Key technologies driving cost innovation include: Cloud computing (reducing IT infrastructure costs by 30-50%) Intelligent automation (improving process efficiency by 25-40%) Data analytics (optimizing operations and reducing waste by 15-25%) Principles for Applying Cost Innovation with Coherence Using COSO ERM To ensure that cost innovation is effective and sustainable, follow the COSO ERM (Enterprise Risk Management) framework, which manages strategic and operational risks during the implementation of cost structure changes: Governance and Culture : Establish an organizational culture focused on financial discipline and responsible cost management
In contrast, data authored or created within the company creates opportunities for the organizations: To make that data easily and quickly accessible ; To collaboratively create data with meaning and context , all the while preserving its lineage to the original source(s); To enhance the utility of information across the enterprise and perhaps with supply chain partners or other stakeholders; and To ensure the security of the information. Advances in cloud computing have made some of these opportunities a reality, including the collaborative online authoring of information, the ability to connect data to its sources (including providing embedded audit trails and trails of evidence), and automating internal controls and monitoring mechanisms in a secure cloud environment
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