How digital auditing will keep you ahead of the competitionDigital audits have become essential in today's digital landscape. Find out why in this blog!
In today’s tech-driven world, there aren’t many organisations that aren’t using technology in some way. Tech’s the heartbeat of all kinds of businesses. Large corporates will typically have many, many resources within their tech stack. An enormous 91.9 percent of U.S. companies with more than 100 employees use social media for marketing purposes (that was recorded in 2021, so the figure has likely increased further). And even solo entrepreneurs rely on software to improve their output and make life easier, with 71% of small businesses said to have a website.
It's no surprise then that digital audits have become such an important consideration for companies. They’re increasingly essential in today's digital landscape - here we highlight why.
What is a digital audit?
A digital audit is a comprehensive assessment of your digital assets and IT platforms. It can include the reviewing of websites, CRMs, mobile applications, and any other online systems that help you to run your business. A digital audit will allow you to identify any areas that need improvement, updates, or changes to ensure the best possible performance for your organisation.
The purpose of a digital audit is to provide an overview of your current digital presence and performance. It’s normally provided in a report format which can then be used in helping businesses recognise any weaknesses or areas that need enhancing, as well as opportunities for growth. Digital audits will also typically provide insights into how you can optimise your digital assets for maximum efficiency and effectiveness. They may even be able to identify where digital activities could be tweaked to help you save costs.
During a digital audit, a digital specialist will review all aspects of your online presence. They’ll look at your website design and layout, content strategy, user experience (UX), search engine optimisation (SEO), social media marketing (SMM), analytics, and more. Basically, any digital processes relevant to your organisation will be included. This allows them to pinpoint any potential issues or opportunities before providing recommendations on how to improve these areas to maximise the success of your business.
What else does a digital audit do?
But an audit doesn’t just provide you with insight on your technology. Interestingly, and vital for businesses looking to improve, a digital audit can help you understand how your customers interact with your brand online. A digital auditor may evaluate the kind of experiences people are having when using your products or services. And just think how invaluable this type of data can be to organisations looking for guidance on how to best engage with existing customers, attract new clients and build relationships. But the benefits don’t end there - these statistics will also help in informing future business decisions, directions, and investments.
How do digital audits help auditors?
As we’ve highlighted above digital auditing is an essential part of any business, but let’s look a little more into how they help auditors specifically…
Whether you’re an internal or external auditor, your goal is to ensure compliance and identify areas for improvement, which are so much easier to achieve when you have access to technology-specific data. Why? Because tech touches every area of an organisation, so a digital audit provides you with a holistic view of (and data for) end-to-end business operations.
Did you know that 64% of companies cite big data and analytics as the most important area of technology for gaining competitive advantage? We’re sure as an auditor, you’d agree. And being armed with a wealth of insight across an entire business will allow you to perform better reviews of a company’s financial performance than ever before – and much more logically and efficiently than when reliant on more traditional reviews of documents and financial records only.
Auditors working alongside digital auditors have the power to use data to provide accurate insights into financial statements and spot potential problems before they become bigger issues. They allow more in-depth understanding of customer habits and draw out areas where improvements need to be made.
As Deloitte’s Panos Kakoullis points out in an article for Forbes, “I’ve have been competing in long distance triathlons for many years…When I first started training, there were no advanced fitness technologies. Today, triathlete training is a digital experience. Just as technology continues to evolve in competitive sports to enhance the experience and relationship between athletes, sports fans and franchises, investments in transformative audit and assurance technology have enriched the experience and relationship between the auditor, clients, capital markets and broader ecosystem.”
Overall, performing a digital audit’s beneficial for both internal and external auditors who want to ensure their companies/clients are getting the most out of their online presence and performance. By understanding what works well and what needs improvement, auditors can help their companies/clients make better informed decisions about their future strategies, quality and compliance, and investments in the digital space.
Are you ready to unlock all the benefits of a digital audit? Use the power of data to future-proof your business. We have relationships with some of the best digital auditing professionals in the market who are helping companies to better understand their digital presence and efficiencies. Get in touch today to see how Apollo Solutions could help.