When it comes to data analytics adoption, there are 2 common challenges faced by the Internal Audit teams. Staff turnover which affects knowledge retention, and how easy it is for new team members to learn and use the data analytics tools easily.

Staff Turnover

Staff turnover if without proper knowledge retention strategy, can have a significant impact on the adoption of data analytics within an internal audit team. When an employee leaves, all the knowledge and expertise they had can be lost, leaving gaps in the knowledge base. This can lead to lower productivity and efficiency, as the remaining or new staff have to work harder to make up for the missing knowledge. Additionally, high staff turnover can also lead to decreased morale among employees, as they may feel they have to work harder to make up for the loss of their colleagues.

When the internal audit team experiences staff turnover, the new members may be less familiar with the audit team’s data and analytics processes, making it difficult to quickly onboard new members and ensure they are adequately trained in data analytics.

New team members onboarding challenge

When staff turnover is higher, the team may have to constantly adjust and readjust their processes and data analytics approach to accommodate new staff members, leading to delays and inefficiencies. Additionally, when staff members leave, the internal audit team may need to invest additional resources in bringing new individuals up to speed in terms of data analytics processes. This can be especially true if the team is using more complex data analytics tools and techniques.

New internal auditors may face a number of challenges when attempting to learn data analytics tools that require special skills. The complexity and technical nature of some data analytics tools can make them intimidating for new auditors, who may not have the necessary background to quickly learn and understand the tools. Additionally, the time required for auditors to learn and master these tools can be significant and require substantial resources. Furthermore, new auditors may need to spend considerable time and effort to become familiar with the tools and processes, leading to delays in adopting data analytics within the internal audit team

To resolve the challenges faced by new internal auditors when learning data analytics tools, organizations can invest in providing proper training and support to the auditors. Additionally, organizations can focus on developing more user-friendly data analytics tools that are easier to learn and understand for new auditors, as well as provide access to external experts and consultants to help with more complex tasks. Finally, organizations can ensure that new auditors are provided with adequate resources and support to properly understand and use the data analytics tools.

That is why choosing a powerful and yet easy to use audit analytics is so crucial. Arbutus Analytics platform is an audit analytics platform that provides auditors with an intuitive and easy-to-use interface to quickly understand data analytics tools and processes. It offers a range of features tailored to the needs of internal audit teams, such as automated data cleansing and validation, interactive visualizations, and Workflow. Arbutus can help to resolve many of the above challenges:

Knowledge Sharing & Collaboration

Arbutus user friendly interface allows you to create shared folders that all team members can use to share data sources, scripts, and results.

SmartApps

Arbutus has a growing list of till date more than 70 over analytics use cases which are pre-built and ready for download for use, and at no additional cost.

Workflow:

To create analytics use cases, you no longer need to learn a programming language, or be very technical. You can create customized, repeatable analytics, both simple and complex using the Arbutus Workflow. This is a no code drag and drop feature which allows any non technical users to easily build analytics, allowing them to automate their tasks and processes effortlessly.

Visualisation

Users can now create great visualisations from the findings and this makes reporting on results so much easier.

There are many more great additions to Arbutus new version, even a new look and feel. If you like to know how Arbutus Analytics Platform can help you, please reach out to us info@quaditix.com and our consultants will get in touch with you shortly.