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Some forensic accountants specialize in forensic analytics which is the procurement and analysis of electronic data to reconstruct, detect, or otherwise support a claim of financial fraud. The main steps in forensic analytics are data collection, data preparation, data analysis, and reporting.
Since 2006, KNIME has been used in pharmaceutical research, [3] and in other areas including CRM customer data analysis, business intelligence, text mining and financial data analysis. Recently, attempts were made to use KNIME as robotic process automation (RPA) tool.
This data mining method has been explored in different fields including disease diagnosis, market basket analysis, retail industry, higher education, and financial analysis. In retail, affinity analysis is used to perform market basket analysis, in which retailers seek to understand the purchase behavior of customers.
Forensic data analysis (FDA) is a branch of digital forensics. It examines structured data with regard to incidents of financial crime. The aim is to discover and analyse patterns of fraudulent activities. Data from application systems or from their underlying databases is referred to as structured data.
It can ingest data from offline data sources (such as Hadoop and flat files) as well as online sources (such as Kafka). Pinot is designed to scale horizontally. Mondrian OLAP server is an open-source OLAP server written in Java. It supports the MDX query language, the XML for Analysis and the olap4j interface specifications.
Data mining is a particular data analysis technique that focuses on statistical modeling and knowledge discovery for predictive rather than purely descriptive purposes, while business intelligence covers data analysis that relies heavily on aggregation, focusing mainly on business information. [4]