storytelling with data (data visualization)

Storytelling with Data(Data Visualization)

June 12, 2014

www.pwc.com

Storytelling with Data - Data VisualizationPwC 2

Jason JoskoData Solutions, PwC

June 12, 2014

• Over 14 years of experience helping clients transform their underlying data into actionable intelligence, focusing on large scale data analytics, visualization, reconciliation and data quality assurance.

• Helps Internal Audit teams develop their analytics strategy as well as conduct targeted audit analytics.

• Experience developing procurement compliance programs, dashboard reporting packages, and working capital improvement solutions.

• BS in Accounting from University of Iowa• Interests and Passion:


Paba DMelloData Solutions, PwC

• Over 6 years of experience in data analytics• Focus on Data Visualization and

understanding business analytics needs of the clients

• Experience in integrating information from multiple data sources a efficiently executing assignment using dynamic tools.

• Involved in data cleansing, data preparation and visualization stages of a project

• BS in Computer Science from University of Mumbai, India

• Interest and Passion:

June 12, 2014


Kate RevaData Solutions, PwC

June 12, 2014

• Over 4 years of industry experience in corporate accounting and data analytics

• Focus on Data Analytics to facilitate External and Internal Audit engagements as well as Fraud Analytics and Data Visualization tools

• Served clients in a variety of industries, including financial services, manufacturing, insurance, pharmaceuticals, consumer products and technology

• BS in Accounting from DePaul University• CISA certified• Interests and Passion:

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Today’s Discussion

Data Creates OpportunitiesWhat are the benefits, characteristics and value of Data Visualization Analytics?

Analytics in ActionQlikView and Tableau case study and live demonstration of analytics through data visualization

Data Visualization Tool LandscapeWhat are the key players? What is the difference between them?

Storytelling with Data - Data Visualization June 12, 2014

Storytelling with Data - Data Visualization6PwC

Data Creates Opportunities

June 12, 2014


Data VisualizationWhat is it?

June 12, 2014

Data Visualization is an emerging area of data analytics that combines quantitative information with technology and graphical design to tell stories, convey ideas and make decisions.

• An exciting new way to incorporate raw information into a visual interactive medium

• A way to dissect increased volumes of rows and columns of information to understand trends, patterns and make strategic, operational and tactical decisions

• A powerful way to simplify the ever increasing size and complexity of information


Data VisualizationWhy is it a hot topic?

Data discovery became a mainstream BI and analytic

architecture - GartnerProvide an intuitive,

interactive user experience with

immediate response time, and eliminate the need

for training and IT assistance.

Increase user autonomy with self-service discovery of relevant insights – anytime,

anywhere

Help business users see the big picture while navigating

the details – for fully informed decisions

Empower users to uncover connections and trends in new and

unexpected areas

June 12, 2014


Data VisualizationData to Insight

Quickly answers questions:

• Which product-region pair is the best seller? • Which product-region pairs have high sales but lose money?

June 12, 2014


Data VisualizationData to Insight

June 12, 2014

Quickly answers questions:

• Which product-region pair is the best seller? • Which product-region pairs have high sales but lose money?


Benefits of Data and Visual Analytics

Core Capabilities of Visual Analytics• Trending analysis• Collaborative data discovery• Better understand Relationships

• Interactive charts and reports• Shorter time to insight• KPI monitoring

Clean Data

Define Baseline

Hard Analytics

Soft Analytics

Refine Analysis

Quick Hits

BaselineTime

Perf

orm

anc e

ProveIdentify Scale Repeat

Traditional Approach vs Visual Analytics

• Static queries and reports• Takes time to adjust and refresh

• Reduces the time spent creating analysis• Faster and more informed decision making

June 12, 2014


Characteristics of analytics today

Visualization

Dashboarding

Trending & comparisons

Data

Financial, Operational Structured,

Unstructured, Internal, External

Analytics; discovery and communication of meaningful patterns in data

Big data; collection of large and complex data sets

Accessibility and portability; available anytime, anywhere

June 12, 2014


Analytics in Action: Tableau

Product Pricing Override Audit

June 12, 2014


Auditing Approach Leveraging Data Analytics

Business Development

15

4

2

3

Foundation

Fieldwork

Quality

Reporting Planning

I. Foundation: Leverage data to identify key risks to be addressed through the Audit Plan

II. Planning: Plan and scope the audit to focus on high risk areas and newly identified risks

III. Fieldwork: Develop risk based and value added analytics for the audit

IV. Reporting: Analyze results to quantify impact, and report findings utilizing data visualization

V. Quality: Monitor managements responses through Dashboards

June 12, 2014


Issue

Action

I. Foundation: Risk Assessment

Annual quarter over quarter revenue decline

Analyze financial data to gain insight over declines in net revenue.

