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Increasingly, the role is evolving into a horizontal function and companies are trying to implement a common framework for all types of audits - financial, risk, operations, internal, suppliers, and compliance -such that auditing priorities are determined by a enterprise-level risk-based approach and not departmental and tactical imperatives.With increasing business complexity and the rising number and types of audits that companies need to conduct, audit managers are realizing that point-solutions and spreadsheet-based systems are no more suitable for managing audit programs and they are seeking comprehensive audit management solution designed to help companies manage a wide range of audit-related activities, data and processes.Audit managers are critical, contributors to business performance providing an independent assessment and view of state of the business.As a leader in Governance, Risk Compliance (GRC) and Quality Management solution, Metric Stream engages with a large number of audit managers accountable for monitoring risks and ensuring compliance across organizational units.And like most enterprise software projects, the audit management solution also requires its champion to build a business case to justify the capital spend.
For example, companies that are regulated by the FDA or are following quality standards such as ISO 9000/14000, regular audits are also essential to reduce the risk of noncompliance.
Some organizations compute ROI based on measure of time it takes to recover the cost of an investment (e.g., the software pays for itself within 2 years) while others calculate it as a percent of return over a specific period of time (e.g., 120% return on investment in 3 years).
Earlier, project management and IT decision makers considered direct quantifiable benefits as the only factor in the ROI analysis.
But today, they are taking into account the non-financial benefits of IT investments, to facilitate the achievement of broader corporate goals.
ROI answers the question "What do I get in return for the time and money I'm investing?
" It is an accounting method used to evaluate the investment by comparing the magnitude and timing of expected gains to the investment.