Bridging Finance and Data Analytics: A transformational journey for a major auditing firm

A financial auditing and accounting firm faced a significant hurdle. They were experts in finance but struggled with the technical side of data analysis.

Their main issues were a lack of coding skills and reliance on basic tools like Excel, which weren't enough for complex, large data sets. The firm needed a way to handle advanced data analysis easily, without the complexity of traditional coding.

Our goal was to connect their financial knowledge with the necessary tech skills in a straightforward manner. To achieve this, we focused on two key questions: How can we simplify data analytics for our client? And how can we do it without needing complex coding?

To address these challenges, we introduced two "no-code" solutions: KNIME for data transformation and Power BI for data visualization. While many companies have adopted Power BI, some are not using it effectively. They often attempt to use Power BI for complex data transformations, where tools such as KNIME are far more suited.

To increase our clients' capabilities, we started with practical examples from their daily tasks. For instance, we demonstrated how they could spot data anomalies in just a few clicks using a combination of KNIME and Power BI. A cornerstone was to explain when to use each tool depending on the specific task at hand.

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The results were quick and impressive. The firm automated many time-consuming tasks in just a week, greatly improving their workflow.

They quickly adopted these new, easier-to-use tools, shifting to a more modern approach to data analysis. Most importantly, the team learned crucial concepts like Big Data and ETL in a way that made sense to them, preparing them to confidently handle the digital aspects of their work.

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Reference available upon request