Data is the key and most powerful component in this ever-evolving digital era. However, with the rise of AI, machine learning, and big data, the risk of data tampering, inaccuracies, theft, and breach is also growing. Hence, data audit is the most essential tool to safeguard your business as well as consumer information. Also, considering the role of data, most business decisions are based on deep analysis and research. Hence, outsourcing data audit services can help you gain value-added insights, generate more revenue, and design strategies to boost business efficiency by rectifying the errors accurately.
In this blog, we will discuss in-depth data auditing, how it helps businesses to reap the maximum benefits and generate 100x profitability, and various activities audited through data analysis. Further, we will highlight how data audit outsourcing services can save your business from data breaches.
Data Audit – The Key To Boost Your Data Security
Basics of data auditing
Data audit helps you to gain and build stronger analytics, and that can be achieved by following these steps:
1. Discuss with vital stakeholders
There are various departments in a business or an organization and every department stores different vital information. For instance, the sales team may have the purchasing and selling data, the IT team keeps the website performance information, customer-related details, how ads are performing, and much more. Depending on the type of organization and products/services offered, the data is distributed among various departments.
So, before conducting a data analysis it is important to gather team leads or managers of different teams. This will help you gain better insights directly from the people who are dealing internally with the information. For example, utilization of data, the way it is being used, is it bringing value to your business, the updating intervals, and more are the factors that can come out of this discussion. You can even outsource data audit services to utilize this time and channel the energy to other essential business tasks.
2. Monitor how your data is stored
Identifying and keeping a track of your company’s information structure should be your utmost priority. Once you have discussed with the stakeholders regarding various data, the next step should be knowing how it is being stored and the ways it is being utilized.
This can be a hectic task, as you have to check through the data of every team available in your company. There are various elements when it comes to data auditing that includes checking on the distribution of information (see whether the data is stored on one channel or it is being distributed firmly), monitoring whether the data is being updated on a regular basis, if not then it’s an alarming situation. To avoid such a scenario, outsource data audit analytics services and our experts can help in analyzing and updating your crucial data with utmost security.
You can also take out time to identify who all are accessing the data, how many times it’s being accessed, and eventually you will get a clear idea of your organization’s information criteria.
3. Analyse your data thoroughly and evaluate its quality
Now when you have collected all the relevant information from the stakeholders, analyze the distribution, usage, and updating of the data. The next thing that comes under the basics of data auditing is re-checking the data quality. You cannot conclude or come up with a decision just by collecting data from stakeholders. So this must be your final step which includes passing your data through three seeped funnels- accuracy, breadth, and consistency.
The meetings and discussions with the specific team leads or managers should have given you an idea of the errors happening in the data storage, updating, and distribution- structuring dilemmas, methodological challenges, inaccurate formatting, etc. Outsourcing data audit services help you find such inaccuracies that might be hampering your business to a huge extent. So, let us dig deep and understand the major components of data auditing that are accuracy, breadth, and consistency.
- Accuracy: Accuracy defines the data that is factually correct. However, human errors are part and parcel of every operation, which can mislead the actual data. So, data audit can play a vital role in catching such issues quickly.
- Breadth: It defines the right customer base that you want to target through your data. Discuss with stakeholders whether you have the potential details of your customers, what all elements are missing, conducting this analysis will help you bridge the gap and target consumers that add value to your business.
- Consistency: It defines whether the data is stored in a definite format or structure. Data formatting is important to avoid any kind of informational loss. Any missing information can be a missing block in the data structure which can result in serious implications. Hence, creating and following a consistent structure cannot be neglected along with consistent data audits.
How Data Audit Shapes The Overall Success Of Your Organization?
We cannot deny the fact that in today’s market, information is the power. With the introduction of big data, AI, and machine learning, auditing has become a necessity. It not only adds value to businesses or organizations but is also beneficial for the consumers. By integrating data audit, organizations can unleash tremendous benefits like boosting operational efficiency, lower risks, more revenue generation, etc. by identifying the actual concern. Let’s talk in detail about the benefits of data analysis:
1. Audit Huge Data Pool
Earlier, data sampling was used for analyzing or auditing a particular data in an organization- be it financial sheets, or market positions. But nowadays, almost every organization runs of data and it has become crucial ever to keep a track of the information especially keeping in mind security and safety. New technical advancements have changed the procedure of analyzing information.
Data sampling only works for small data or short information pieces. But looking at a bigger picture, companies store huge data these days, and surveying just through data sampling will not provide you with valuable insights. So, this is where data analytics comes to your rescue.
