Taking into consideration the importance of technology in audit, most of the organizations have started to find out how technology can change the space and how it can be applied. In order to acknowledge the significant contribution in the Audit Management industry, Insights Success has shortlisted “The 10 Recommended Audit Management Solution Providers 2019”

1. www.insightssuccess.com
Delivering Best-in-class Integrated Risk Management Solu ons
Jim Wetekamp
CEO
2019-Volume-5 Issue-6

4. E
ith the advent of AI, Machine Learning and others, technology continues to grow at a speed of light with no signs
Wof slowing down. The way we live or work on daily basis is also being revolutionized and it is of utmost
importance that audit management does not fall behind when it comes to adapting new technologies.
Since the great depression of 1929, audit has evolved steadily adapting to the computing age and in recent years the rise of
data analytics and CPAs have played a very important role in the process. With time, automation and digitization of business
information are reshaping the world of finance, changing how we work.
You know what is the most unprecedented thing in this whole process? It is the speed of this change. According to various
reports, as much as 49 percent of the work activities could soon be automated by using the current technology. It is also
projected that, 40 percent of basic accounting work could be automated by the end of 2020. All thanks to robotics!
So, below are few technologies that are changing the Audit Management scenario for good;
Blockchain: I know a lot of people who often refers the Blockchain technology as a bubble. However, I beg to differ in this
case. Blockchain is still in its infancy and we need to give it a bit of time in order to mature. Coming back to auditing,
traditionally auditors wait till the end of the financial year to conduct all the audits. On the other hand, thanks to Blockchain
based smart contacts, an audit can be created immediately when a transaction is done. Now with Blockchain, auditing would
bring much more transparency and accountability on the table.
Analytics: Since the invention of analytics, technology is going through rapid changes. Analytics helps the auditors to focus
their efforts on outliers of the whole data set and provide important analysis of huge data sets. Analytics holds the advantage
of analyzing the whole data sets instead of testing some sample based data set, which eventually helps in a proper and
correct audit.
The Changing Face of
Audit Management

5. Artificial Intelligence: Since its inception, AI is taking over various industries. So, how Audit would have been left behind?
Thanks to the AI based cognitive computing, now audit professionals get many opportunities, which eventually leads to
derive important insights through audit processes. At the end of the day, all these helps organizations to take effective
measures in order to maximize value.
So, as stated currently audit management is standing at a very important crossroad, where it only has two options;
1) maintaining the status quo or 2) work hard and bring the much needed change.
Taking into consideration the importance of technology in audit, most of the organizations have started to find out how
technology can change the space and how it can be applied. In order to acknowledge the significant contribution in the Audit
Management industry, Insights Success has shortlisted “The 10 Recommended Audit Management Solution Providers
2019”, who are working round the clock to make the Audit Management space a better and improved place to work on.
We have Riskonnect as our Cover Story, which helps organizations to intelligently plan for and respond to all risks that
could potentially damage corporate reputation and/or restrict strategic growth. Riskonnect’s Internal Audit solution allows
organizations to take a risk-based approach to audit. Because risks can be identified top-down and bottom-up, the company
enables audit teams to identify and capture the most important risks and drill down accordingly.
Also, while flipping the pages of the magazine, don’t forget to go through the articles and CXOs written by our in house
editorial team and industry experts respectively.
Happy Reading!
Rather than maintaining the status quo,
be a flag bearer of the future.
“ “
Kaustav Roy

6. RiskonnectDelivering Best-in-class Integrated Risk
Management Solutions
Expert's Outlook
Fostering a Risk-based
Company Culture
34
Industry Intel
Allowing Regulated
Entities to Connect and
Structure their Data
16
Sustaining
Entrepreneurial Spirit in
the Modern Era
Entrepreneur
Echo System
24
40
The Journey to
Self-Discovery
From Editor's Desk
Cover Story

7. Improving Quality by
Mitigating Risks
AuditComply
18
Enabling Efficient Inventory
Management for Organizations
CheckVentory Innovation
20
Adding Value
beyond Certifications
DQS Inc.
28
Making Audit
Management Easy
ECAT
30
Simplifying Lives,
Delivering Value
Qualitize, Inc
38

9. sales@insightssuccess.com
May, 2019
Editor-in-Chief
Senior Sales Manager Business Development Manager
Marke ng Manager
Technical Head
Technical Specialist Digital Marke ng Manager
Research Analyst
Database Management Technology Consultant
Pooja M. Bansal
Managing Editor
Anish Miller
Execu ve Editor
Bhushan Kadam
Assistant Editors
Jenny Fernandes
Hitesh Dhamani
Visualizer
David King
Art & Design Director
Amol Kamble
Associate Designer
Kshi j S Peter Collins
John Ma hew
Sales Execu ves
David, Kevin, Mark, Sanket
Business Development Execu ves
Steve, Joe, Alan, BinyJacob Smile
Aditya Marry D'Souza
SME-SMO Execu ve
Prashant Chevale Calvin Jones
Circula on Manager
Robert Brown Stella Andrew David Stokes
Co-designer
Shweta Ambilwade
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12. O
rganizations can ensure security with adequate
precautions and safety measures. Be it the
infrastructure or the health and safety of
employees, eliminating risks is as vital as devising a
business strategy. Today, many risk management solution
companies are providing innovative options to help
organizations achieve this safety and security. One such
provider, Riskonnect, is leading the way with integrated
solutions to mitigate such risks or threats in any
organization.
Headquartered in Kennesaw, GA, Riskonnect is the global
leader in Integrated Risk Management technology. Its
growing suite of cloud-based solutions integrate risk from
across the organization and across the globe. Riskonnect’s
platform has a unique ability to bring together insurable and
non-insurable risk, giving clients an unbeatable view of risk
enterprise-wide.
Riskonnect’s highly configurable technology helps
organizations understand, manage, and control risks, which
positively affects shareholder value. The platform allows
forward-thinking organizations to easily cope with
increased scrutiny and accountability for corporate
governance, while better managing strategic risk.
With Riskonnect, organizations can intelligently plan for
and respond to all risks that could potentially damage
corporate reputation and/or restrict strategic growth.
Riskonnect’s Internal Audit solution allows organizations to
take a risk-based approach to audit. Because risks can be
identified top-down and bottom-up, Riskonnect enables
audit teams to identify and capture the most important risks
and drill down accordingly. In addition to improved risk
identification and management, the solution can attach
company objectives to detailed risks, which can be
managed and self-assessed within each line of business.
Internal Audit can ensure everything aligns to the
company’s overarching, top-level objectives -- and compare
assessments against management’s view of risk.
Riskonnect understands the most successful organizations
will leverage solutions that can handle all risks enterprise-
wide. This was the company’s founding principle -- and it
continues to hold true today.
‘‘

