How companies are adopting real-time audits to boost responsiveness, explains expert

Dec 5, 2024

Companies are turning to real-time internal audits to stay ahead in an ever-changing business landscape, using technology to improve decision-making and compliance, said industry expert Deepak Pokharna.

This shift, driven by tools like AI and advanced data analytics, allows businesses to monitor operations continuously, identifying inefficiencies or risks as they arise. Pokharna, who is also the managing partner of dnA consulting firm, said this approach is becoming essential for maintaining agility.

“Real-time auditing helps organizations move from reactive problem-solving to proactive management, ensuring accountability and swift action,” said Pokharna.

Industries like banking are already leveraging these tools, using them to detect fraud and flag irregularities immediately. Pokharna further said, “The insights we gain help us manage compliance challenges and risks more effectively.”

"While real-time auditing requires significant investments in technology and training, companies report that the benefits, including enhanced responsiveness and reduced risks, far outweigh the costs," Pokharna added.

[The Times of India]