Use of Business Analytics in Accounting Firms—Taking Deloitte as an Example

Abstract

This paper aims to introduce business analytics strategies that one of the most prominent public accounting firms, Deloitte, has applied to manage hundreds of thousands of clients and discover valuable insights within the organization to increase efficiency and improve risk management. According to Deloitte official website, 76% of audit committee members within the organization believe that advanced technology should be used more extensively [1]. The insights gained from the data analytics are approved by the most occupied position in the accounting firm, which is the auditors. This paper introduces insight-driven methods used in the company, including Profit model, Network, Structure, Process, Product performance, Product system, Service, Channel, Brand, and Customer engagement. All of these elements can each be integrated into a business analytic approach. Lastly, this paper will provide some limitations associated with the data analysis in the firm.

Accounting in the Era of Big Data: Case Studies and Frameworks

“…3. Deloitte Analytic Insights is a data analytics platform that uses big data to provide real-time insights into potential risks and vulnerabilities in an organization's operations (Chien, 2020). The platform can analyze vast amounts of data from various sources, including financial reports, market data, and social media, to identify potential threats to an organization's reputation, financial stability, and overall business operations.…”