13. Innovation in Focus
Riskonnect provides a suite of integrated solutions that
encompass every aspect of risk management throughout an
enterprise. In addition to Internal Audit, which manages
complex audit procedures end-to-end, Riskonnect’s
solutions include:
Risk Management Information System seamlessly
consolidates data from multiple sources, automates routine
processes, and uses sophisticated analytics to turn
complicated information into actionable intelligence.
Claims Administration integrates people, systems, and
claims data, and automates routine processes so companies
can resolve even the most complex claims quickly, easily,
and fairly.
Vendor Risk Management collects all vendor information
– including agreements, contracts, policies, and access
credentials – into one place to efficiently monitor vendors
throughout the entire relationship.
Enterprise Risk Management combines insurable and
non-insurable risks so companies can anticipate, access,
mitigate, and monitor every threat from every corner of the
organization.
Governance & Compliance aggregates all corporate and
legal policies, procedures, and requirements from across the
organization into one centralized location.
Health & Safety tracks all safety processes, training status,
compliance requirements, hazard data, and incidents.
Overcoming Challenges
Integrating Enterprise Risk Management has been a
significant challenge for the Internal Audit function. Risks
today cannot be effectively managed in silos. Risk
management has expanded beyond insurable risks to those
non-insurable risks that could have a significant impact on
the enterprise. For example, operational and reputational
risks are growing threats in today’s “always-on” media
environment. Internal audit plays a critical role in
overseeing how these ‘new’ risks are being managed. And it
is essential to keep this function constantly appraised of
changes to emerging exposures to ensure best practices are
in place. While not new, the independence from
management and the direct access to the Audit Committee
or the Board of Directors is still vital for Internal Audit
leadership. Riskonnect’s Internal Audit solution helps
clients achieve tangible results that will be appreciated by
leadership. Companies can easily manage the complete
audit process on a secure, expandable platform that
simplifies data collection and analysis, provides clear and
actionable intelligence, and enhances auditor productivity.
The Leader’s Influence
Jim Wetekamp is the CEO of Riskonnect. He holds a
Bachelor of Science degree from Indiana University
Bloomington. He brings a wealth of knowledge to the
Riskonnect team, with experience in supply-chain
management, business intelligence, procurement,
management consulting, SaaS, and more.
Jim has more than 20 years of product and leadership
experience, most recently serving as CEO of
BravoSolution, a Chicago-based cloud procurement
solutions company. He joined BravoSolution in 2008,
following its acquisition of VerticalNet, his former
employer. As CEO of BravoSolution, Jim successfully
navigated its sale to an Accel-KKR portfolio company after
years of rapid growth.
Sharing his perspective about Riskonnect, Jim says,
“Riskonnect embraced the concept of Integrated
Risk Management from the start. We are
the only provider in the market with
a single, integrated solution that connects the dots
between insurable and non-insurable risks.
And we continue to expand and refine our
products and services to give our
customers the clearest
view of risk across
the enterprise.”
‘‘

14. Integrated Risk Management
Riskonnect’s unique approach to global risk means that the
audit management space has the opportunity to integrate
with other functions that require validation of risk-related
controls. This allows for a 360-degree view of risks
geographically, functionally, and procedurally, which drives
focus and emphases on key validation points.
The company’s vision is to continue to grow the breadth
and depth of its offerings across the risk spectrum, across
industries, and across geographies – all focused on driving
customer success.
Customer Success Stories
Riskonnect’s customers are delighted by what they have
been able to accomplish:
A retail chain’s OSHA compliance program has gone from
“chaos” to “nirvana” with Riskonnect. By intelligently
automating its OSHA-recordable event collection and
safety incident review programs, the chain has seen — in its
first year of implementation — a 14% reduction in lost days
and a 26% increase in job transfer and restricted duty days.
At a large financial services firm, nine nurses manage
workers’ compensation claims for 10,000 employees. With
portal technology by Riskonnect, those nurses are now
‘‘
saving 30 to 45 minutes per claim. (And their data is more
accurate and secure.)
“With Riskonnect, there is just more time to focus, and you
can spend more time on the analytics, as opposed to the
data gathering.” – National Food Company
“We don’t too often take time to step back and
acknowledge when a job has been well done. I would like
to take this opportunity to tell all of you what an incredible,
outstanding team you are.”
“You designed, developed, tested, and implemented a Risk
Management Information System with deployment to 37
countries (including developing the training materials and
conducting the training of almost 100 users in those
countries) in just five months! You guys are awesome. And
while we still have work to do, I want you to know how
proud I am of what has been done, and how much I
appreciate all those midnight hours spent bringing this
project home.” – Jackie Hair, Executive Director, Risk
Management - Corporate Ingram Micro, Inc.

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18. W
hat are the latest trends in business world? An
impressive raise in regulatory, compliance and
risk management requirements together with
an exponential growth of data that corporations struggle to
manage. The idea behind Governance.com is a spot-on
observation and vision of our founders, Bert (CEO) and
Rob Boerman (CTO) to allow regulated entities to connect
and structure their data.
As a Regtech, our purpose is to allow our clients to
structure and simplify their data and control their business
by building their workflows, checklists and activities
around it. Governance.com is a totally flexible and
customizable central system which can be interfaced with
legacy and external systems of our clients. All their data
and operational flows are centrally linked and easily
accessible via our platform. This explains our continuous
growth and recognition among the industry (winning
Fintech of the year Award in 2016 in LU, included on
Fintech 50 2018 and Global 100 Regtech in 2017).
We all know that a revolutionary vision and performant
system do not guarantee commercial success. Regtech is a
relatively young concept which has to show all its potential
and concrete value to traditional companies. I truly believe
that the key for a successful collaboration lies on an open
and transparent communication. The biggest concern and
pain point of Regtech companies is the lengthy decision and
procurement process of the companies. There is no point to get
frustrated on this as we have no control on this process. I
believe the optimal way to build long-lasting relationships is
to focus on the challenges, needs and culture of our clients. An
intensive risk assessment, a multi-layer decision taking and
procurement process is part of the DNA of the regulated
companies we are talking to. So, either deal with it or stay
aside for Regtech CCOs.
This is one of the first strategic decisions I have taken as
Commercial Director: rather than beginning to talk how
marvelous and innovative our solution is (and I truly believe
Governance.com is an awesome platform) we always begin
discussions by asking our contacts:
Ÿ How do you manage your business?
Ÿ What would you like to achieve with it?
Ÿ What are you biggest pains?
st
Ÿ Who are the users? What is the 1 thing they will do on
Governance.com?
Based on their feedback, second step is to show the features
and functionalities of our platform adapted to their needs.
During the advanced negotiations phase, we aim to underline
our concrete support and value:
Allowing
Regulated Entities
to Connect and Structure
their Data
Industry Intel
16 | May 2019

