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Power BI Solution for Audit & Support Process Optimization
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Introduction
The Audit & Support Department at a client organization faced challenges in managing audits, tracking turnaround time (TAT), ensuring process accuracy, and improving employee productivity. They needed a robust solution to gain real-time insights into their operations, streamline workflows, and reduce errors, all while improving client satisfaction and maintaining strong relationships. Corient Business Solutions stepped in with a tailored Power BI solution to address these needs effectively.
The Problem
Upon an initial review, several key problems were identified:
- Inefficient tracking of TAT for audits led to delays in audit completion and client reporting.
- The need for timely addressing of critical audit milestones to maintain strong client relationships.
- Challenges in monitoring and improving employee productivity in audit processes.
- Lack of actionable insights to identify and rectify errors in audit operations.
Corient Solution
To address these challenges, Corient implemented the following solutions:
- Turnaround Time (TAT) Tracking: Developed a Power BI report to monitor the time taken to complete various audit stages, ensuring timely completion.
- Critical Client Retention Points (CCRPs): Incorporated tracking of audit milestones like approvals, reporting, and query resolutions to maintain client satisfaction.
- Employee Productivity Analysis: Designed productivity metrics to assess audits processed per employee, enabling workload optimization.
- Comparative Audit Metrics: Provided comparative visualizations for audit timelines and reconciliation KPIs to identify trends and performance gaps.
- Error Identification Tools: Created visual dashboards to highlight common errors and discrepancies for prompt rectification.
Challenges Faced
Upon an initial review, several key challenges were identified:
- Complex Audit Data: Processing large volumes of audit-related data while maintaining accuracy and consistency.
- KPI Standardization: Aligning stakeholders on consistent definitions and calculations for TAT, CCRPs, and productivity metrics.
- Data Integration: Consolidating data from multiple systems into a unified Power BI report.
Overcoming Challenges
- Leveraged Power BI’s advanced data transformation tools to clean and integrate data from various sources seamlessly.
- Collaborated with the Audit & Support team to standardize KPIs, aligning them with organizational goals.
- Optimized the Power BI data model to handle high data volumes and provide realtime updates for accurate decision-making.
Result Achieved
Through the tailored solutions provided by Corient, the client experienced several notable benefits:
- Improved TAT tracking, reducing delays in audit cycles and client reporting.
- Enhanced monitoring of CCRPs, ensuring timely completion of critical milestones.
- Optimized employee productivity through detailed insights, improving team efficiency.
- Streamlined error identification processes, leading to more accurate and reliable audit reports.
Conclusion
Corient’s tailored Power BI solution transformed the client’s audit operations by addressing key inefficiencies, improving accuracy, and optimizing productivity. With real-time insights, the Audit & Support Department achieved significant operational improvements, enhanced client satisfaction, and streamlined processes, showcasing Corient’s commitment to delivering innovative solutions.
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