01. empowering finance team using data analytics

Empowering Finance Team With Data Analytics What is it all about? The value of data analytics is derived mainly from having the ability to speed up the intelligent decision making process towards meeting critical business objectives and mitigating emerging risks. Management’s desire for much faster, reliable, and value-added information has never been more important today with the changing dynamics of modern business. Preparing this value-added analysis to assess the effectiveness of the business remains a fundamental challenge for the Finance Teams. “Only about 23% of Finance’s time is being spent on providing value-added analysis to the business” – American Productivity and Quality Centre 2012 How can you benefit from it? Given the challenging economic conditions Data Analytics can provide your Company with a competitive edge. “High performing Companies are 50% more likely to use analytical information strategically” - Competing on Analytics, Thomas Davenport For the Finance Team this could mean: • A highly motivated team being able to add value to the business; put a stop to low morale and self-esteem knowing that all the relevant reports are just one click away; and on time and without errors. • Increased performance by having the ability to better manage voluminous transactions; eliminate redundant and time-consuming data processing. • Improved work life balance by having more time for yourself and your family; say good bye to never ending overtime work and sleepless nights, particularly during month-end annual closing activities. What are the common data analytics tools out there? Based on the recent survey by the Institute of Internal Auditors, Microsoft Excel was identified as one of the most popular data analytics tools. However, from the experience working with our Clients, Excel’s enormous processing capabilities are rarely explored and utilised. Other third party Data Analytics software also includes ACL and IDEA. The accelerating power of data analytics proved to be very useful in successfully completing some of our challenging projects, to include the following: • Financial and management reporting – We have developed a comprehensive financial and management reporting package which can be replicated every month within an hour instead of several days as traditionally required. • Procurement fraud – We were able to spot red flags and direct the focus of our fraud investigation to highly questionable transactions. In one week, we completed the preliminary analytics for more than 12 million records covering 10 years of procurement transactions. What do you do now? Enrol in our Data Analytics seminar! Grant Thornton Vietnam offers a 2-day seminar on Data Analytics using Microsoft Excel. Participants can learn the 10 basic functionalities commonly used in performing powerful data analytics. Contact us Ms. Le Thao Vi, Advisory Services Analyst T +84 83910 9108 E [email protected]

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Page 1: 01. Empowering Finance Team Using Data Analytics

Empowering Finance Team With Data Analytics

What is it all about? The value of data analytics is derived mainly from having the ability to speed up the intelligent decision making process towards meeting critical business objectives and mitigating emerging risks. Management’s desire for much faster, reliable, and value-added information has never been more important today with the changing dynamics of modern business. Preparing this value-added analysis to assess the effectiveness of the business remains a fundamental challenge for the Finance Teams.

“Only about 23% of Finance’s time is

being spent on providing value-added analysis to the business ” – American Productivity

and Quality Centre 2012

How can you benefit from it? Given the challenging economic conditions Data Analytics can provide your Company with a competitive edge.

“High performing Companies are 50%

more likely to use analytical information strategically” - Competing on Analytics, Thomas

Davenport

For the Finance Team this could mean: • A highly motivated team being able to add

value to the business ; put a stop to low morale and self-esteem knowing that all the relevant reports are just one click away; and on time and without errors.

• Increased performance by having the ability to better manage voluminous transactions ; eliminate redundant and time-consuming data processing.

• Improved work life balance by having more time for yourself and your family ; say good bye to never ending overtime work and sleepless nights, particularly during month-end annual closing activities.

What are the common data analytics tools out there? Based on the recent survey by the Institute of Internal Auditors, Microsoft Excel was identified as one of the most popular data analytics tools. However, from the experience working with our Clients, Excel’s enormous processing capabilities are rarely explored and utilised. Other third party Data Analytics software also includes ACL and IDEA.

The accelerating power of data analytics proved to be very useful in successfully completing some of our challenging projects, to include the following: • Financial and management reporting –

We have developed a comprehensive financial and management reporting package which can be replicated every month within an hour instead of several days as traditionally required.

• Procurement fraud – We were able to spot red flags and direct the focus of our fraud investigation to highly questionable transactions. In one week, we completed the preliminary analytics for more than 12 million records covering 10 years of procurement transactions.

What do you do now? Enrol in our Data Analytics seminar! Grant Thornton Vietnam offers a 2-day seminar on Data Analytics using Microsoft Excel. Participants can learn the 10 basic functionalities commonly used in performing powerful data analytics.