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Ivanhoé Cambridge

Company Profile

 

Ivanhoé Cambridge is a real estate company that leverages its high-level expertise in all aspects of real estate. Its assets, held through multiple subsidiaries and located mainly in Canada, the United States, Europe, Brazil, Mexico and Asia, total more than Cdn$42 billion as at December 31, 2014.

 

Primary Applications

  • IDEA® Data Analysis
  • J.D. Edwards

 

Challenge

 

With a world-class reputation for exceptional management and efficiency, Ivanhoé Cambridge has consistently adhered to their goal of maintaining first-rate operations. The organization was looking to increase its audit scope and unlock hidden value from their data. Similar to most organizations, the company’s data was varied and changing constantly. This led the audit department to the decision to upgrade from spreadsheet-based applications which had data input limitations, to a robust data analysis tool.

Seren Dagdeviren, joined Ivanhoé Cambridge as an Internal Audit Manager and was tasked with implementing Computer Aided Audit Techniques (CAATs) for use within IT audit testing. Seren’s strong data analysis background made him an ideal candidate to lead this charge, having previous experience implementing data analysis tools.

 

Solution

 

Ivanhoé Cambridge sought a solution that could be used to hone their audit scope to key areas (via trend analysis and stratification of data), assess data and discover root causes.

The team chose IDEA® Data Analysis based on three areas of need:

 

Performance

 

Ability to quickly import and analyze 100% of large datasets.

 

Usability

 

High user adoption across the entire audit department was a key requirement. The software’s similarity to Microsoft Office allowed users to learn quickly. According to Seren “If you rely on one person there will always be a bottle neck, but with IDEA’s straight forward and simple UI (user interface), it is easier to pass on to other staff members with or without prior experience in analytics.”

 

Cost-effectiveness

 

Attractive pricing. “The icing on the cake was its cost-effectiveness,” said Seren.

 

Results

 

IDEA has surpassed departmental expectations and objectives. Ivanhoé Cambridge now uses IDEA in several of its audit mandates with plans to expand use to operational efficiency audits. Ivanhoé Cambridge is able to:

 

  • Detect Duplicate Payments – using Fuzzy Logic to concurrently analyze Vendor Master Data and Transactions to detect discrepancies based on varying degrees of similarity
  • Understand Data – ex. using Benford’s Law analysis to detect abnormalities or compare data
  • Demonstrate Return on Investment (ROI) – within the first year the organization reaped its investment