the risk and size of datasets they are now auditing, they need new approaches, too. Proper use of analytics slashes costs and improves profitability. Financial professionals armed with the appropriate analytics tools can detect interesting discounting practices, misallocation of payments and fraud.
Non-financial data could also help to deliver a deeper understanding of the business risk, performance, profitability and sustainability. It's up to the imagination as to how wide this could go. For example, one might support revenue forecasts by analysing complaints and collections e-mails to understand how happy customers are.
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