As we embrace the Internet as a way to do business, Data Mining and Analytics - the process of analysing data from differing perspectives, summarising it and presenting it in a format management can use to make proactive business decisions is rapidly moving into cyber space.
Companies have been analysing data for years and rather than losing momentum, the field of data exploration has found another lease on life in the age of e-commerce with the introduction of Analytics-Online. This Ernst & Young South Africa initiative is a powerful on-line medium whereby users can directly access the data engineering expertise of one of the globe`s leading providers of services in audit, assurance, corporate finance and tax.
Established over seven years ago, Ernst & Young`s Data Engineering Services division boasts a proven track record which will now be extended to the Internet, bringing the company`s expertise to a much broader base of clients. In addition the fact that a client can now get a report within 48 hours from order means fast, effective data analytics suited to the Internet Age.
"We have great expertise in statistical analysis together with a well established and successful business processes. Now with Analytics-Online we are harnessing the power of the web to offer the services of our expert team across the world. By utilising the expertise at Ernst & Young together with the internet, we really believe that we have an extremely powerful service at our fingertips and we are certainly keen to share this with our clients - wherever they are and whatever country they work in.
"Our core competency lies in getting data, storing and analysing it and then presenting the data in a way that will make for better business for our clients. Once it was appropriate to have your data analysed and trends plotted annually, however in this day and age, constant, quick, monitoring is what companies need to enable them to spot trends. This service certainly delivers. We also can offer advice on-line as to what clients should be doing to address any problems we may find when analysing their data. Since our team consists of people with experience from diverse industries such as energy, financial services, manufacturing, retail as well as statisticians and programmers rather than just auditors, they are able to analyse the data in an industry specific manner." says Caroline Rivett, director Ernst & Young ISAAS (Information Systems Assurance & Advisory Services).
Analytics-Online will ensure that the services of Ernst & Young`s analytical experts are available across the globe in an extremely time and cost-effective manner. By securing the services of a credible firm, clients will share in the data analysis expertise of leaders in this field. In addition the company`s reputation as a provider of leading information security solutions should allay any fears users may have concerning security breaches in supplying critical data across the web.
However, if you`re still not convinced as to what Ernst & Young`s data analytics service can do for you consider the following example of work the company is currently doing that would ultimately be available via the internet service.
"As a cell phone provider, one of our clients experienced difficulty in managing their debtors due to various factors relating to the volume of transactions, their business process and manual procedures. Our team was engaged to quickly gain access to the clients` transaction and master file records and suspend the delinquent accounts within days. Through this process, our client managed to improve cash collections by R5m per month in the initial months. We continued to run our procedures at regular intervals to provide the client with continuous assurance that their processes were now operating as expected." comments Rivett.
Analytics-Online will provide clients with standard audit and financial products as well as more detailed analysis of company and organisational trends including those specific to geographical regions and industries.
"On-line data analytics will take the more traditional data analysis products into a new dimension, we can predict future trends and behaviours from analysing data sent over the Internet, thereby allowing clients to make knowledge-driven decisions without leaving their office!" concludes Rivett.
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