Introduction
PowerBI for Audit Teams: Is it really a “free” alternative to modern Data Analytics tools?
Introduction
Recently, I had the pleasure of guiding a group of enthusiastic auditors through a Power BI training session. They were keen to harness the power of data analytics in their audits and had chosen PowerBI as their go-to tool. Since PowerBI came as part of the organisation's Microsoft package, it was essentially a "free" resource for the audit team.
This scenario is not uncommon. Through my interactions with audit teams and attendance at the Chartered Institute of Internal Auditors (UK) Data Analytics Group meetings (a great free resource for CIIA members!), I've noticed a growing trend of audit teams turning to PowerBI for their data analytics needs. The appeal? It is a well known tool and, of course, the fact that it's often free.
And why wouldn’t you – after all, free is good, right?
But as I delivered the training session, I couldn't help but ponder the complexity of PowerBI for new users. It might be "free", but its intricate menu structure and design (versus other tools) can be daunting, requiring significant investment in training for the audit team to use it effectively. This raises an important question: is "free" software always the best choice?
What is PowerBI?
PowerBI, introduced as part of the Office 365 suite back in 2013, consists of various components such as Power Query, Power Pivot, Power Map, PowerBI Desktop, and PowerBI Mobile Apps.
This evolution has expanded PowerBI to offer a wide range of features for data modeling, integration, and reporting. However, this complexity also means there are multiple menus to navigate depending on the task at hand.
Furthermore, for new PowerBI users, the introduction of calculated “measures” using its unique language, DAX, can mean a steep learning curve, especially for those with limited experience in data analytics tools, including Excel.
The Cost Paradox: Free Software, “Expensive” Training
While the allure of PowerBI's cost-free nature is undeniable, the true cost lies in the investment of time and resources required for effective training.
Despite being a free data analytics tool, the hidden expense comes in the form of training the audit team to utilise PowerBI efficiently. The savings on software costs can quickly be overshadowed by the substantial cost and time needed for PowerBI training.
It's essential for audit teams to consider not just the actual training expenses but also the "cost" of diverting team members to attend these training sessions, which could prove to be quite significant depending on the level of analytics expertise required.
Simplifying Data Analytics: Modern Tools to the Rescue
While PowerBI may require extensive training, by contrast the data analytics tool landscape has undergone a significant transformation in recent years. Modern data analytics tools, though not completely free, have evolved to be more user-friendly and accessible, catering to individuals without prior analytics expertise.
These tools prioritise key analytical tasks like data cleaning and analysis, offering intuitive interfaces and pre-built analytics workflows. This results in a gentler learning curve for auditors, reducing the need for extensive upfront training and enabling users to attain the necessary skills more efficiently.
For instance, Arbutus Analyzer is designed with the typical auditor in mind (some prior knowledge of Excel), leveraging intuative interfaces that feel familiar to users and simplify the data analysis process. This accessibility means that advanced analytics are within reach for auditors, allowing teams to conduct analytics without delving into complex equations or expressions, potentially eliminating the need for training costs altogether.
But I need Dashboards!
Undoubtedly, PowerBI excels in transforming your analytics into visually engaging dashboards, making it a top choice for audit teams seeking impactful data representation. So if this is something that you need, fear not! PowerBI can still be the star in showcasing your insights.
With seamless integration between modern data analytics tools and Power BI, there's no need to export data to different repositories. Arbutus Analyzer offers a bespoke connector specifically for this purpose. So, if your audit team yearns for the dynamic dashboards PowerBI offers, you can combine the analytical power and user-friendliness of a dedicated data tool with PowerBI's visualisation capabilities.
This approach provides the perfect blend - crafting advanced dashboards and reports using PowerBI, fueled by data from modern analytics tools that maximise your data analytics potential via user-friendly interfaces.
Conclusion: A Balanced Approach to Training and Tool Selection
While PowerBI may offer a cost-free solution for data analytics, it's crucial to factor in the training costs needed for its implementation, especially considering the level of expertise required. On the other hand, while modern data analytics tools may come with a price tag, their user-friendly interfaces and analytics-focused capabilities provide a smoother learning curve for new users - ultimately reducing the training costs and time for auditors to be effective in using the tool.
The key takeaway here (that anyone in Audit already knows), is that obtaining approval for expenditure in Internal Audit is no easy feat. Audit teams should not be swayed by the "free" label but instead take a comprehensive view of costs, considering not only the initial software expense but the overall investment (cost and time) required to establish efficient and sustainable data analytics practices.
Neglecting to consider this important factor may lead to squandered time and resources, as you realise that your team may not possess the expected level of proficiency with PowerBI despite the investment made.
Technology4Business is your “one stop shop” for data analytics. Please do get in touch if you would like to know more about Arbutus Analyzer, Data Analytics training for Auditors or indeed PowerBI training.