Dataiku: Bringing Finance & Audit Teams into the Age of AI

Modern Financial Reporting

Dataiku removes the risk associated with patchy data access and heavy use of spreadsheets, providing instead a central, governed hub from which teams can work as well as document project goals, inputs and outputs, inner workings (like data sources) as well as track planned future project enhancements. From IFRS 17 reports production and cash optimization between entities through enhanced liquidity forecasting, Dataiku brings industrialized data pipelines and enhanced accuracy.

Standard Chartered Bank uses Dataiku to increase analyst productivity by a factor of 30 by replacing spreadsheet-based processes with governed self-service analytics. On average, two people armed with Dataiku applications are doing the work of about 70 people limited to spreadsheets.

Automated Forecasting

Future outlooks of financial KPIs are key to steering businesses, no matter their industry — Dataiku makes forecasting more efficient and effective by breaking down data silos within the office of finance and alleviating much of the highly intense manual labor work. 

After successfully working on more than 25 financial KPI forecasts, Mercedes-Benz packed all their knowledge into a software package. Using Dataiku, they are able to put this package at the fingertips of business users, enabling them to combine their business expertise with state-of-the-art machine learning.

More Efficient, Targeted Auditing

Dataiku helps teams analyze the troves of data they have (which will continue to grow as companies’ digital footprint does) and reduce the risk of human error. But it’s not just about analysis; machine learning capabilities in Dataiku also help auditors understand which factors contribute to risks to further target their efforts

For example, The Law Society of BC uses Dataiku for the proactive regulation of law firms, successfully reducing the number of auditors required per one large audit by 14% and the time needed to complete a large audit by 29%.

Streamlining Manual Tasks (Invoice Reconciliation, Receivables Tracking, & More)

Dataiku reduces the time spent gathering data manually from a plethora of sources, which, in turn, can accelerate reconciliations as well as both internal and external report generation. Plus, Dataiku streamlines tasks such as invoice reconciliation, receivables tracking, and payment logging through features such as permissions management, audit trails, and natural language processing (NLP).