19. 17|May 2019
,

20. AuditComply:
Improving Quality by Mi ga ng Risks
With every second passing,
the requisite of an adequate
risk and performance
management platform is substantially
increasing. Along with maintaining its
steady growth, an organization must
focus on investing more of its
resources in developing a legit
platform that looks after the overall
performance of an organization. It’s
quite essential for an organization to
maintain a healthy ambience in the
workplace. AuditComply, a risk and
performance management platform,
addresses such complexities, and offers
inventive solutions to boost the growth
of the company. It mainly focuses on
monitoring risks and tackles
uncertainty for highly regulated
industries such as Automotive, Food &
Beverage, Healthcare, Aviation and
Manufacturing. With a global
recognition, it has rooted it’s flagships
in countries like UK, EU, US, Middle
East and Asia Pacific regions.
Offering Proactive Solutions
With AuditComply, compliance is
made easy in highly programmed
environments by allowing
organizations to meet the needs of their
internal audit programs, customer and
regulatory demands such as BRC,
HACCP, SQF, FSMA, and FDA &
ISO. AuditComply provides
performance enhancing functionalities
for managing the full audit lifecycle.
Enterprise risk workflows are
embedded in the platform for efficient
audit execution, and ensuring
integration of the audit process with
risk and compliance management.
AuditComply’s system allows end
users to conduct any type of audits or
assessments, whether Health and
Safety, Supply Chain, Risk or Quality
assessments. AuditComply manages
the issues, actions and outcomes
automatically through its issue
management workflow embedded in
the application.
AuditComply is utilized by multiple
high profile organizations across
various industries and has become the
first line of defense around any
operational uncertainty. AuditComply’s
analytic dashboards highlight recurring
issues and performance. These
analytics allow users to see trends and
gives an insight into the root cause of
issues within an organization and make
it easy to identify and eliminate risk.
Once assessments have been
completed, the platform automatically
generates and exports Audit and CAPA
reports in minutes, significantly
reducing time spent writing reports and
allowing it to focus more of its
attention on the factors most critical to
your business.
A Well-organized Enterprise
Headquartered in Belfast,
AuditComply—a global technology
company is trusted by many
organizations for it’s powerful,
scalable, and advanced analytics
engine. Currently, more than 50
organizations, including top
manufacturing & food brands, utilize
AuditComply’s products. In just 4
years since its inception, over 3.4
Million issues have been managed on
its secure platform. It’s diverse and
varied customer base mostly includes
some well-known global brands such
as Autoliv, Belfast Health & Social
Care Trust, Sysco, Hibernia Reit and
Bushmills.
In December 2017, AuditComply was
the first Northern Ireland based
technology company to benefit from
technology and investment as part of
the strategic partnership between First
Derivatives and BGF (British Growth
Fund). AuditComply is also pleased to
announce that it has been awarded with
a place on the G-Cloud 10 government
framework. This G-Cloud 10 iteration
allows public sector organizations,
such as the NHS and local councils, to
find and compare cloud-based services,
removing the requirement for a full
tender process. This demonstrates great
confidence in AuditComply’s secure
platform.
Personifying Competency
AuditComply has some authentic
perspectives over tackling and stepping
ahead of competitors. It has
categorized competition into two
categories, firstly, large on-premise
bespoke systems provided by large
software vendors whereas, second
group merely focuses on mobile first
form builders.
18 | May 2019

21. We are shaping the future
of risk management.
Kevin Donaghy
CEO
On-premise bespoke systems require extensive configuration
and bespoke coding to map to the client’s environments. Long
rollout and deployment cycles, are inherently expensive to
maintain with poor user experience. Hence most customers
revert to Excel/Word and Sharepoint and ultimately lose the
ability to manage consistently at scale across its real-estate.
Besides, being a lightweight approach, the simple check listing
becomes quite easier as compared to others. Yet, it lacks some
enterprise workflow and analytics required to operate in big
industries. Due to lack of adequate enterprise management and
configuration, establishing a real-time risk managing business
structure becomes quite a challenge for organizations; making
implementation a need rather than a want.
AuditComply has implicated various technical as well as
technological aspects in order levitate the growth rate to its
utmost heights. Its unique ideologies and methods have actively
assisted the company in overcoming above challenges.
A Forerunner with a Distinctive Approach
Kevin Donaghy, the CEO of AuditComply, is passionate
about solving global industrial problems. He firmly believes that
managing risks and compliances of large organizations still
remains a key challenge in the real-time industry, spanning all
the verticals. To this end, AuditComply is driven by the
opportunities and challenges and one that they truly have an
innovative solution to. AuditComply can and will shape the
future of enterprise risk management adding value on day one
for our clients and ultimately building a platform that allows for
digital transformation whilst enabling business process
optimization.
Kevin also happens to be a PhD in Computational Fluid
Dynamics. He has led teams and companies from the earliest
stages of development through commercialization and hyper-
growth phases. He started his career with WPDS in San Diego,
as a software engineer focused on Equipment Configuration
Management systems for air forces across the globe. He quickly
progressed to run multiple teams for Spirent Communications
both in Ireland and the US. In 2007, he founded Replify, which
merely focused on mobility optimization and virtualization.
Throughout his impeccable journey, Kevin has achieved a series
of successes and has contributed some notable work for
enhancing the business.
Being Optimistic
AuditComply envisions being the best SaaS based risk
assessment organization in the upcoming years. With a great
vision and compassion over the requirement of risk and
performance management platform, AuditComply can truly
transform and manage risk in real-time for large organizations.
Its software platform embraces change seamlessly to meet daily
needs, promote visibility, reduce costs and drive operational
performance whilst anticipating and managing risk. With
improved investigation of business and on-going
assessment, better internal quality control and better
custom service, the company solely believes in bringing
about a revolution in the risk management industry.
Words of Satisfaction
“AuditComply is playing a crucial role in changing the
quality and compliance culture. A world-class system, a
game changer in our industry. We required a solution
that was mobile, automated our data and could be
accessed in real time to ensure we are meeting quality
standards across the supply chain” - Johnny Elgin,
Sysco
“AuditComply’s solution has greatly improved our
productivity for both internal audits and production
checklists. We found assistance in moving our existing
audits to their solution excellent and seamless. For the
little support we have required since moving, their
response times and resolutions have been exceptional.”
- Michael Caughey, Bushmills
19|May 2019

