Cost Transparency – Lost in Uncharted Accounting Data? LMI is the COMPASS™

A task that should be easy to define and simple to start. But when it comes to government agencies, portfolios, or even a single contract, there can be thousands, if not millions of lines of accounting data. What was purchased? How was it purchased? Who purchased it? Are all the supporting documents in place? How was the pricing derived? Is all the cost data in one system? Does it integrate with other systems? What if a reconciliation needs to be completed? Suddenly, cost transparency is lost in a sea of millions of lines of accounting data. At LMI, we are the COMPASS™ that provides the strategic vision to successfully navigate a storm cloud of data. 

What is cost transparency?

Cost transparency is the ability to plan and track financial costs required to implement, deliver, and maintain a system. Together, these costs accurately depict the total cost of ownership (TCO), metrics for business cases, return on investment (ROI), and actionable insight and data for leaders. 

Benefits for LMI’s Customers?

COMPASS™ provides clients strategic vision, waypoints, and milestones:

• Informs decisions, improves outcomes, and provides insight while mitigating risks and controlling cost
• Improves efficiency, reduces complexity, and lowers TCO 
• Provides data and metrics that help federal executives understand, manage, and show value from money spent on their resources
• Helps executives understand and compare agency goals against capital expenditure
• Identifies operational gaps
• Effectively develops, evolves, and monitors key performance indicators (KPIs)
• Grants insight into key initiatives such as cloud adoption, program effectiveness and efficiency, cost benefit analysis, ROI, hybrid work environments, and cybersecurity.

Conclusion

Through our cost estimation and investment analysis line of business, LMI provides strategic insight that increases the visibility of complex accounting data, turning it into useful and actional data for agencies and their programs, operations, and reporting.

Say “WAY ENOUGH!” to boring and confusing accounting data and let LMI be the COMPASS™ to provide the strategic insight your agency needs to develop waypoints for your future goals, such as KPIs, business cases, and ROI. 

For more information, please contact LMI’s program planning & investment management subservice line vice president, Mark McAlister, or our investment analysis community of practice lead, Justin Fitzgerald.