Infrrd's IDC A Real Breakthrough & Promise In Audit Automation
by Amit Jnagal, on July 18, 2019 11:45:00 AM PDT
When we had to do something manually, it might take us down a rabbit hole. Let it be entering values or conducting a QC audit.
Auditing focuses on risk assessment and planning that hinges on asking the right questions, and can’t be ignored in a business process. But what if this process is manual pick-and-shovel effort? This can be frustrating because auditors have to audit a large corpus of data, which also makes their task troublesome as understanding or identifying risk & controls through different lenses become a real challenge.
Everything is evolving, right from the way technology is used to its impact on business that matches the new societal expectations on business conduct and its trustworthiness. And therefore, the audit process is facing its biggest shake-up ever with automation in place.
Automation is an evolving technology that promises to be the biggest game-changer - bringing results that are capable of disrupting a market. It is a breakthrough at breakneck speed, better described as ‘digital speed’. Audit automation is changing the nature of audit work, replacing much of low-level ticking and bashing with higher work, concentrating on analysis and judgments that give better insights. It also enables auditors to ask better questions and adding value to the audit process.
Automating the audit process helps auditors obtain structured and unstructured data, and making better sense of gathered data for informed judgments. This is a piece of welcome news for auditors because Infrrd’s Intelligent Data Capture platform for Audit Automation meets these requirements effectively.
Infrrd’s IDC platform is baked with cognitive capabilities. It covers several interlinked AI-enabled capabilities, such as Machine Learning and Natural Language Processing. It also can comb through reams of data faster and precisely, which helps to analyze populated data and gives a big picture of outliners and expectations that can be used for future purposes.
For instance, Machine Learning can be used for processing and validating data in a much shorter timeframe than with the manual review. The audit process is further transformed by implementing NLP that extracts attributes from data. With all the AI capabilities in place, the decision-making process is made easy with better business outcomes without compromising on audit quality.
The real digital transformation for audit workflow begins when we are able to harvest, map and validate data across multiple sources and formats. Infrrd’s IDC platform contributes an exciting future for auditors as it supports high-quality audits over sheer force, which makes it possible for auditors to work better and smarter. It also optimizes their time, enabling them to analyze a broader and deeper set of data and documents.
Download our free case study to get a deeper understanding of how Infrrd’s IDC platform for Audit Automation transformed business processes for the Investment Industry.
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