The energy and utilities industry must weather unpredictable swings in supply and demand, coupled with the challenges of mitigating risks, managing regulatory compliance requirements and remaining profitable in a competitive global market. High data volumes present both opportunities and roadblocks to an organization’s success.
Energy companies are early adopters of technology, yet many only use a fraction of available data due to volume, variety and the right tools to interpret the information. This is where data analytics adds real value. By bringing data from different systems and file types together, professionals can apply data analytics to analyze, interpret and gain insights.
Gather raw data from disparate systems and source types and import it into a single platform where it can be analyzed to prevent loss, optimize efficiencies and deliver better information
Analyze financial records, statements, transactions and expenditures, operations information and internal controls to more effectively conduct financial, operational and compliance audits
Review and assess independently the adequacy of the system of controls in place which identify and manage key business risks
Examine 100% of data to identify suspicious activities and meet regulatory compliance requirements including FCPA
Build customized workflows to help actively monitor high-risk transactions
Use data visualization to depict important information about key findings
We began using IDEA to find better ways to understand our data, but because it is so easy to use, we’ve been able to expand the use of data analytics into other business units beyond Internal Audit.