It is estimated that during 2015 over 2.5 Quintillion bytes of data was created every day. Then when we consider that as much as 90% of the data in the world today was created in the last two years alone, it might be a good time to start considering how this abundance of data can be harnessed. We would be mistaken if we assumed that this data was all being created through social applications such as Facebook, YouTube or Instagram.
Every day across the global, billions of organisations create their own transactional data that is stored in a digital format through normal business processes such as accounts payable, inventories or salaries and payroll. Leading organisations are already deriving benefits by analysing this digital transactional data to make better management decisions, drive innovation, monitor internal controls and protect their hard earned revenue. In many cases it gives them their competitive advantage. It is time for all organisations regardless of the industry they operate in, to start taking the power of data seriously.
If you are sitting there thinking that your organisation isn’t a large multinational and doesn’t need to invest in analytic technology and you only hire great people so they will never make mistakes, you could be sitting on a ticking time bomb by not leveraging the hidden power in your data could uncover.
It’s never too late to start investigating a technology solution that will be able to tap into a wide range of data sources and analyse all of your organisational data all of the time, even when you are not around. When analysed correctly, this overabundance of data will be able to drive actionable decisions by unlocking significant value as well as highlight operational inefficiencies or fraud in easy to understand dashboards.
ACL Essentials is your “easy button” for 24/7 oversight of process risk and health. Focus on real risks instead of hypothesis, and move the needle on performance with meaningful, data-backed insight.