Thank you for Subscribing to Utilities Tech Outlook Weekly Brief
Implemented High-Tech Solutions To Improve Efficiency And Save Money
By Dennis Lauer, CIO, Overseas Private Investment Corporation
Dennis Lauer, CIO, Overseas Private Investment Corporation
OPIC understand that information technology supports everything we do and in order to be a successful development finance institution, we need our information technology to be effective, flexible and up to date. In recent years we have worked to improve Agency efficiency, in part by automating many of the applications and forms through which we interact with clients. We’ve also worked to improve internal efficiencies and build a more robust website that supports agency transparency. In the last year OPIC, has transitioned to a smart Phone and tablet platform and transitioned to more cloud based services to help reduce costs and risks while increasing accessibility.
Data Used to identify and reduce duplications in service; lower costs; decrease readmission and avoid adverse events.
OPIC, with a fulltime staff of just 220, has always run an efficient operation and in recent years we have implemented high-tech solutions to further improve efficiency and save money. By making all applications available online we have reduced the typical loan approval cycle time significantly. In addition, OPIC has made targeted investments in information technology to improve internal operations and has achieved significant savings in core technology costs. OPIC’s new Integrated Data Optimization (IDO) is establishing a single authoritative source of data to ensure accurate reporting to Congress, the U.S. Treasury, our clients (U.S. based companies) and others. The single authoritative source reduces costs and increases the reliability of authoritative reporting.
Solutions to look forward and expectations from technology providers to improve your business environment/ processes
Top on my wish list would be improvements in battery technology for mobility! But while those technologies continue to be developed, I believe there is real power to leveraging applications which could lead to significant savings. The application environment was primarily born for personal use and corporate applications need to catch up.
Technological trends will have significant impact on your business environment
As you may know, increased usability is in line with President Obama’s initiative to modernize the way the government is using innovative technology to increase efficiency and transparency. OPIC moved into the smart phone & tablet world earlier in 2013. This has already made it easier for staff – many who spend significant time traveling abroad -- to have access to more structured data so they can work more effectively. As for social media, OPIC understands that in a rapidly changing media landscape, social media is one of the best ways to share our story and connect with key stakeholders.