A top audit firm gets a modern data platform for a single view of asset prices
A leading US-based audit company enables auditors to drive intelligent decision-making in asset pricing through data platform modernization that ensures data integrity and better analytics.
Industry & Region: Audit and Advisory Services, USA
Tech Stack & Techniques: Data Repository: Golden Source, ETL: Spark, Analytics: Synapse, Optimized Data Storage Framework: Delta Lake, Database: MongoDB, Data Storage: Azure Data Lake, Query Processing: PolyBase, External Tables
Our client is a reputed audit services enterprise in the US enabling organizations to bring in accuracy and efficiency in audit processes through accelerators that leverage financial data for intelligent decision-making.
Our client wanted to deliver a superior customer experience by adopting bleeding-edge technologies. While their current digital platform was helping practitioners in achieving seamless workflows, they also needed a solid data platform to further improve efficiency and customer experience.
The organization’s existing data platform had limited scope for scalability and needed robustness to extract large volumes of quantitative and descriptive data about asset prices from 3rd party vendors.
The organization had been seeking a solution that would give them a unified and comprehensive view of asset prices so that its auditors could perform advanced analytics to gain insights that would then be used for independent audits of their investment fund clients.
There were also concerns about data integrity, leading to inaccuracies in pricing information and compromised customer experience.
The maintainability of their existing data platform was also challenging, as it needed recurrent cost-intensive interventions, further impacting the ROIs.
Our team of experts first studied the client’s existing processes in-depth and analyzed the pain points. This was necessary to conceptualize a solution that would work in tandem with the organization’s current process flows and immediately address their long-standing asset pricing data-related challenges.
The analysis established the need to modernize the client’s data platform to meet current industry standards. This transformation would enable the client to leverage their asset pricing data appropriately and overcome the challenges their organization had been facing around the lack of 3600 visibility and pricing accuracy.
Based on this series of assessments, our team put together a proof-of-concept of a modern data platform that would streamline the asset pricing processes in the following ways –
The proposed solution could extract asset price data from multiple third-party systems of records and consolidate all the records into a unified data source.
The modern data pipelines and data warehousing capabilities of the solution would allow fast ingestion and storage of huge volumes of pricing data.
This data in the centralized repository could be leveraged by auditors for historical insights and future analytics using the platform’s in-built AI capabilities.
The platform would enable auditors and other stakeholders to get easy access to asset-wise price information through a standardized data model.
Single View of Asset Price: The uniform and consistent pricing view of assets minimized errors and enabled auditors in better decision-making.
Process Run Time Improvement: The time required to process the asset pricing data was cut down by up to 80% (10 hours to 1 hour) and this process efficiency translated into increased cost savings.
Scope for Future Analytics: The integration of various market data sources broke down data silos and improved data flow for advanced analytics.
Enhanced Pricing Data Quality: The significant improvement in the accuracy of pricing data helped the organization win customer loyalty and build a robust reputation in the market.
Self-service Dashboard: The solution’s intuitive and interactive self-service dashboard enabled auditors to perform independent analysis and created an overall data-driven culture across the organization.
Want to know more about how our data modernization expertise can add value to your audit business?