ACORD introduced a new return-on-investment analytical tool for data standards at its ACORD-LOMA Insurance Systems Forum, designed to help corporate management better understand overall benefits and savings from implementing ACORD data standards.
Such analytical tools can be useful for IT executives when communicating with corporate management officers, who are typically focused on bottom-line results and returns on investments from their business units.
"We developed these tools to enable our members to show not only themselves but others throughout their organization the benefits of standards implementations across an enterprise," said Denise Garth, vice president of membership and development at ACORD.
Ms. Garth added: "Our members have asked for a vehicle to clearly illustrate the benefits of ACORD Standards, incorporate industry best practices, and show how standards improve a company's return on its technology investments. These tools do just that."
The ACORD ROI Tool, which is available to ACORD members, allows users to take an in-depth look at their organization, expenses, standards implementations, and cost-benefit analyses for up to five years, the group said.
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