Big data analysis is much simpler with data audit services. As a professional data auditing company, we utilize the latest software to manage your dataset. Dealing with an ample amount of data, considering the risk and security, various tools and software are used to automate the entire process for better results and efficiency. Hence, data audit or analytics helps in generating value-added reports with more accuracy and consistency without hampering your data and keeping it intact.
2. Easy to catch inaccuracies
With the ease of analyzing large amounts of data with data auditing services, it has become simpler for organizations to identify inaccuracies in business operations. For any organization to run smoothly, deep analysis is important to identify any loopholes. Outsourcing data audit services helps in finding such anomalies that may not be crystal clear but do damage your business growth overall. With deep research, organizations can find out the root cause of the inaccuracies that might be affecting the business productivity and profitability. With data auditing, organizations can easily catch the main problems and take relevant actions to rectify them on time.
3. Anticipate and minimize the intensity of future challenges
Data auditing benefits are not limited to just identifying and rectifying the anomalies in the business operations. It goes beyond them. Organizations can also predict future growth, challenges, and issues beforehand, as data holds a huge value and it can be a major decisive factor for your business growth. Data is the key in today’s highly competitive market and every organization is striving hard to protect it. So, considering the importance of data, various data auditing tools are available to anticipate future risks and plan strategies to deal with them efficiently. By outsourcing data audit analytics services to a reputed data audit company, you can reap these benefits.
4. An effective method to analyze your company’s market position
Data auditing not only helps in analyzing loopholes, inaccuracies, errors, or future challenges. It is also beneficial in finding your company’s position in the market. With the right data audit company by your side, you can find out where exactly does your company stands among your competitors. Using the right methodology, our experts can help you design strategies that can boost your growth by 100x and we make sure that your data is safe and intact with us. In this way, you know what KPIs need to be added and how to channel your information the right way to get the most out of your data.
5. Visual analysis of complex information gets simpler
Conducting regular audits has immense benefits for your business, in terms of growth, revenue generation, and boosting market position. But what about data security? Data analysis has proved to be a major factor in driving data security. Through accurate and deep analysis, companies can secure their data as they receive a visual representation of the complex and huge data pool in a simpler form.
Crucial Activities You Can Audit Through Data Audit Services
Data loss cannot be recovered easily, hence it is important to regularly monitor certain activities that might be a risk to your business. Here are some of the elements that need to be audited in order to avoid theft or breach:
1. User Access and Authentication
This is the riskiest component when it comes to data theft or breach. If accessed with wrong intentions, the culprit can get through the financial information of the organization or the customers. Not only can he/she access the data but can tamper or tweak it without any hassle. Hence, a data audit can help you safeguard this information in an effective way.
2. Database Objects
Data corruption has become a rising concern for various organizations and it can be only identified with the help of a professional data audit company. The database contains various user and company information including the functionality and procedure details that can be used otherwise to manipulate the business structure.
3. Data Manipulation
There are instances wherein users can manipulate the data to hamper your business. Data audit services can help you identify and track the details of such users along with time, date, and changes done.
If your data is distributed on various networks be it private or public clouds, then it’s high time to opt for data audit services. It will help you understand and analyze tremendous volumes of information to develop better configuration strategies to enhance your networking structure.
Enhance Business Data Quality With Our Professional Data Audit Services
A data audit report helps you in comprehensively analyzing the quality of your database and drawing attention to incomplete and inaccurate business data.
At SunTec Data, we meticulously conduct initial data analysis and accordingly create a sequence of data quality scorecards – defining data quality business rules – appropriate for your data. In the process of applying business rules for ensuring data quality, we analyze, cleanse and standardize, match, merge, and/or de-duplicate.
1. Is data auditing important to safeguard consumer and business information?
Ans: Yes definitely. Data needs to be assessed at regular intervals to avoid any breach, manipulation, or unwanted changes. To ensure the utmost safety, our data audit services can simplify complicated data sets and give you better clarity of crucial consumer and business details.
2. Can I conduct a data audit on my own?
Ans: To gain the most out of data audit, we recommend outsourcing data audit services. Data auditing is a complex process, consuming a hefty amount of time and energy. Considering the sensitivity of the information, expert guidance should be opted to access data safely, identifying errors and implementing valuable strategies to fix them.
3. How can data audit services help in rectifying underlying errors?
Ans: We have highly skilled data auditors who have immense experience in handling critical data with utmost security. They make sure to dig deep and identify the root cause of the issues that are restricting your business growth. Further, our experts design custom strategies to rectify and fix the issue permanently.
Data audit requires sufficient manpower, tools, and time. So, it is next to impossible for business owners to take out time from their busy schedules and a thorough data audit successfully. Therefore, you can opt to outsource data audit analytics services to help you identify inaccuracies, data breaches, or any loopholes quickly, reach relevant prospects and fuel your ROI.