22. CheckVentory Innova on:
Enabling Efficient Inventory Management for Organiza ons
In an interview with Insights
Success, Adrian Walsh, the CEO
of CheckVentory Innovation,
shares insights over the organizations
delivery of reformative inventory
auditing and management solutions
through their cloud based platform,
CheckVentory, crafted precisely for the
automotive and machinery inventory
segments. He also comments upon the
company’s journey so far and also its
vision of a global ascension.
Following are the highlights of the
interview:
Give a brief overview of the
company, its solutions and services?
CheckVentory was founded
specifically to address the risks
associated with the lack of validation
and certainty in the vehicle distribution
process. As the name suggests,
CheckVentory is a cloud based
platform to check inventory. It enables
Banks, Distributors and Dealer groups
to easily audit their vehicle inventory,
anywhere, anytime and by anyone.
Many people don’t realise that the nice
shiny cars and machinery that are
displayed on dealer forecourts are not
generally owned by the dealerships,
they are on funding from banks or
distributors. And if you are a funder,
the further you are removed from the
asset you are funding, the greater the
perceived risk, which limits funding.
CheckVentory eliminates these risks by
giving funders and dealers certainty
over the assets via our robust auditing
platform.
CheckVentory is made up of two
distinct elements, a mobile app for
collecting/counting the assets and a
web portal for managing, reconciling
and reporting on all the audit
information. The CheckVentory
Solution enables funders to lend with
less risk and their customers to access
credit.
How do you diversify your Audit
Management solutions in ways that
would benefit your clientele?
Our solution is designed specifically
for the automotive and machinery
inventory segments, it’s a bit of a niche
so we focused on building a solution
for purpose. We have refined the core
auditing process, so it is extremely
robust but have added broader
functionality to cater for the nuances of
diverse customers. Where we engage
with a client and uncover an improved
process or output, we turn that into a
report or feature for all clients to
benefit.
Describe the experiences,
achievements or lessons learnt that
have shaped the journey of the
company.
When we first started engaging with
customers, we were all about
addressing their perceived risks, they
were dictating what they wanted from
us. But through our deep engagements
and consistent methodology we have
been able to convert risks into
opportunities. By providing
transparency and validated data, we
have been able to act as a “bridge of
trust” between lenders and borrowers,
enabling commerce to grow.
While we are a relatively young
company, all of the management team
are veterans of either the Automotive,
Banking or Tech industries, we draw
deeply from our domain experiences
but work in an agile manner to avoid
the bureaucracy and procrastination
that we all experienced earlier in our
careers. We apply this same no-
nonsense approach to our product
development.
20 | May 2019

23. Check Ventory eliminates
risks for funders and their
customers, enabling credit
to flow and profits to grow.
Adrian Walsh
CEO
How does CheckVentory contribute towards making the
contemporary Audit Management industry better?
We make auditing a net contributor to the business not just a
control. For many of our clients, auditing has generally been
done by a few select people, often just from the accounts
department. It is frequently done purely to tick a box for a
governance requirement. Accountants make great auditors, but
it is not the best use of their time. By utilizing non-specialist
staff, they can audit larger volumes, more efficiently and
frequently, enabling them to stand back from the process to
discover an extremely rich source of business intelligence,
enhancing their operations well beyond their initial governance
requirements.
Where does CheckVentory Innovation see itself in the long
run and/or what are its future goals?
Our solution is already translated into multiple languages and
deployed in multiple markets.
We integrate with many of the leading back end wholesale
finance and dealer management systems as well as other
auxiliary systems. Many of our customers are multinationals
and we want to see CheckVentory become the benchmark for
vehicle auditing, globally.
Considering the rising number of Audit Management
solution providers, how does CheckVentory Innovation
stand out from its competitors?
We have always taken a holistic view of the auditing process
and we ensure that all stakeholders get a benefit from our audits.
This has enabled us to scale organically, dealers want to use our
software to identify their operational risks but in doing so they
can also resolve the financial risks for their funders, all from the
same audit.
Reflections of Delivering Quality
“The first CheckVentory audit took a fifth of the time of our
normal audit and was reconciled within a day.” – HQ Controller
for a UK Nationwide Automotive Group
“We simply couldn’t have grown our book as quickly as we did
if we were not using CheckVentory to manage the risk.” –
Wholesale Risk Manager, European Captive Bank
“We want to be able to deal with even the smallest of
dealers, without CheckVentory, that would be too
expensive.” – Dealer Credit Manager, European
Floorplan Bank
“We thought we had a good auditing process,
CheckVentory challenged us to audit using their
platform, 2 minutes into reviewing the results and I was
sold. We now audit our entire network simultaneously
and monthly to ensure our (improved) processes are
being followed. This has resulted in far greater
efficiencies and profit opportunities.” – Group CEO,
Major Automotive Group
21|May 2019

