In Part 4 of our Business Case for ERM series, we will detail the 3 three crucial advantages of our Enterprise Risk Management solution that your CIO will want to know about.
Our ERM solution will...
1.) Reduce or eliminate end-user computing solutions
The cost and risk related to end-user computing solutions is a concern for many CIOs. As such solutions proliferate around the business, often ineffective ‘private’ solutions are created, such as spreadsheets being stored on a file directory containing potentially business and regulatory sensitive data. With non-IT professionals having access to increasingly powerful tools on their desktop, the ability of the CIO to ensure a stable environment with high levels of data availability and integrity is continuously undermined. Our ERM solution will eliminate ad-hoc spreadsheets and access databases.
2.) Leverage investment in existing technology platforms: Microsoft SharePoint
SharePoint is one of Microsoft’s most successful and most widely deployed enterprise platforms, with various reports putting its market share at anywhere between 75% – 95%. Naturally, with such a market share, a powerful ecosystem of solution providers and SharePoint professionals has developed around SharePoint.
One study found that deploying applications on SharePoint generates an average cost saving of £200k – £300k per year per application, leading to 60% faster deployment times and 95% reduction in IT support hours. These statistics in themselves are encouraging enough reasons to leverage your investment in SharePoint and build out the platform with specialist applications, but also considering the saved costs related to hiring in specialist skills and implementing infrastructure to support a non-SharePoint application, it’s a no-brainer.
3.) Reduce the number and complexity of the systems within the IT environment
All CIOs are seeking to reduce the number and complexity of the applications within the firm’s IT environments as a complex environment typically leads to increased IT costs. This often increases the percentage of cost related to maintenance and consequently reduces the budget for improvements and innovation, which impacts competitiveness in the long-term.
Consolidation of previous generation risk and compliance solutions is another area where tangible cost savings can be identified and included in a business case. When considering the cost of supporting previous generation solutions with people internally, as well as any annual support and maintenance fees payable to vendors, our experience shows that consolidating processes onto a single solution can lead to anything from thousands to tens of thousands in annual savings per application. Within one of our customers’ systems, StratexPoint was used to replace 17 previous generating risk and compliance (and KPI reporting) solutions and in another we replaced 13 systems. What could our ERM solution do for you?
Do not hesitate to get in touch if you would like to discuss any of these points in more detail. We look forward to hearing from you!
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