Internal audit identified product pricing as a key risk area

Impact Analyze key financial data and adjust their audit plan to address their high risk areas.

June 12, 2014


Issue

Action

II. Planning: Project Risk Assessment

Varying gross margins across 3 retail channels

Utilized data visualization software to analyze the stores by retail channel.

Impact Identified limited controls around product price overrides/adjustments have been identified

Unexpected spikes in price overrides

June 12, 2014


Issue

Action

II. Planning: Audit Scoping

Identify high risk stores affecting gross profit through the use of overrides

Utilized data visualization software to analyze the total price override amounts against gross profit to identify outliers and anomalies

Impact Identified stores that had negative gross profits or negative overridesDiscovered that products can have price overrides that result in losses

Negative gross profit due to

price overrides

June 12, 2014


III. Fieldwork: Targeted Analytics Testing

Instances where the override amount is less than the cost of the item.

Total amount and frequency of overrides by store and sales associate.

Total amount and frequency of overrides by override code.

Trending of overrides by store over the audit time period.

Override reason codes leading to negative gross

profit

June 12, 2014


IV. Reporting: Confirm and Report Results

Internal Audit team determined there were no controls around overrides of product prices

Sales associates overriding to negative

gross profit

Sales associates entering in negative

override amounts

Outlier of sales associate with

potential unusual activity

June 12, 2014


Issue

Action

V. Quality: Remediation Follow Up

Monitor managements response to the findings of the pricing audit Utilized data visualization software to leverage the analytics and dashboards created during the assessment, scoping, and testing phases

Impact Ability to continuously monitor the compliance in a consistent manner with minimal manual effort

June 12, 2014


Analytics in Action: QlikView

KPI (Key Performance Indicators) Dashboard

June 12, 2014

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KPI (Key Performance Indicators) Dashboard

Develop KPI Dashboard in QlikView

Identify High Risk

Areas

Directly communicate

with data

Refresh Data on monthly

basis

Enable effective Risk- Based Internal Audit Approach

See the big picture while navigating the details – for fully informed decisions

Improve the cost and effectiveness of audits

KPI Dashboard to be included as part of the Risk Assessment package

Enable Continuous Monitoring

Uncover trends in new and

unexpected areas

Storytelling with Data - Data Visualization June 12, 2014


Data Visualization Tool Landscape

June 12, 2014


Who are some of the key players?

Source: Magic Quadrant for Business Intelligence and Analytics Platforms. February 20, 2014http://www.gartner.com/technology/reprints.do?id=1-1QLGACN&ct=140210&st=sb June 12, 2014

http://www.gartner.com/technology/reprints.do?id=1-1QLGACN&ct=140210&st=sb

25PwC

Governance, consistency and

skill silos challenges

Limited data mining and

analytic capabilities

Lower licensing costs per user

Connects to a variety of data

sourcesLow cost to implement

Easy to use for ordinary business

users and developers

Higher annual maintenance fee

Strengths

Strengths Strengths

Strengths Cautions Cautions

June 12, 2014Source: Magic Quadrant for Business Intelligence and Analytics Platforms. February 20, 2014http://www.gartner.com/technology/reprints.do?id=1-1QLGACN&ct=140210&st=sb


26PwC

Security and administering

large number of users concerns



Mobile functionality

Associative search function

Relatively low cost of ownership

Highly customizable and

easy to use

Higher developer learning curve

Strengths

Strengths Strengths

Strengths Cautions Cautions



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Support quality and cost of

software concerns



Higher quality (stability,

reliability and free from bugs)

Enterprise deployment

readinessEasy to use for

end users

Advanced modeling and

building analytical models

Limited formatting options

Strengths

Strengths Strengths

Cautions Cautions Strengths



Contact Information

Jason JoskoOffice: (312) 298-3146 Email: [email protected]

Paba DMelloOffice: (312) 298-5183 Email: [email protected]

Kate RevaOffice: (312) 298-4496 Email: [email protected]

mailto:[email protected]



storytelling with data (data visualization)

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