26. usinesses operate, survive and progress in a
Bhighly dynamic economy, where change is the
rule, not the exception. The change may be slow,
sudden or almost extensive. One of the important forces
of change is the change in technology. Most of these
changes are used to enhance human capabilities to
accomplish meaningful work. These changes are
sometimes thriving on the entrepreneur. A successful
entrepreneur works to visualize these future changes
rather than waiting for it and create a more desirable
environment in the organization.
Technological breakthroughs do occur and it takes
courage for an entrepreneur to accept the change and its
implication. Technology breakthroughs like computers,
color television sets, electronic sets, fuel-efficient
vehicles, etc. have encouraged entrepreneurs to
manufacture these products. Thus changes in technology
from time to time pose several alternatives before the
entrepreneur. This is an ongoing process in which the
entrepreneur sets goals and strategies to meet changes in
technology. But for strategies like marketing, human
resource, supply chain, financial and legal strategies, etc.
connection with people is important. Entrepreneurs
define the formal relationships among people and specify
both their roles and responsibilities. Because the end
product is an integrated system of people & technology
and to administer these systems, entrepreneur is required.
Technology is helping us solve problems where human
power alone is not enough. Different types of businesses
require different technologies, but again, it is impossible
to solve all integration needs with a single technology.
This article will help you understand, that technology is
only the part of the original solution and how in different
sectors the entrepreneur’s surrounding really matters.
Ÿ Accounting
Technology allows us to complete tasks faster. It replaces
the tiresome tasks of manually storing, compiling,
sorting, etc. and the ability to use data with a simple
digital solution. For example, Sales ledger in the early
days was time-consuming, expensive and all paper-based
process. Technology helped increase productivity with
the development of spreadsheet software like Microsoft
Excel. Employees today are far better at finding what
they need when they need it. Though only this will not
achieve the outcome. Here, let’s take a clear look at how
the entrepreneur’s spirit is really helping to achieve the
desired goal.
Technology is good for bringing the change not forcing
it. It cannot make employees more efficient. Yes, the
right technology can help to make the work easier, but if
an employee is truly falling behind or is just inefficient,
all the technology in the world will not solve this
situation. The truth is such employees can be sometimes
in the ModernE a
Sustaining
Entrepreneurial Spirit
24 | May 2019
Entrepreneur Echo System

27. inefficient due to either inexperience or laziness. An
entrepreneur can identify this problem by improving
communication in such departments. This explains why
human interference is important to address this situation,
where technology is just a bandage, fix the problem for a
short time. Adding new and faster technology will not fix
the problem. While a better solution is sitting the
departments down together and talking about the
problem with the entrepreneur will be a real solution.
Ÿ Retail
Technology allows retailers to be available day and night
interacting with customers how, when and where they
are ready to shop. Retailers depend on technology to
manage inventory, track customer-purchasing habits,
predict trends and deliver goods and services. Wireless
communication, QR codes and Augmented Reality are
some of the changes in technology to the retail industry.
Ultimately, the entrepreneurship element remains central
even if it is embedded within AI, advanced analytics, etc.
Because a customer’s shopping experience is more
important than price and product quality. Entrepreneur
encourages employees to use their creativity to ensure
every customer experience is memorable. Entrepreneur’s
human interaction adds the value to the company and
maintains loyal customers.
Ÿ Communication
In virtual workplaces, employees can interact and
develop ideas by connecting through the use of video
conferencing. This may include training and important
meetings from far places to the employees. Technology
can also be used as real-time feedback from the
employees which allows the entrepreneur to improve the
needs of the employees. Entrepreneur’s good
communication is necessary to allow efficient flow both
internally (among employees) and externally (using
technology).
Ÿ Automation
The robots are coming and can actually help us, to be
more productive, freeing us from most of the time-
consuming
25|May 2019

28. and repetitive tasks. One of the most important areas of
application of automation is computer-aided
manufacturing. Today CAD/CAM technology has been
applied in many industries including machine
components, electronics products, and equipment design.
Even banking and financial institutions have embraced
automation technology in financial transactions. But just
because technology is advancing it does not mean it will
replace human. Technology can do an adequate job, but
we still need humans. It is certain that people to people
communication remains fundamental where the
entrepreneur’s contact in the various stages is required.
Ÿ Security
Technology becomes even more critical when operating
the business online. It is important to protect the
businesses from cybercriminals who could steal data or
lead to website downtime. Encryption and decryption
protect information from being accessed by a third party
or cybercriminals. It takes only about a minute without
slowing down any file or document.
Ÿ Storage
Technology has led to the development of cloud
computing to store business information and has been
accepted by many in the world of business. Cloud
Computing is cost effective and convenient to the
company management and employees can access data
from anywhere by just using a device that can access the
internet. It helps entrepreneurs to trust these technologies
and build a strong trust among internal management of
the company.
Overall Artificial Intelligence, Blockchain technology,
Cloud Computing, Internet of Things, 3D printing, etc.
today are helping entrepreneurs to use this technology in
every field to grow their businesses. But technology
alone cannot create a company culture, where human
interactions are valued. Because it is people who are
assigned to work on this technology and to encourage
them the entrepreneurs keeps their spirit alive. By
creating an interested working environment, interactive
dialogues among employees, support and motivation to
the employees, reward system, etc. reflects the culture of
the company. It is an entrepreneur who understands what
the needs of the company are, by creating a connection
with all the stages of management that brings the desired
output. Hence, entrepreneurial spirit and technology
should go hand in hand. Therefore we need evolving
technology as well as intelligent humans. We need
guided missiles as well as guided men to create the better
world.
26 | May 2019

30. DQS Inc.:
Adding Value beyond Cer fica ons
Pursuing important
certifications is a significant
task to dignify a business’s
professionalism and qualitative
performance. They are defined by the
degree of confidence which
customers and markets rely on. DQS
Inc., a third-party Certification Body
(CB), was formed with an objective
of making businesses more
competitive.
With over 25 years of experience,
DQS is recognized as a premier
provider for registrations to ISO
9001, ISO 14001, ISO 45001, ISO
13485, ISO 50001, AS 9100, IATF
16949, ISO 27001, and GFSI
Standards, to name a few.
Additionally, DQS can perform
supplier audits and other assessments
on a non-certification basis. The
business was originally started by
Underwriter’s Laboratories as UL
Management Systems Solutions. In
order to provide geographic coverage
and enhance its market position, UL
MSS merged with DQS GmbH in
2008 and ranks among the leading
certification bodies in the world.
Tailor made Solutions
In addition to offering standards in
multiple markets, DQS is able to
offer integrated audits, auditing two
or more sets of audit criteria at the
same time. This eliminates
redundancy for clients and checks for
the consistency among management
systems. The company also provides
non-certification audits that are
tailored to clients’ specific needs,
such as to make sure all locations and
employees are following protocols or
to audit a supply chain to increase
transparency.
Enhancing Business Practices
Since DQS came together 10 years
ago, it has worked through issues,
such as setting up and improving
upon its own internal processes.
During the same timeframe, it also
worked through the issues of the
financial crisis in 2008 that strongly
affected the markets it serves. In
2015, the company rebranded
globally from UL DQS Inc. to DQS
Inc. to unify branding, though UL
still remains a major shareholder in
its business.
Like DQS suggests for its customers,
it is continually improving its
processes. This allows the company
to enhance its business practices for
its clients. During a recent brand
research project, current customers
named some strengths DQS had.
One customer mentioned, “What I
value is their knowledge, their
expertise. They don’t always agree
with me, but I accept their decisions
because I respect them. I guess that’s
it. I respect them.”
Another customer said, “That they
really know whatever service they
28 | May 2019

