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What are the benefits and challenges of using data analytics in operational audits?

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Data analytics is the process of collecting, processing, and analyzing large and complex data sets to generate insights, patterns, and trends. It can be applied to various aspects of operational planning, such as risk assessment, performance measurement, process improvement, and compliance monitoring. In this article, you will learn about the benefits and challenges of using data analytics in operational audits, which are systematic and independent evaluations of an organization's operations, processes, and controls.

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Matthew Vatter, MSS, MSST

A2C helps Automotive, Power Sport, Recreational Vehicle and Marine dealerships manage their information security…

1 What is an operational audit?

An operational audit is a type of audit that focuses on the efficiency, effectiveness, and economy of an organization's operations, processes, and controls. It aims to identify and address operational risks, gaps, and weaknesses, as well as to provide recommendations for improvement and optimization. Operational audits can cover various aspects of an organization's activities, such as production, quality, customer service, inventory, logistics, human resources, and information technology.

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Matthew Vatter, MSS, MSST

A2C helps Automotive, Power Sport, Recreational Vehicle and Marine dealerships manage their information security compliance requirements, so dealers can and get back to doing what they do best...selling more product!
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Often the external operating environment is short-changed. More emphasis on how the internal operational decisions are impacting or are being influenced by the general external environment have to be a significant part of an audit. It’s also important to understand how the organization can shape the external environment.

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Chase Attwood, M.S.

Director of Logistic Operations & Plans | Army Officer | Program Manager & Section Chief
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An example method for conducting an operational audit is the Strengths, Weaknesses, Opportunities, Threats (SWOT) analysis. This method evaluates both internal and external factors affecting all business segments within a company. Moreover, it requires a comprehensive review of each component within an organization in order to obtain meaningful results and influence future strategies. Internal factors affecting business are classified as either strengths or weaknesses. Internal factors are within the control of the company. External factors are categorized as either opportunities or threats. External factors are considered outside the control of the company.

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2 How can data analytics enhance operational audits?

Data analytics can significantly enhance operational audits by providing more comprehensive and accurate data sources and evidence, reducing audit time and costs, and allowing deeper and broader analysis of data patterns. Furthermore, it can facilitate continuous and real-time monitoring of operations, processes, and controls, as well as support data visualization and storytelling for improved audit communication and reporting.

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3 What are the benefits of using data analytics in operational audits?

The use of data analytics in operational audits can bring various advantages to an organization. It can improve the quality and reliability of audit results, leading to higher audit value and credibility. Additionally, data analytics can enhance operational performance and efficiency, reducing errors, fraud, waste, and non-compliance. Moreover, it can drive operational innovation and transformation, enabling new opportunities, solutions, and strategies. Finally, it can foster a data-driven culture and capabilities for decision making and learning.

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Matthew Vatter, MSS, MSST

A2C helps Automotive, Power Sport, Recreational Vehicle and Marine dealerships manage their information security compliance requirements, so dealers can and get back to doing what they do best...selling more product!
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Data analytics when used in a predictive analysis can help companies model potentials courses of action. Using historical models placed within numerous environments can provide a more comprehensive view of current operations.

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4 What are the challenges of using data analytics in operational audits?

Using data analytics in operational audits also poses some challenges that need to be addressed, such as ensuring the quality and integrity of the data, managing the data security and privacy to meet ethical and legal requirements, developing the data skills and competencies of audit staff and stakeholders, integrating the data systems and processes with the audit objectives, and overcoming data resistance and barriers. All of these steps are necessary to effectively use data analytics in operational audits.

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Matthew Vatter, MSS, MSST

A2C helps Automotive, Power Sport, Recreational Vehicle and Marine dealerships manage their information security compliance requirements, so dealers can and get back to doing what they do best...selling more product!
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Organizational bias is a significant challenge. Often this can be mitigated by having data sources from numerous external sources, non-affiliated reviewers and leadership committed to a broader set of criteria and data. If organizations narrow data sets or consciously omit because of cultural pressure, results will not be accurate.

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5 How to use data analytics in operational audits?

To use data analytics in operational audits effectively, you need to define the objectives and questions that align with the audit purpose and criteria. Additionally, you should identify and select the data sources and methods that are suitable and available for data analytics. Furthermore, you should design and execute the data analytics procedures and tests, applying the appropriate techniques and tools for data collection, processing, and analysis. After that, you should interpret and validate the results and outputs to evaluate their significance for audit conclusions and recommendations. Finally, you should communicate and report the findings using clear data visualization and storytelling.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Matthew Vatter, MSS, MSST

A2C helps Automotive, Power Sport, Recreational Vehicle and Marine dealerships manage their information security compliance requirements, so dealers can and get back to doing what they do best...selling more product!
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Consider expanding the types of voices within the organization that are part of the project. If the perspective is only that if the executive team, you will certainly miss the view from the trenches. Deliberate inclusion of a broad representation of organizational responsibilities will make for a better outcome. Once completed, include the entire organization in the conclusions and resulting decisions.

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What are the benefits and challenges of using data analytics in operational audits?

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3

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1 What is an operational audit?

2 How can data analytics enhance operational audits?

3 What are the benefits of using data analytics in operational audits?

4 What are the challenges of using data analytics in operational audits?

5 How to use data analytics in operational audits?

6 Here’s what else to consider

Operational Planning

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What are the benefits and challenges of using data analytics in operational audits?

1

2

3

4

5

6

1 What is an operational audit?

2 How can data analytics enhance operational audits?

3 What are the benefits of using data analytics in operational audits?

4 What are the challenges of using data analytics in operational audits?

5 How to use data analytics in operational audits?

6 Here’s what else to consider

Operational Planning

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