OAS Insights 4.0 - Transparency
Transparency
Data transparency is the ability to clearly identify every aspect of a financial transaction from initiation to payment reconciliation. Every related budget, request, requirement, estimate, authorization, modification, delivery, and payment becomes part of overall data transparency. When those transactions are maintained in varied systems, books, and applications, data transparency and the big picture of what happened is somewhere between difficult and impossible. OAS presents a microscopic view of data by incorporating every aspect of an entire project, every stakeholder, every action, every reaction, down to the penny, whether estimated, spent, refunded, canceled. All instantly, anywhere in the world, and all in real time.
A case in point was when eight auditors expected to spend several weeks auditing a project and to their surprise and praise, they were able ask every question, find every answer, and complete the entire audit in a matter of days. OAS keeps track of every aspect of a project so that acquisition and procurement contracts can be managed efficiently and effectively. The beneficiary of such meticulous record keeping is total data transparency.
The illustration below shows how all participants in a project share and exchange data elements that define the financial instruments of the project so that the reporting user has access to every transaction at every stage of the project.
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*This illustration is a conceptual representation
OAS Insights 4.1 - Transparency
Savantir – Data Transparency
The initial step in preparing OAS for transparency is to acquire certain information from large data sources. That is accomplished using a component of OAS that extracts raw data from large databases using an internal process called Savantir. Savantir can process massive amounts of data and deliver results in many formats including CSV and PDF. The data is processed instantly in a format chosen by the user. Savantir output is also inserted into appropriate tables of OAS. These processes can be repeated at any time with a simple mouse click.
During Savantir processing, the user may select, in addition to the original request, other possibly relevant data elements, thus broadening the user’s perspective of the project, all in real time.
Since Savantir input originates from approved databases, the accuracy of results enables the user to give and receive feedback instantly and with certainty.
The process provides transparency from the very start of the project, through to and beyond contract closeout. This transparency includes financial and authoritative visibility into thousands of CLINs and SLINs. Initial requests, budgets, and spending history are transparently available with the click of a mouse.
*This illustration is a conceptual representation
OAS Insights 4.2 - Transparency
The Vital Role of Transparency and Predictive Analytics in Safeguarding Fleet Operations and Financial Integrity
Transparency is crucial not only in terms of funding, payments, and services rendered, but also in various other financial processes, such as contract modifications and product deliveries. Additionally, transparency is vital in data analysis, where personnel need to navigate vast amounts of information—millions of bits and bytes—to quickly and accurately identify which repairs and maintenance parts are functioning properly and which are noncompliant or potentially dangerous. Maintaining a historical record of these parts and conducting real-time analysis are essential for implementing corrective actions to protect the fleet and its personnel.
Predictive analytics are integral to nGAP’s solutions. These analytics are vital for Regional Maintenance Centers (RMCs) to monitor ship maintenance, evaluate products and services, and make necessary adjustments to ensure the fleet remains operational and in good condition.
One of the key features of nGAP’s suite of products is the ability to swiftly analyze millions of transactions in real time with just a few mouse clicks. This transparency tool allows for safeguarding the operational integrity of the fleet by providing personnel with actionable data promptly.
While this level of transparency facilitates real-time financial decision-making, the most critical feature would support the health and safety of the fleet and its ship-side personnel. The importance of timely data analysis cannot be overstated, as discovering problems only after they have developed can lead to severe consequences.