Altair Case Studies Streamlining Audit Process for Improved Customer Service with IoT

	Streamlining Audit Process for Improved Customer Service with IoT Altair

Streamlining Audit Process for Improved Customer Service with IoT

Altair

Applicable Industries	Finance & Insurance
Applicable Functions	Quality Assurance
Use Cases	Fraud Detection Time Sensitive Networking
Challenge	Hungerford Vinton, an external audit firm, was facing a common challenge in the auditing industry. The data they received from clients was difficult to work with, existed in a myriad of formats, and was generated by various types of accounting and financial packages. This resulted in more time, often unbillable, spent on extracting and analyzing the data needed for the actual audit. The firm also had to access and extract data from historical records and legacy systems, which are prevalent in government systems, a specialty of this firm. Additionally, they had to combine data from multiple companies for a single audit. Each client audit was unique, making audit data preparation a nearly insurmountable challenge. The firm wanted to significantly reduce the hours spent on data gathering and conversion, which could sometimes be as much as 15 hours per audit, some of which could not be billed back to the clients. Read More
About Customer	Hungerford Vinton is an external audit firm that performs different types of audits for its clients, including T&E audits, audits of governmental systems, and recovery audits. The firm is specialized in accessing and extracting data from historical records and legacy systems, which are prevalent in government systems. They aim to deliver outstanding service to their clients, and their reputation for excellent service and strategic counsel results in greater client retention and increased new business opportunities. The firm was looking for a solution to streamline their audit process, reduce unbillable hours, and increase their revenues. Read More
Solution	The firm adopted Altair® Monarch®, a data preparation solution, to solve their data conversion problem. Monarch could quickly and easily extract specific data from clients’ PDFs, flat files, and application-generated reports. It also enabled manipulating the same data for multiple views, allowing the auditors to perform more comprehensive audits. The firm standardized on the Datawatch Platform, allowing all its auditors to use repeatable processes and report models to easily and effectively transform audit data. This standardization ensured the quality and consistency of the firm’s audits and made it very easy for the audit teams to work with new clients. With Monarch, the audit firm reduced the time spent on audit data prep from 15 hours to as little as 2 minutes, a 99% time savings, which translates into thousands of dollars saved per audit. Read More Log in to view content
Contents

Applicable Industries

Finance & Insurance

Applicable Functions

Quality Assurance

Use Cases

Fraud Detection

Time Sensitive Networking

Challenge

Hungerford Vinton, an external audit firm, was facing a common challenge in the auditing industry. The data they received from clients was difficult to work with, existed in a myriad of formats, and was generated by various types of accounting and financial packages. This resulted in more time, often unbillable, spent on extracting and analyzing the data needed for the actual audit. The firm also had to access and extract data from historical records and legacy systems, which are prevalent in government systems, a specialty of this firm. Additionally, they had to combine data from multiple companies for a single audit. Each client audit was unique, making audit data preparation a nearly insurmountable challenge. The firm wanted to significantly reduce the hours spent on data gathering and conversion, which could sometimes be as much as 15 hours per audit, some of which could not be billed back to the clients.

About Customer

Hungerford Vinton is an external audit firm that performs different types of audits for its clients, including T&E audits, audits of governmental systems, and recovery audits. The firm is specialized in accessing and extracting data from historical records and legacy systems, which are prevalent in government systems. They aim to deliver outstanding service to their clients, and their reputation for excellent service and strategic counsel results in greater client retention and increased new business opportunities. The firm was looking for a solution to streamline their audit process, reduce unbillable hours, and increase their revenues.

Solution

The firm adopted Altair® Monarch®, a data preparation solution, to solve their data conversion problem. Monarch could quickly and easily extract specific data from clients’ PDFs, flat files, and application-generated reports. It also enabled manipulating the same data for multiple views, allowing the auditors to perform more comprehensive audits. The firm standardized on the Datawatch Platform, allowing all its auditors to use repeatable processes and report models to easily and effectively transform audit data. This standardization ensured the quality and consistency of the firm’s audits and made it very easy for the audit teams to work with new clients. With Monarch, the audit firm reduced the time spent on audit data prep from 15 hours to as little as 2 minutes, a 99% time savings, which translates into thousands of dollars saved per audit.

Impact #1	The implementation of Altair Monarch has led to a significant improvement in the operational efficiency of Hungerford Vinton. The solution has not only streamlined the audit process but also enabled the firm to perform more comprehensive audits. The ability to manipulate data for multiple views has allowed the auditors to dig deeper into the data and identify anomalies, such as fraud, in a matter of hours. The standardization on the Datawatch Platform has ensured the quality and consistency of the firm’s audits and made it easier for the audit teams to work with new clients. The time savings have allowed for more strategic analysis, leading to more findings, which helps the audit firm deliver outstanding service to its clients. This has resulted in greater client retention and increased new business opportunities.

Impact #1

The implementation of Altair Monarch has led to a significant improvement in the operational efficiency of Hungerford Vinton. The solution has not only streamlined the audit process but also enabled the firm to perform more comprehensive audits. The ability to manipulate data for multiple views has allowed the auditors to dig deeper into the data and identify anomalies, such as fraud, in a matter of hours. The standardization on the Datawatch Platform has ensured the quality and consistency of the firm’s audits and made it easier for the audit teams to work with new clients. The time savings have allowed for more strategic analysis, leading to more findings, which helps the audit firm deliver outstanding service to its clients. This has resulted in greater client retention and increased new business opportunities.

Benefit #1	The entire audit process has been streamlined, leading to more efficient audits.
Benefit #2	Data gathering time was significantly reduced.
Benefit #3	Audit prep time was reduced by 15 hours per audit (on average).

Benefit #1

The entire audit process has been streamlined, leading to more efficient audits.

Benefit #2

Data gathering time was significantly reduced.

Benefit #3

Audit prep time was reduced by 15 hours per audit (on average).

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Overview

Streamlining Audit Process for Improved Customer Service with IoT

Operational Impact

Quantitative Benefit