31. DQS provides the true
audit experience giving an
accurate and insigh ul
audit conclusion.
Brad McGuire
President & CEO
are providing, they excel at knowing that product or
knowing that service…. And, they really provide
value to our company when they provide that service,
they really provide that value.”
Exemplifying Proficiency
The team at DQS is led by Brad McGuire, the President
and CEO. He joined DQS at the time of the merger in 2008
and was appointed CEO in early 2017. Brad played a
significant role in simplifying and improving its workflows
and customer interactions. He has led the company and
customers through the revisions of its top four standards. He
continues to lead the company in growing the business,
ensuring the organization is on top of the latest developments
in the markets, and is continually improving its business
processes and customer facing activities.
Building Professional Relationships
DQS certificates are more than a piece of paper. It works
with a genuine desire to help its clients improve and comes
in with an open mind to take the time to learn each client’s
individual business. The company focuses on building long-
term relationships, adding value to customers who strive to
continuously improve.
DQS takes prides in the quality of its auditors who pursue a
passion for what they do and conduct tough but fair audits
that truly help clients improve. The company work as a
strategic business partner for its clients to help them improve
their business with a value-added audit – The True Audit
Experience
Expansion of Services
DQS will continue to expand its services to meet client
demand. Currently, it is expanding offerings in the food
safety, medical, and information technology markets. It will
also continue to provide information on standard revisions to
prepare current clients for transition audits.
Satisfied Clientele
“Our auditor was extremely knowledgeable and during the
audit spent time explaining a number of different ways that
we could strengthen our system.” - Charles Marino,
Quick Mount PV
“Overall audit process is a value added exercise that
always leads to needed feedback to aid in the
improvement process.” - Aaron Cole, Bonnell
Aluminum
29|May 2019

32. ECAT:
Making Audit Management Easy
In this era of technology most of
the organizations are envisioning a
growth path in diligent ways and
heading towards a much-needed
success. ECAT is also creating a
benchmark in the audit management
industry. Being a leader of the
organization, Francis Lyons, CEO
and Co-founder, has shared his
insights behind the success of his
ECAT in the global arena.
Below are the highlights of the
interview between Francis and Insights
Success:
Give a brief overview of the
company, its solutions and services
Founded in 2011, ECAT is the most
efficient and most effective way to
enable people, in all locations, to
ensure that all company processes are
followed and compliant to standards.
Our simple-to-use audit management
solution provides access to the current
status that enlightens any
organizational path with valuable
insights. At ECAT, we have pledged to
deliver a robust and effective audit
management and process validation
tool, empowering enterprises to fight
the mesh of expensive, time-
consuming and traditional audit
systems and strengthen operational
excellence with precise processes.
How do you diversify your Audit
Management solutions in a way that
could benefit your clientele?
We designed the software to be as open
and flexible as possible without losing
the ability to structure the collected
data. In real terms, everything from
Health & Safety, Hygiene,
Maintenance, Logistics, Warehousing,
Manufacturing, Security and more can
and does follow a relatively simple
flow. The diversity comes by
examining the client’s requirements
and “fitting” many of their process
validation requirements into a
relatively standardized solution. The
real result here is that across the many
business flows, we can help bring
together standardized measurements
and viewpoints.
Describe the experiences,
achievements or lessons learnt that
have shaped the journey of the
company.
One of my earliest lessons was having
spent a lot of time and effort on
building one of the most intuitive and
“easy to use” interfaces, not many
wanted to even look at it, let alone use
it. Clients were and still are, very time
poor. They simply told us what they
wanted and expected that to be
delivered. The achievement was in that
having been so thorough in keeping the
interface simple, it is by default very
fast. That allowed our support team to
deliver on the clients’ expectations. We
assumed that clients would relish
building their own audits when in fact,
they had no time or inclination to do
so. The original concept of handing
over a first-class auditing platform and
letting the client take it from there
couldn’t have been further from the
reality. The support team was
originally aimed at dealing with
software glitches. As it turned out, they
morphed into a “how best to build your
audit team”. That to this day, has been
one of the single biggest learnings for
all at ECAT.
How does the company contribute
towards making the contemporary
Audit Management industry better?
Auditing has moved from Pass or Fail,
to a far more, holistic process
improvement environment. ECAT has
evolved to where it’s not just about
capturing what was wrong, it’s about
figuring out how to do it better. At the
very beginning of this journey, many
clients saw auditing as a “necessary
evil”. They only audited to satisfy their
own clients or systems. Prove that they
were actually “earning their keep”.
Then over time, they began to realize
that it’s not just about scoring 90% to
fulfil an SLA (Service Level
agreement). It should be more about
“how do we get that last 10%?” It
should be about identifying the “good”
things and spreading that story. The
companies moving towards
collaboration are the ones that are
distinguishing themselves. We enable
our clients to imbue their values both
30 | May 2019

