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Insight: Reduce operating costs and boost productivity.
"As your responsibilities as a Chief Financial Officer have increased over the years and as business risks have risen, it has become more of a challenge to meet your 4 mandates in this complex environment. The only solution is a resource that simplifies business operations, reduces risk, and boosts productivity. Insight is that cost effective resource."
- Ron Franke, CEO
What are the four mandates of the CFO?
Insight is an additional tool in your resource arsenal that helps you accomplish your four mandates. Insight can be rapidly adopted and deployed. The cost structure is designed to minimize risk and quickly lead to a high ROI. It enables an organization to easily and inexpensively implement a pilot program and then to scale the implementation to the size needed to meet operational needs and goals. Insight can be configured to adapt to the unique needs of a specific organization or industry.
1. Maximize Shareholder Value
Insight will reduce your operating costs and will boost productivity while reducing the risk of missing mission critical goals and high priority activities. Insight is a set of web-based business applications designed to simplify the management of a mobile, dynamic, and global work force, and, to enhance communication and collaboration in and between teams working in a complex business environment. Insight solves the problems inherent in mobility and globalization with respect to managing, communicating and accomplishing work. Insight does 5 things extraordinarily well, Insight:
- Simplifies the management of a mobile and dynamic work force in a complex, global, and fast changing business environment.
- Ensures that mission critical and high priority activities are accomplished.
- Alleviates a manager's concerns about accountability and effectiveness.
- Accurately details the cost of work enabling more accurate activity based costing, budgeting, and planning.
- Provides the resources and information needed to be successful at work.
Managers are constantly adjusting to changing circumstances, resources, and issues. Managing change effectively requires understanding options and the consequence of various choices. Insight's management resources give you the ability to look at your options and understand the effect that resource adjustments will have on your desired outcome.
Insight ensures that mission critical goals and high priority activities are identified, assigned, monitored, and accomplished. Insight gives managers the resources needed to actively monitor and respond to risks and conflicts. Insight gives staff and managers an effective way to communicate and collaborate on activities and projects.
3. Financial Reporting and Regulatory Compliance
Insight provides summary and detailed information about work activities, accomplishments, and activity based costing. Using Insight will support financial, security, and safety documentation and regulatory reporting. The Passage of the Sarbanes-Oxley Act (SOX) by Congress in January 2002, created significant new responsibilities for public companies and their Audit Committees, CEOs, CFOs and auditors. The demands imposed by SOX not only require certification of financial reports but better execution of business operations. Insight dramatically improves the visibility of, and accountability for, the business results expected of project teams. Using Insight improves your business execution, and will, augment and enhance your internal control and reporting systems in place to satisfy SOX ( More information on Sarbanes-Oxley support with Insight ). Insight supports SOX reporting requirements in which companies must:
- Document their Internal Control System Using a Recognized Framework
- Ensure that Controls are Executed on an Ongoing Basis
- Ensure Timely Completion of the Required Management Evaluation of the Controls
- Report on Exceptions
- In the event of Control Failure, Perform a Remediation Processes to Ensure that the Company once again has a Comprehensive and Effective Set of Controls
In this area a CFO is responsible for capital structure, treasury, forecasting and planning, driving ROI to the activity and project level. Often a CFO is responsible for the IT department and bringing in technology solutions that increase productivity and reduce costs. Insight inherently supports forecasting and planning, especially in work activity and project resource allocation and cost analysis. More effective management of activities and projects ensures that activities and projects are within budget, on time, and accomplish the desired goals. Analysis with Insight can demonstrate whether activities and projects meet a desired ROI.
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