IDEA SOFTWARE

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Question #1

Review the video and , discuss the advantage data analytic software, like IDEA, has over spreadsheet software when performing diagnostic analytics.  Provide specific examples to back up your opinion.

 

These are some ideas from the video

Idea Software

Understanding data is critical for any business

Idea Data Analysis Software help you solve the data challenge

The software is easy to use and a data analysis platform that improve the analysis for audits, finance and compliance professionals. The software save time and allows you to work with general ledger, fix assets, inventory, accounts payable and receivables. For collaborative analytics, the software enables team members to move files and share projects regardless the team member location or the data volume

Minimize risk in every sense

 

Question # 2 (DL)

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In order to understand how we can use IDEA for diagnostic analysis, we first must define what diagnostic analytics are.  “Diagnostic analytics are used for discovery or to determine why something happened” (Bagiwa, 2017, p. 183).  This is a form of investigation to understand how or why economic events occurred.  We can compare this to fraud investigation, where an investigator looks to the data to see how a fraud was committed.

With data analytics there is an abundance of data to be sorted and analyzed for patterns, anomalies and red flags.  “There is no question that organizations are swimming in an expanding sea of data that is either too voluminous or too unstructured to be managed and analyzed through traditional means” (Bagiwa, 2017, p. 181).  Programs like IDEA can make this task less tedious and more effective for accountants and financial professionals.  Spreadsheet software is limited and can require an advanced software operating understanding in order to locate and drill down the data for financial analytical purposes.

The video was focused on the benefits of IDEA software in particular but these benefits can be assigned to any software of its kind.  As the video states, data analytic software, “Allows audit, finance and compliance professionals to view all of their disparate data as though they were one” (CaseWare IDEA, 2014, 0:32).  Various pieces of data can be merged and connections can be made amongst many facets of Big Data.  Whereas, spreadsheet software does not have the same capabilities of merging and connected, at least not without much effort from the operator.