33. We’re not just a diverse
group of minds coming
together. We are well
known for our customer
obsessed a tude backed
with transparency, quality
and a zeal to Comply.
Francis Lyons
CEO & Co-founder
world’s leading organizations like Penske, Tesco, and
Sodexo among others.
Our multi-lingual support, intuitive dashboards, fast and
easy reports, improved visibility, transparency and
traceability help to get the real picture of the state or
status of anything. Simply put, ECAT drives sustainable
excellence for our clients- and that makes us different.
Probably the single most important factor about ECAT
however is the support. We pride ourselves on knowing
all our clients directly. We know how to guide them
because we know their business. We will travel to their
place of work and help them understand what they
need. We will help build their audits and recommend
changes where necessary. Ultimately, we know each
other by name and we deal with it there and then.
internally and with their clientele. Along with the traditional
‘Pass/Fail’ model, we now have audits that have no score. No
measure out of 100%. The score, in many cases, has become
irrelevant in the improvement environment. In many sectors
where price can be “a race to the bottom”, the company that
competes on inclusivity, transparency and competency over
time, will always succeed. ECAT nurtures these values in all the
clients it works with.
Give a detailed explanation regarding the
Founder/CEO/Management’s influence over the industry
and the company?
After almost 3 decades of working with large enterprise
companies, process flow has been a constant passion for me. No
matter what job you are doing, there is always a sequence or a
flow. Creating ECAT emerged from a frustration of doing audits
on paper and having to rekey everything into spreadsheets in
order to get any useful analytics. We couldn’t find a technology
solution to fit our needs. Other companies expressed the same
frustrations. Evidently, a flexible, intelligent, easy to use
solution to better manage auditing and process validation;
without the help of already over stretched internal IT teams was
required. ECAT was conceptualized to make it feasible for
organizations to get an instant, accurate and real picture of their
processes and better manage their operations.
Through a combination of my own experiences and the
cumulative wealth of direct client experience gained by the
ECAT team, we have revolutionized many companies of all
sizes. From SMEs to Fortune 500s with thousands of users by
introducing them to easier, quicker and a better approach to
auditing.
Where does ECAT see itself in the long run and/or what are
its future goals?
I believe that ECAT will become far more integrated in the day
to day activities of many companies. As the auditing model
continues to move from one person performing periodic
inspections, to everyone continuously evaluating, ECATs roll in
collecting, collating and disseminating that information via the
internal existing company’s channels will become integral. My
hope is that ECAT becomes far more embedded within
companies and in the future, ECAT should simply become “part
of the furniture” for many progressive companies.
Considering the rising number of Audit Management
solution providers, how does ECAT stand out from its
competitors?
ECAT is the simplest way to seize auditing success with
valuable ROI and actionable data-rich insights. Our solutions
help to save up to 60% in audit time and enhance operational
efficiency by 30%. With such strong platform capabilities, our
cloud-based audit management solution helps to turn
complexity into flexibility whilst enjoying better productivity,
quality and efficiency. It has been tried, tested and trusted by
31|May 2019

36. 34 | May 2019
Expert’s Outlook

37. 35|May 2019

38. Steven Minsky is the CEO
of LogicManager and
author of the RIMS Risk
Maturity Model. Steven is a
patent author of risk and
process management
technology. He has 30
years of business and
technology experience.
Prior to LogicManager, he
co-founded RulesPower.
He holds MBA and MA
degrees from the
University of Pennsylvania’s
Wharton School of
Business and The Joseph H.
Lauder Institute of
International Management.
About the Author
36 | May 2019

40. Quali ze, Inc:
Simplifying Lives, Delivering Value
In an interview with Insights
Success, Chandra Shekar, the
founder and CEO of Qualityze,
shares insights over the organizations
provision of a reformative cloud-based
enterprise quality management
solutions which are highly configurable
and deliver ease of usage. He also
notes upon the company’s ceaseless
expedition and also its foresight of a
global ascent.
Following are the highlights of the
interview:
Give a brief overview of your
company, its solutions and services?
Innovative businesses are focused on
customer-centric approaches to doing
business in this competitive
environment. Qualityze on the
Salesforce platform is a game changer
for quality systems going forward.
With its Next Generation Enterprise
Quality Management Solution
(EQMS), Qualityze prepares its
customers for competitive changes on
the horizon while enabling them to
solve traditional quality issues without
being concerned about technology.
Salesforce.com offers a secure
development platform that leverages a
comprehensive portfolio of services,
such as automation of sales force tasks,
customer service, marketing, analytics,
application development, collaborative
productivity tools, IoT and professional
cloud services. Harnessing
Salesforce.com technology strengths
like analytics, Chatter, IoT,
Community Portals, AI; along with our
next generation user interface, keeps
our customers competitive and able to
achieve greater success through quality
while we continue to be focused on
staying current with the industry
regulatory, compliance and
certification process changes; it’s a
great combination.
How do you diversify your Audit
Management solutions in ways that
would benefit your clientele?
We have done that by making the
solution highly configurable; meaning
having the ability to add ad-hoc tasks
to a preconfigured workflow in minutes
not hours. Change/Hide/Add filed
labels in the same amount of time.
Uploading your existing checklists,
working off-line to complete them,
planning, scheduling, executing, and
managing your findings while easily
tracking all of your audits, is what it is
all about.
Describe the experiences,
achievements or lessons learnt that
have shaped the journey of the
company.
We avoided outdated technology
models that are more expensive to
develop, maintain and deploy. These
old technologies encourage
customizations that are expensive to
maintain and not needed when a highly
configurable alternative is available,
and that is aligned with global
regulatory, compliance and
certification bodies. These are the
lessons learned from our extensive
experience in quality management
practices in the Lifescience industries
for the past 20 years.
How does your company contribute
towards making the contemporary
Audit Management industry better?
There has been a quantum leap in
technology in the last ten years and
continuing to use applications that look
and act like an excel database will no
longer be accepted by the next
generation of end users. It is more
about how your user interface
compares and drives like Facebook,
LinkedIn or Twitter. With a Salesforce
lighting enabled user interface,
Qualityze brings together a whole new
application interface experience that
embraces these trends with the ability
to easily integrate future AI and IoT
requirements into its core products.
Where does Qualityze see itself in
the long run and/or what are its
future goals?
“There is a huge opportunity to elevate
quality to a strategic discipline.” As an
38 | May 2019

