[Team 31] ExcelInsights

Problem statement

Internal Audit teams spends 1–2 weeks manually analysing data for work plans, including creating pivot tables. With limited bandwidth, they can only focus on the top 10 highest charging vendors and top 5 highest spending divisions. This leaves more than 87% of transactions unaudited and results in missed opportunities for trend analysis and forecasting, thereby increasing the risk of undetected malpractices

Our Solution

Our AI-powered solution can accept multiple Excel files, and perform data aggregation automatically to offer insights such as summaries and trends, while also providing data visualisations like graphs and charts.

Impact and outcomes

We tested Proof of Concept with the Internal Audit team from MDDI and at the feedback bazaar. There was strong interested demonstrated from the Audit team in adopting the solution when it is in production.

MDDI auditors mentioned that with this solution, they will be able to save one day per trend identified as they would have to previously identify the trend across multiple Excel files previously, which is a tedious and time-consuming process.

Future steps for your project

We envision that the ExcelInsights will introduce a new way for Internal Audit Teams to conduct data analysis if it can be incubated to reach production.

However, there is still more work required to:

In the future iterations, our team hopes to have high quality visualisations of textual analysis such as word clouds, automated insights, which could come in the form of a customisable dashboard, and also as follow-up prompts.

ExcelInsights Team members and respective divisions

ExcelInsights was bought to you by the following team of builders who are passionate about AI products!