Big data analytics: how it can help with mitigating risk in business

Data analytics and big data analytics are two vital elements of modern business and IT. Data analytics helps organisations take control of their internal data, whether it’s customer data, employee data or other sensitive files that must meet compliance regulations and remain shielded from view. But it isn’t just critical data either, the large masses of day-to-day documentation and other less-sensitive data must be ordered, protected, made sense of and backed-up. This large amount of information is what we call big data. 

Big data analytics and modern predictive analytics can help to gain insight and drive value from data, helping organisations to stay ahead of the competition.

In this article, we’re going to demonstrate three ways that using data analytics can help uncover potential areas of risk in your business. Read on for more information, and to find out how our professional data analytics consulting services can help to turn your business’ data into an organisational asset.

1. Data cleansing at scale makes life easier when it matters

At RSM, our skill is in leveraging data through analytics and using our findings to gain insights and drive growth for our clients’ businesses. This is done through a kind of data cleansing, which allows businesses to sort and order all of their data, whilst ensuring data is complete, correct and consistent.  

Once your data has been thoroughly organised and cleansed, it can be used to better understand every aspect of your business’s processes, from the supply chain right through to customer behaviour. For a modern day business, perhaps one that operates remotely and has assets and systems accessible across a broad range of employees and customers, this is priceless.

2. Using predictive analytics to foresee potential disruptions

Held across a number of separate and disparate systems, and potentially lacking a structured order or proper data governance measures, siloed data can hinder clarity, progress and growth. 

Using our team’s expert predictive analysis techniques, we can bring your data together into a single trusted source in order to gain insights into your data, as well as spot patterns and trends in data that can be used to drive decision making and highlight focus areas or potential risks. The main aim here is to combine your different sources of data to look for weaknesses and vulnerabilities in a holistic way. 

Speak to our team today to find out how your business’s data processes can be optimised to support predictive analytics. 

3. Counteracting fraud at scale

Having a firm hold on your company’s data can bring safety and security to your organisation. In a world of cyber-attacks and threats, it pays to have your data protected. 

Many criminal groups and individuals currently target corporations with known vulnerabilities, and without the proper compliance and protection measures in place, fraud soon slips through the net. 
Our team can assist you with GDPR compliance, as well as data quality frameworks, help you identify anomalies in data sets and integrate data analytics more robustly as part of an internal audit process. We can help you counteract and prevent fraud at scale, and provide the peace of mind that comes from knowing every corner of your data has been uncovered, optimised and protected.

Want to make your data work for you? We can help. Contact Sarah Belsham, our analytics Consulting Director, to get started.  

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