Launching a Value-Based Analytics and RPA Program

For those who missed it, SpaceX recently launched a Tesla automobile into outer space. Amid the entertainment value of picturing a car orbiting the Earth, many people missed how the engineers at SpaceX were pushing the limits of what was possible with a smaller budget than some nation-sponsored space programs. So, how did they do it? SpaceX used machine learning (an advanced form of data analytics) to optimize the orbit and descent procedures of the rocket by running millions of simulations in a fraction of the time (and cost) in which humans could have accomplished the task. Many organizations are probably already using some form of data analytics in customer profiling, engineering or—hopefully—assessing IT risk.

While initiating an analytics framework for an audit organization may seem like old news, it is worth remembering that Grant Thornton surveyed approximately 170 chief audit executives in 2017 and found that greater than 72 percent of organizations use Excel as their primary analytics tool, and less than 40 percent consistently leverage analytics. An industry-agnostic framework can help an organization launch its own analytics program (without a rocket science degree).

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