41. Our solu ons help organiza ons
manage quality, compliance and
regulatory issues, develop and
maintain good quality policies,
procedures and processes that
op mize day to day quality opera ons.
Chandra Shekar
Founder & CEO
industry leader, Qualityze will continue to expand and offer a
unified quality centric source of truth that delivers accelerated
leadership visibility to identify quality trends, mitigate risk,
enforce accountability and drive continuous product or process
improvements among all industries. We are attacking the status
quo and are positioning ourselves to be the leader in Quality
Management software solutions.
Could you highlight one of Qualitize’s use cases to justify its
position in the market?
Qualityze worked with a multibillion-dollar enterprise
organization to reduce manual efforts and improve the accuracy
of information gathered for their quality management system.
Qualityze helped connect their customers through a quality
portal. Previously, customers communicated with the company
through phone calls, emails, or even postcards, now they have
thousands of customers communicating through this portal to
provide qualitative records of the products utilized. This
reduced the client’s cycle time by 70-80 percent while allowing
consumers to analyze the products and provide feedback. This
led to a reduction in intensive labor and high risks from the
manual systems. Qualityze EQMS integrated with enterprise
CRM and ERP applications in just weeks bringing
manufacturers and its customers to interact closely with a
customer-centric approach.
We seek customers that are looking to create, maintain and
expand a “Culture of Quality”, by including everyone in the
organization to improve product and consumer outcomes
through leveraging “best in class” quality processes. Our
superior quality processes are developed, maintained and
updated by staying aligned with best practices endorsed by
industry experts such as ASQ, ISO and the FDA.
A Deeper Insight
Having worked as a quality management consultant and
industrial leader for more than 20 years, Chandra Shekar has
experienced that regardless of industry, companies can
differentiate themselves with a commitment to excellence and
maintaining an environment that supports a culture of quality.
With a keen focus to bring next-generation technology into
today’s quality space, Chandra Shekar has laid the foundation to
simplify customers’ lives and promote positive product and
customer outcomes.
Qualityze delivers the next-generation cloud-based quality
management solution with industry “best practice” workflow
processes and incorporates a cost-effective
implementation methodology to truly simplify and
lower the cost to install a quality management system.
The solution has been designed to be naturally intuitive,
easy to implement, deploy and maintain.
“Qualityze was born with the intention to engender a
culture of quality that provides value to our customers,”
Chandra expresses. The company has successfully
partnered with Salesforce.com to provide its customers
the best technology platform to ensure the security,
scalability, performance, and reliability the market
requires. Utilizing Salesforce.com features such as
Community Portals, analytics, Chatter, IoT, AI with a
Lightning-enabled user interface Qualityze enables its
customers to achieve greater success through creating
and maintaining a superior quality focus.
39|May 2019

42. Entrepreneurs set up their new ventures with a new
and unique vision, goal, and its future. These
entrepreneurs face many challenges over the course
of their journey. However, financial challenge is the most
painful ones they have to face. Making a list of all the
financial challenges can aid a business and a new starting
player in attaining sustainability and economic stability.
The Small Business Association estimates that around
forty-four percent of startups and small business survive at
least for four years only. Others cite that poor capital
management, overspending, and the lack of reserve funds
are some of the common reasons behind a business closure.
All these three terms come under the finances of a company.
One way to address the financial problems is to use the 4R
formula i.e. Review, Revamp, Research, and Rewrite the
company’s business plans. By using this formula, they can
take action against the things that are not working out.
Working Capital Issue
Startups have to wait for their big clients to pay up so that
they can manage their expenses. Entrepreneurs must save at
least the expenses of six months as its working capital,
which can help them in engaging new customers and create
a productive business pipeline. Players can also avoid
inadequate working capital by cutting-costs up to twenty
percent and set the cut out as the working capital. For the
startups that are yet to make profits, should make sure that
they are adequately financed before taking any harsh
decision, which can affect their survival in the industry.
Non-consistent Cash Flow Issue
Most of the project-based business relies on their cash flow,
which further relies on the flow of the project and the
services rendered. It is therefore important for the company
to have a good business team ready to connect new and
reliable clients and projects. For the company that does not
rely on the cash flow, must construct a flow of consistent
cash flow at the proper time. If the client is unavailable to
pay on-time, the businesses should think newer methods of
client engagement. They should be patient and make
decisions that would help them while dealing with the
clients in the future.
Another way of improving the cash flow is to get a down
payment for the product and the services provided. This
40 | May 2019
Self-Discovery
to
The Journey
From Editor's Desk

43. 41|May 2019

44. down payment will aid the companies in covering the
expenses associated with the project sales and profit
margins. Firms can also set a day in the week to go through
the accounts, payables, and checks.
Bookkeeping Issue
Corporations can hire organized bookkeepers, which can
save a lot of time. If they cannot find one, they can give this
responsibility to one of its team member. The firm can
improve by distinguishing the discretion and non-discretion
spending. These include rent, office overhead, inventory
purchases, and wages. The companies can even save further
by polishing their overall marketing plans. Identifying and
creating a larger clientele that can develop marketing
strategies can help in promoting the service and products.
Firms must set goals and expectations for marketing
initiatives and develop the tools to improve the revenue
outcomes.
Wrong Predictions and Revenue Issue
Businesses on a day-to-day basis have to predict the
company’s revenues. This is even truer for the businesses
that are dynamic in nature. Most of the predictions can be
measured on a month-to-month basis. Although a lot of
factors that are dependent upon the revenue prediction, but
mostly it rely on the relevancy of the business. By
foreseeing accurately, the firms can generate good revenue
that is crucial for the cash flow statements. By paying
attention to the seasoned fluctuations and affected timelines,
they can predict the revenues accurately.
Hiring Issue
Hiring a good staff is not an easy task. A decision like over-
hiring can create additional costs for the company in
contracts and long-term employee liabilities. The employer
is responsible for its employees and they have to provide
them with the employee benefits that increase the costs. The
key solution lies in hiring the term-based employees,
freelancers, and independent contractors as they will
provide services only for the time worked and employer do
not have to add payroll costs in paying them. These
independent contractors are paid only for their time spent
on the work. Depending upon the job, firms can easily find
out that whether these are perfect for the job or not. In
return, these can absorb the work-related wages and can add
the benefit of costs.
In eliminating the conundrums, the mind-power and
descision-making of the entrepreneurs is important. They
can seek loans and grants which are specifically tailored
towards boosting the company’s finances. Even some of the
vendors allow the company to offer their assistance and can
refine the business debts. The players should not haste in
making a decision. They should be thoughtful and
intellectual for deciding the expenses. It is important for
them to think strategically. They should be aware of their
decisions and should seek guidance in decision-making and
in expenses.
42 | May 2019