It was once true that only those working in technology teams i.e. developers, data analysts needed to have any knowledge of IT and data. The digital revolution is moving at lighting speed so is the undisputed business advantage gained by utilising technology and data.
This shift has changed traditional business models and many organisation are wholly reliant on technology. Changing the business risks, opportunities and staff capabilities needed to run a successful business - beyond the IT team. Hence the demand for data skills is increasing to meet this need.
However, many people from non-technology backgrounds have never been educated on how to practically work with data. Despite this truth, more and more auditors and business professionals are simply expected to possess these skills. This has created fear for many. They are unsure where to even begin and often hope this whole 'data thing' will simply go away.
Worldwide business demand for people with data skills is so high that the volumes of people with these skills cannot meet the demand. Causing the worldwide data skills gap we see today.
barriers for beginners
Audit Data Hub wants to help those auditors and business people who have no idea where to start. We want to help these people develop data skills and keep pace with their clients.
We identified two barriers preventing beginners fully utilising existing data analytics training and then developing the confidence to actually use these skills when they return to the office.
1. Data analytics training is often filled with 'techy jargon' and is pitched with an assumed level of knowledge. This can be intimidating to beginners, preventing them from fully understanding the presented material.
Leading to wasted training investment as delegates haven't developed the confidence to use what they have been taught.
2. False expectations - the truth is as a beginner, developing data analytics skills takes time and effort. Yet, many think it can be learnt by simply going on a one day course.
The training course is merely the beginning of the journey. The more you use data in different scenarios the more your skills improve.
Why Auditors need data skills
"Manual sample testing alone are no longer sufficient for the digital age"
Technology has transformed the way business operates. This change has increased both client and societal expectations from all auditing professionals (internal and external).
The focus now is for auditors to improve its quality, efficiency and value of their work to the clients they serve. Utilising data is part of the solution via:
Testing complete sets of transactions and business processes, not simply relying on a small sample
Providing more assurance coverage, faster with less resource
Conduct fraud risk evaluations
Identification of anomalies, trends and instances of non-compliance
Better understanding of existing business risks/opportunities
Identifying hidden business insights
Internal Auditors - can use data to better evaluate business practices and risk management
External Auditors - can use data to better qualify the financial statements of companies
Compliance and quality auditors - can use data to assure compliance against standards
Why Business People need data skills
"Data can help you make better business decisions and can be the difference between success and failure"
Business processes using technology create vast volumes of data on a daily basis. Understanding your business data can help you better understand your customers, markets and operational performance.
Providing your business with a competitive advantage over those still relying on 'gut instincts' alone. Utilising data can help you:
Make decisions based on what is actually happening not just the 'best guess'
Solve business problems - pinpoint exactly what is going wrong
See your performance from all angles - marketing, output, speed
Improve business processes - speed, efficiency and targeted resources
The ability for business professionals to understand their own data and use it to make decsions is in high demand.
the audit data hub approach
Audit Data Hub designs its services with the aim to help beginners to data analytics to overcome the many barriers in their way. Our approach is
1. Practical -Relevant guidance using simple data analytics
2. Simple - Plain english and 'explained jargon'
3. Step-by-Step - Walk through examples