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Transcript of Storytelling with Data (Data Visualization) June 12, 2014 .
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:
Storytelling with Data - Data VisualizationPwC 3
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
Storytelling with Data - Data VisualizationPwC 4
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 Opportunities
What are the benefits, characteristics and value of Data Visualization Analytics?
Analytics in Action
QlikView and Tableau case study and live demonstration of analytics through data visualization
Data Visualization Tool Landscape
What 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
Storytelling with Data - Data Visualization7PwC
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
Storytelling with Data - Data VisualizationPwC 8
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
Storytelling with Data - Data VisualizationPwC 9
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
Storytelling with Data - Data VisualizationPwC 10
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?
Storytelling with Data - Data Visualization11PwC
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
an
c 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
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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
Storytelling with Data - Data Visualization13PwC
Analytics in Action: Tableau
Product Pricing Override Audit
June 12, 2014
Storytelling with Data - Data Visualization14PwC
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
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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
ImpactAnalyze key financial data and adjust their audit plan to address their high risk areas.
June 12, 2014
Storytelling with Data - Data Visualization16PwC
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.
ImpactIdentified limited controls around product price overrides/adjustments have been identified
Unexpected spikes in price overrides
June 12, 2014
Storytelling with Data - Data Visualization17PwC
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
ImpactIdentified 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
Storytelling with Data - Data Visualization18PwC
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
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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
Storytelling with Data - Data Visualization20PwC
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
ImpactAbility to continuously monitor the compliance in a consistent manner with minimal manual effort
June 12, 2014
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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
Storytelling with Data - Data Visualization23PwC
Data Visualization Tool Landscape
June 12, 2014
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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
25PwC
Governance, consistency and
skill silos challenges
Limited data mining and
analytic capabilities
Lower licensing costs per user
Connects to a variety of data
sources
Low 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
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Security and administering
large number of users concerns
Limited data mining and
analytic capabilities
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
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
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Support quality and cost of
software concerns
Limited data mining and
analytic capabilities
Higher quality (stability,
reliability and free from bugs)
Enterprise deployment
readiness
Easy to use for end users
Advanced modeling and
building analytical models
Limited formatting options
Strengths
Strengths Strengths
Cautions Cautions Strengths
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
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]