Embracing Analytics for the Future

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Copyright © 2019 CADS and/or its affiliates. All rights reserved. | CADS Confidential – Internal/Restricted/Highly Restricted
Embracing Analytics
for the Future
Sharala Axryd,
Founder and CEO of
The Center of Applied
Data Science

22

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Self-
Disruption
is the NEW
REALITY

44
Why human oversight will be essential to the next
generation of automated data analytics
Human Led, AI Driven

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How Digital Are You?
A Study of HANDELSBANKEN, a Swedish bank,
one of the most profitable banks in the world
Lack of Skills
30% of big data project failures stem from
inability to embed big data analytics into
workplace culture
Ambitious Intentions
Companies often counterproductively
overreach to become data driven
Poor Communications
C-Suite fails to effectively communicate
crucial strategies, leading to project failures
and money wastage
Leadership Troubles
C-Suites underestimate their involvement to
carve out problem statements
Why 85%
of Big Data
Projects
Fail*
*Digital News Asia –https://www.digitalnewsasia.com/insights/why-85-
big-data-projects-fail
• For traditional businesses, leaderships should build and
shape organizational culture that will allow for long-term
sustainable performance.
• Why analytics are important – it’s not setting up a BI team, it’s
not just going digital, there’s a whole lot of process behind it.
This is why 85% of analytics projects fail.
• Organizations to need to empower people in greater
degrees to unlock capabilities and strong culture.
• How to unlock? And that’s the question that becomes the
bigger question of how do I go digital?

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What is the Strategy?
Performing better
than average for
every single year for
the past 10-15 years.
Even with the 2000
crash, still performing
with high profitability.
A very unique
strategy – ability to
empower people.
To give personalized
service.
Every individual will
be treated differently
based on financial
needs.
How do you handle
the risk?
The risk comes with
decentralization in
decisions, carefully
designed
organization.

77
Adopt the Right Culture
Culture is what guides
decisions in the
absence of policy
• Handalsbanken’s natural assumption
is that I trust first.
• When your natural assumption is trust
first, then you don’t have to have
incentive plan or KPI, then they will do
the right thing by the business.
• They start with the assumption that
people want to work and want to do
the right thing.
Adapt strategy + digital
without disrupting but
substituting and also
complementing businesses

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The Next Frontier in Data Analytics
The Future of Internal Audit is Today
Internal auditors should embrace technology and begin using sophisticated tools
to reap the benefits of embedding technology within an internal audit function.
Such benefits include:
Automating manual
processes
Allowing for full population
analysis and testing to
reduce sampling bias and
“needle in the haystack”
exception identification
Supporting continuous and
complete coverage without
a need to sample
Helping to identify outliers,
patterns, and trends not
otherwise identifiable
through more traditional
audit procedures such as
human review and analysis
Freeing up valuable internal
audit resources for value-
added activities such as
investigation, root cause
analysis, and remediation
support

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So Where should Auditors start?
Data Visualization
• The art of presenting data visually and
artistically as opposed to traditional reporting.
• It is the process of converting raw data into
some visual form.
• Helps by shifting the cognitive load coupled with
the understanding of Big Data, to the human
perceptual system through graphics and
visuals.
• Helps auditors gain better insights, draw better
conclusions and ultimately improve the audit
process.
Data Storytelling
• Just as stories depict human experiences, data
stories, which consist of data and analysis,
describe business decisions and their
consequences.
• The process of explaining data analyses in
layman’s terms using a combination of data,
visuals, and narrative.
• Uses effective, relatable stories to convey the
information in those numbers to the people who
need that information

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“People hear statistics,
But they feel stories.”
Brent Dykes
Director of Data Strategy
Domo, a cloud software company

1111

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PI 2018702181™

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We need to understand the
business goals
‒ What are your strategic KPIs
‒ What are the challenges you are
facing as a business
‒ How can data and analytics support
delivering these objectives
We explore the data and
analytic capability we have to
deliver these insights
‒ Do we have the data
‒ Can we get the data
‒ How sophisticated do we
need to be with the analytics
We consider do we have the people
to deliver this capability
‒ Can we train our people
‒ How do we augment capability
with external resource
‒ Are we leveraging skills across the
organization
Finally, we look at the tools
‒ Do these align with our
business goals
‒ Are they complimentary
with the skills and talent we
haveWhat does it mean
to be data-driven?
Advanced Analytics: A Powerful Edge
As innovation triggers an explosion of options, expertise becomes paramount

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CADS Approach
Analytics Framework
Data Management
Is data available?
Diagnostic
Analytics
Why did it happen?
ValuetoBusiness
Source :
Adapted from Gartner’s
Analytics Ascendancy Model
Difficulty
Descriptive
Analytics
What happened?
Predictive
Analytics
What will happen?
Prescriptive
Analytics
How can we make it happen?
Hindsight
Identify Revenue
Shortfall
Insight
Revenue Shortfall
caused by shortage of
key inventory
Insight
Forecast future supply
and demand of
inventory
Foresight
Optimize pricing
Visualize your
Data
Get
Hindsight
Insight
Foresight
Make Fact
Based
Decisions
Collect data Maintain dataValidate data Store data

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“The illiterate of the 21st century will not be
those who cannot read and write, but those
who cannot learn, unlearn, and relearn.”
— Alvin Toffler, American Writer, Futurist, Businessman

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Thank You

Embracing Analytics for the Future

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