We keep hearing in the news and in professional publications
that everyone needs to use data analytics. It’s the greatest
thing since sliced bread. So why should businesses consider using
data analytics? The reason is simple: data analytics presents many
new opportunities to improve efficiency, gain actionable
information on customers and add value to financial reporting.
Analytics can have many positive effects on your organization,
including those highlighted below.
1. Sleep at night factor
Data analytics can provide business owners and executives with
peace of mind, often called the “sleep at night factor”
because there is comfort in knowing that analytics are being
performed on your data to detect and investigate anomalies and
prevent override of controls due to fraud or error. Analytics can
be used to monitor and test controls to ensure business is running
smoothly. A few examples where analytics are helping organizations
include monitoring people who are
