KnowledgeLeader Blog

New Pricing Risks Pioneered by the Consumer Perspective

Posted by Protiviti KnowledgeLeader on Thu, Nov 29, 2018 @ 09:49 AM

Pricing is defined as the monetary value an organization assigns to a particular product or service.

When setting prices, an organization must consider a wide variety of financial market factors in order to effectively determine prices for products and services.

These factors may include the following:

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Topics: KL Tools, customer satisfaction, inventory and materials management, revenue, sales process & marketing, risk assessment, strategic risk, performance management/measurement

Bottom Line – Is a Lockbox Account Helpful for your Company?

Posted by Protiviti KnowledgeLeader on Fri, Nov 16, 2018 @ 09:25 AM

A lockbox is a bank-operated address to which a company’s customers can send their payments. The primary benefit of lockbox services is increasing speed and efficiency in the accounts receivable process. The bank opens the incoming mail, deposits all received funds into the company's account, and scans the payments and any remittance information. Lockbox accounts reduce the effects of processing float and the overall cost of cash processing, which are major risks associated with cash collections. In combination with electronic transfers of account information or outsourced receivables matching, electronic payments and lockboxes will greatly reduce the level of effort required to register payments in customer accounts. Automated cash mobilization (ACM) also helps reduce the effects of processing float.

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Topics: KL Tools, accounts receivable,, accounting/finance, cash and treasury, credits and collections, performance management/measurement

6 Successful Warehouse & Storage Strategies You Need to Know

Posted by Protiviti KnowledgeLeader on Thu, Oct 18, 2018 @ 02:06 PM

There are two main goals that companies with leading practices strive to achieve in the warehousing process: to provide value-added services such as product customization and to move those products through the warehouse into the hands of the consumers as quickly as possible. Companies that achieve these goals follow the leading practices discussed below.

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Topics: performance management/measurement, sales process & marketing, supply chain, change management, inventory and materials management, KL Tools

The Art of Internal Audit Reporting: Direct Impact and Clarity

Posted by Protiviti KnowledgeLeader on Thu, Oct 04, 2018 @ 04:37 PM

Internal audit (IA) reporting may be the biggest challenge in the audit process next to scheduling the audit itself and implementing recommendations in today’s complex and competitive corporate environment. An audit report presents results of an examination or review within the organization and is considered by many to be the core deliverable of audit services. Therefore, the importance of good reporting cannot generally be exaggerated.

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Topics: internal audit, training & development, audit reporting, internal audit administration, KL Tools

Measure Cost-of-Quality to Track Conformance and Non-Conformance Costs and Support Resource Allocation to Improve Product Quality

Posted by Protiviti KnowledgeLeader on Thu, Sep 06, 2018 @ 12:06 PM

Total quality management requires commitment and persistence. Quality will always have a cost, but many companies are demonstrating that investments in quality always provide returns. Cost-of-quality reporting essentially views costs of quality as "good" costs and "poor" costs. The "good" costs are those incurred by the company in delivering customer satisfaction. The "poor" costs arise from:

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Topics: KL Tools, performance management/measurement, supply chain, inventory and materials management, vendor management

The Process of Businesses Managing Productive Governmental Relations

Posted by Protiviti KnowledgeLeader on Thu, Aug 30, 2018 @ 01:07 PM

Business and government have long maintained an adversarial relationship. The business community objects to any government interference in commerce, and government believes it has a duty to protect the public interest with laws and regulations that promote fair competition and force the business community to be a good citizen. In recent years, government efforts to protect the public have drastically increased the cost of doing business. As a result, many companies are rethinking their government relations strategies and identifying ways to improve their relationships with government and the general public.

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Topics: KL Tools, performance management/measurement, audit committee & board, compliance, corporate governance, laws & regulations, government, nonprofit industry

What is IT Performance Risk?

Posted by Protiviti KnowledgeLeader on Thu, Jun 21, 2018 @ 01:49 PM

Performance is defined as the throughput of business transactions compared to user needs, expectations or requirements. IT performance risk is the risk that a company’s IT infrastructure will be unable to perform at required levels due to inferior internal operating practices, technology and/or external relationships that threaten the demand for the organization's products or services.

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Topics: IT risk, IT audit, IT infrastructure, performance management/measurement, change management, KL Tools

What is Affiliations Risk?

Posted by Protiviti KnowledgeLeader on Thu, Jun 14, 2018 @ 03:55 PM

An affiliation is often referred to as a person, organization or establishment associated with another as a subordinate, subsidiary or member. An affiliation can be a social or business relationship and is essentially the act of being formally connected or joined. Examples of affiliations in the business environment include sourcing partners, vendor relationships and alliances.

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Topics: KL Tools, inventory and materials management, purchasing & accounts payable, supply chain, risk assessment, outsourcing/co-sourcing/shared services, performance management/measurement, vendor management

The 3 Components of a Successful Systems Design

Posted by Protiviti KnowledgeLeader on Thu, Jun 07, 2018 @ 09:19 AM

What is design risk? To “design” is to create, fashion, execute or construct according to plan. The term design as used here refers to the entire scope of a project. A business system design is a collection of design documents and supporting materials which define the system functionality that supports one or more business processes and in the process, creates, retrieves, updates and deletes data.

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Topics: IT risk, IT audit, IT controls, IT governance, IT infrastructure, IT strategy, performance management/measurement, KL Tools

How to Successfully Manage Supply Chain Distribution Channels

Posted by Protiviti KnowledgeLeader on Thu, May 10, 2018 @ 02:11 PM

What Is Channel Effectiveness Risk?

Channel effectiveness risk is the risk that poorly performing or positioned supply chains or distribution channels may threaten a firm's capacity to effectively and efficiently interact with suppliers and inhibits the ability to access current and potential customers and end users.

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Topics: KL Tools, accounting/finance, inventory and materials management, vendor management, risk assessment, strategic risk, performance management/measurement, supply chain

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