Data automation - Need of the hour

“Change is inevitable, Progress is optional. “– Tony Robbins.

Digitization is that effect, which has been seen in all our activities around. From searching for an outlet to eat to the smallest of the payments that is made to the cab, from instant money transfers to even the switches at our homes, you cannot avoid it, whatsoever.

But why is there a need for bringing in automation in processes and auditing, in the controls of the organisation?

Let’s look into some of the points.

1)      The ever-changing laws and demanding regulations make it difficult for the organizations to keep a track of the data. This leads to higher compliance needs and control over the data. Automation smooth-ens the data entry, analysis, processes building and report generation.

2)     With the increase in amendments, laws are also getting very complicated. Constant changes lead to constant upgrading of the processes. When the controls are in place, if you enter the correct modification in the system, you need not revisit the data all over again.

3)     Higher digitalisation also increases the cyber crime threats. The data of various stakeholder’s are at greater risk at the hands of the hackers. This leads to higher needs of automated controls, for responsible usage and storage of the data. Processes like finger print analysis, restricted access, hidden passwords come into play.

4)     The world is going global and organisations are getting connected to even the smallest parts of the world. Going digital in the processes, helps in maintaining the documentation and connection with the clients. It is an easier, quicker and safer mode of exchange of documents.

5)     With growth in technology, expectations of the stakeholders also intensify. With higher expectation comes higher responsibility to maintain the data and make sure its use and application is in safe hands. Stakeholders also want improved services, financial valuations, quick touch points, smoother processes. All this can be attained with good automated technology.

6)     Customers and management want real time data for quicker access and instant decisions. Automation helps in centralising the data, so management can access the data from anywhere, thus making it easier for quicker decisions. Good data crunching, also helps in healthier report generations which lead to superior strategic decisions and applications.

  Automation of Data and controls is something which is inevitable and will slowly transform the entire face of data management and auditing systems. All the companies are now accepting this change and slowly incorporating the newer software to incorporate the developments.  

Let’s call this a revolution in the world of data and information.

But all these changes will have an immense effect on the role of an auditor and internal controls professional. What will they be? I will cover the points, on this in our next read.

Till then, lets welcome the change with wide arms and get ready for this revolution.