Business assurance refers to something that helps or supports an organization in ensuring that things are working as planned. More technically it includes real-time processes and controls, which are embedded within the organization's decision-making and culture. The ability of any organization to survive and achieve its goals depends on its ability to keep risks under control, exercise effective governance, and to maintain compliance with ongoing regulations. Business assurance tool is often used to mitigate these risks.
Business assurance mitigates risks by ensuring that adequate provision is made for businesses or organizations to actively manage potential risks. Risk assurance involves several tiers of internal processes such as financial control and security, management and internal controls, inspection, internal audit, and compliance. Business assurance provides certainty, financial liquidity, and plays a vital role in any succession planning process. It is responsible for making business standards and policies operating procedures effective, efficient, and reliable.
The process unifies physical and logical assets into an end-to-end integration. It increases trust in the brand and creates a competitive advantage by reducing the risk and increasing customer satisfaction. It helps businesses/organizations manage risks and threats in an increasingly dynamic environment. The focus of business assurance is to develop a culture of quality and improve business processes and staff morale. In addition to delivering improved customer experience, business assurance also promotes a better brand reputation and increased revenue.
Advanced assurance systems help companies improve and automate their conventional revenue assurance detection and monitoring processes, as well as to detect and prevent frauds and data inconsistencies. Thus, there is an increasing demand for business assurance services around the world. For example, in 2018, Infosys announced the launch of the Infosys Business Assurance Store, a unique knowledge-based solution with a repository of more than one million test assets across various industry domains, technologies, products, and packages.
This solution enables clients to enhance productivity in test planning, aids continuous testing, and minimizes dependency on subject matter experts.
