Abstract
This paper aims to introduce business analytics strategies that one of the most prominent public accounting firms, Deloitte, has applied to manage hundreds of thousands of clients and discover valuable insights within the organization to increase efficiency and improve risk management. According to Deloitte official website, 76% of audit committee members within the organization believe that advanced technology should be used more extensively [1]. The insights gained from the data analytics are approved by the most occupied position in the accounting firm, which is the auditors. This paper introduces insight-driven methods used in the company, including Profit model, Network, Structure, Process, Product performance, Product system, Service, Channel, Brand, and Customer engagement. All of these elements can each be integrated into a business analytic approach. Lastly, this paper will provide some limitations associated with the data analysis in the firm.
Highlights
This paper focuses on the practical use of “Big Data” in Deloitte since it has generated significant business management insights and led companies to reevaluate the efficiency of their daily work
With the emergence of business analytics, a lot of repetitive work in public accounting firms is replaced by data models
All the model introduced in this paper, such as The Best Action (NBA), Tax Management, Always on marketing, Customer lifetime value, and Enterprise Fraud Management approaches, require different machine learning algorithms to make the accounting information more accurate and analytical
Summary
This paper focuses on the practical use of “Big Data” in Deloitte since it has generated significant business management insights and led companies to reevaluate the efficiency of their daily work. The traditional record-to-report of auditing practices limits the visibility of the data. The new approach escalate auditors’ efficiency in inputting, accessing, and analyzing client’s financial reports, and keeping the employee in a broader business calendar. The Customer Value Model helps to calculate the total value each client brings over his projected lifetime before Deloitte makes contact with its client, every six to twelve months since the company prefers to work with clients with increasing value over time. Customizing its characteristic in detecting fraud inside the company helps Deloitte better manage and examine a large number of clients
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