advantages about by modernization as part of social change'.
Answers
Answer:
Future-proof metrics – Redesigned processes and systems will produce metrics to satisfy current and future standards and regulatory requirements.
Improved analysis – Improved automation and enhanced tools will help employees focus on high-value added analysis.
Process efficiency – Automated feeds and processes mean reduced process times, less manual intervention, and reduced dependencies on any one individual.
More efficient and less costly infrastructure – Reconciled processes, efficient deployment of resources, and consolidation of systems will streamline infrastructure and help drive down costs.
Optimized use of resources – For example, actuaries will be able to spend more time on value-added analysis.
Enhanced controls – Increased confidence in results, automated controls, and greater responsiveness in a changing regulatory environment.
Improved governance – Clearer and more efficient processes mean less complex governance.
Greater transparency – Greater understanding and consistency of results produced and fewer “surprises” in financial results.
Improved stakeholder communications – Better data quality, a “single source of the truth,” and comparable performance metrics will provide all stakeholders a common “language.”
Timely and Relevant Management Information – Facilitates strategic and operational planning and decision-making.
Answer:
advantages of modernization are
1. Improved analysis.
2. Enhanced stakeholder communications.
3. Efficiency gains.
4. Resource efficiency.
5. Competitive advantage.
6. Better management information