Is the information you use for decisions good enough?
In the last year or so, amazing advances have been made in the technology that creates information from data and delivers it to decision-makers.
Are you still using the same information to make decisions as you did last year?
How much more value would be obtained if that information was delivered to decision-makers:
- On their mobile device instead of a laptop or in a paper report?
- In a way that lets them quickly drill down into the data to see what lies beneath?
- In a way that more effectively highlights what they need to see, the answers to the questions they are asking, without asking them to pore through the reports to detect visually the trends and anomalies?
How about if the quality of the information was improved so that it was:
- More complete, such as tapping into other sources of data (such as social media) to detect employee morale issues; vendor problems; potential reputation risk issues?
- Current, rather than as of last quarter or even last week?
- Forward looking, rather than historical?
- More easily shared with others, including the ability for the decision-maker to take items from a report and route it (perhaps by email) to a colleague to answer questions?
- Combined with related data for a more complete view? For example, what would the value be if risk and performance data were combined in reports for each strategy, objective, project, etc?
- More reliable?
Just because it was good enough last year doesn’t mean it is good enough this year, when technology has moved on.
Is your organization at risk of making sub-optimal decisions, while your competitors are getting better information and taking advantage?
It can be expensive to deploy new toys. It can be even more expensive not to.
Leave a Reply Cancel reply
- Excellent Advice on Risk Oversight May 20, 2013
- Deloitte Takes a Highly Intelligent Approach to Risk Management May 3, 2013
- Gartner Points to Failures to Obtain Value From Technology April 29, 2013
- The Important Risks That Are Overlooked but Should Come First April 23, 2013
- Technology is Too Important to Leave to IT April 23, 2013
- Does It Make Sense to Discuss GRC? April 23, 2013
- Risk-Based Audit Opinions That Matter April 8, 2013
- Deloitte Discusses Disruptive Technology April 1, 2013
- The Path to Excellence for Internal Audit March 26, 2013
- PwC Issues State of the Internal Audit Profession 2013 March 26, 2013
Recent Posts on this Blog
- Further reflections on the updated COSO Internal Control Framework
- Reflections on the updated COSO Internal Control Framework
- SAP’s Secret Recipe for GRC
- Why it makes sense to consider GRC
- John Fraser talks sense about risk management
- Is serving on an audit committee a job to love or fear?
- EY gets a “B-” for their IT audit guidance
- Boards should be concerned about their CEOs
- The Barriers to Effective Risk Management
- Financial services firms confused about risk management
- Deloitte Provides Advice on Risk Assessment
- Audit reports should be written in the language of the business
- Aligning the board, risk management, and internal audit
- Advice on scoping SOX work on segregation of duties (SOD) and restricted access (RA)
- Why I worry First about Uncertainty and then about Risk