How a lack of understanding of business processes relates to adverse financial impact

CTO Kyle Wentworth joins Felicia for a discussion about how businesses can avoid adverse financial impacts.

 

Lack of understanding of the language of technology

It changes so incredibly fast that it takes a sea of people who understand the pieces

Complete perspective of how the business of technology should be run

 

Understand what governance and compliance standards your business is held to

That dictates how you do business.

 

Some tangible examples of how things can and should be done:

Justification statement annually for expenses

How it is being used and how the costs were arrived at

Assignment of the resource owner

Misallocation of funds paying for items that should not be paid for takes resources from other needed items.

 

Walk through your business. Identify what you don't understand about the business?

Do you understand every function of the business?

You have to entire your entire business as a whole if you are the leader of the business.

Gaps in your understanding indicate where you need an auditor to identify that your people doing the processes are doing it properly.