Building A Data Driven Culture through Data Democratisation
Have you thought about where your organisation is from a data and process maturity point of view? Most data heavy organisations have hired highly educated and experienced finance teams that, in our experience, can spend between 60% to 90% of their time on excel.
Most of us have heard of Industry 4.0 and how this is predicted to transform the way we engage with the world. Cyril Ramaphosa talks about investment in Industry 4.0 being the game changer to South Africa’s economic development.
Anglo American Case Study to Improve Audit Efficiency and Manage Risk
As organisations develop and grow, the amount of data it processes grows. With this comes increased risk, which needs to be monitored and managed by the internal auditing teams to reduce fraud, human error and protect the organisation from reputational damage.
Big Data has been a buzz word for several years, with the last couple of years concentrating on how to harness the power of big data. Data has shifted from being accessible to a select few to becoming a democratised asset. Every layer within an organisation needs access to enable data driven decision making resulting in increased organizational agility, responsiveness, and resilience.
The technology environment has changed significantly in the last decade from one of data scarcity to data overload. At the same time, business has become more complex with rapid change being embedded into social and business structures. In this context, CFO’s were starting to see the value of modern financial management systems but were slow to adopt.
Financial month-end, year-end, and most stressful of all, audits, means long hours, multiple meetings and searching for information that is not always available at your fingertips.
I came across a great article from the Harvard Business Review. The author, Kalyan Veeramachaneni, was part of a research group at MIT trying to understand what it would take for businesses to realise the full potential of their data by using machine learning techniques.
Data governance is a big challenge in many organisations, with many functions operating in silos, and the top-down approach not
always working seamlessly.
