Many industries face the same data challenges. Far too often we tackle these challenges alone, choosing to create siloed solutions to shared problems rather than opting for a more collaborative approach. But why? When we work collaboratively, not only do we share resources, but we are able to draw upon a diverse range of perspectives to develop a more sophisticated solution to a shared problem. This is why Engine B is helping Microsoft to create open-sourced industry Common Data Models as part of the Open Data Initiative.
In 2018, Microsoft, Adobe and SAP announced the formation of the Open Data Initiative (ODI) at Microsoft’s flagship technology conference, Microsoft Ignite. The project spans across the pharmaceutical, healthcare, and professional services sectors and focuses on creating industry accelerators in the shape of open-source Common Data Models. The vision? To open up these industries so complex systems can exchange data.
According to Microsoft:
“The Open Data Initiative provides a platform for a single, comprehensive view of your data, bringing together and enriching data from all your lines of business, across all your systems to deliver real-time intelligence back into your applications and services.”
Engine B is the only organisation contributing to the project for audit. Through combining Engine B’s audit expertise and leveraging Microsoft tooling we have been successful in creating the Audit Common Data Model. As we continue to refine and expand the model, we are using Microsoft’s create the data mappings and perform data ingestion from the source to the Audit CDM, and Microsoft LUIS-D for Machine Learning training and predictions purposes for unstructured documents.
Alongside Microsoft, Engine B is working with thirteen audit firms, the AICPA, academic institutions and is supported by the Institute of Chartered Accountants in England and Wales (ICAEW). Through this unique collaboration, we have created a new standard for the data that auditors can use that ensures completeness and accuracy – The Audit Common Data Model. Working openly means clients feel safe they experience market-leading innovation and the highest level of service with significantly reduced risks.
Our collective expertise is not only creating new industry standards for data access but empowering organisations with the data tools needed to create a competitive edge and vastly improve operational decision-making.
Engine B’s involvement with this Microsoft project is expediting our mission to make corporate data more accessible and subsequently, increasing openness in the professional services sector. Through common data standards, better access to data, and the implementation of industry-wide commons data models, we will see increased competition within the sector and enable current and new market entrants to deliver improved quality of service. Collaboratively, we are paving the way for greater innovation.
“Engine B is and will always be a collaborative consortium. We founded Engine B as a cross-industry initiative to level the playing field for professional services and solve the access to corporate data problem. Through working with Microsoft and on their open-source Common Data Models, this goal is being realised, faster than we had previously imagined. I’d like to thank all of our industry partners who have agreed to work together on the same project with the same purpose and have contributed to the creation of the Audit Common Data Model. It’s really remarkable what can be achieved when organisations come together to share knowledge and expertise to solve a common problem.”
Shamus Rae, CEO, and Co-Founder of Engine B.