Finance Diagnostic Tool Benchmarking
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Solution Overview
Problem
Conventional organizational assessment methods, such as interviews, face challenges in scheduling flexibility, productivity loss, and the dependency on interviewer expertise, leading to inefficient and costly evaluations of strengths and weaknesses.
Innovation Solution
A finance diagnostic system comprising a processor and memory with a database of diagnostic questions, allowing for flexible scheduling and efficient data collection, where answers are recorded and benchmarked against predetermined levels of practice, providing advice on achieving desired practice levels.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If conventional interviews are conducted to assess organizational strengths and weaknesses, then detailed information can be gathered from employees, but scheduling difficulties and productivity loss occur
Solution Approach 1:
The patent creates a virtual copy of the interview process through computer-based diagnostic tools that replicate the information-gathering function of traditional interviews without requiring employee time away from work. The system captures responses to diagnostic questions and generates reports that mirror the output of conventional interviews.
Solution Approach 2:
The patent replaces the mechanical interview process (human interviewer asking questions to human interviewee) with an automated computer-based system that presents diagnostic questions, records responses, and generates assessment reports automatically, eliminating the need for scheduled interview time.
2Measurement precision
If experienced interviewers conduct assessments, then accurate evaluation of organizational strengths and weaknesses is achieved, but interviewer expertise dependency increases costs and complexity
Solution Approach 1:
The patent enables the assessment system to evaluate itself through pre-programmed diagnostic questions and automated analysis algorithms that embedded the expertise knowledge within the system, eliminating dependency on external interviewer expertise while maintaining assessment accuracy.
Solution Approach 2:
The patent transforms the assessment from a skill-dependent process to a parameter-driven process by converting interviewer expertise into structured diagnostic questions with predefined evaluation criteria and scoring parameters that can be objectively applied without requiring specialized human judgment.
3Loss of information
If multiple follow-up interviews are conducted to clarify answers, then comprehensive understanding is achieved, but time consumption and costs increase
Solution Approach 1:
The patent performs preliminary analysis of responses against predetermined evaluation criteria and benchmarks before generating the initial assessment report, identifying areas that may require clarification and pre-preparing targeted follow-up questions to minimize the need for extensive follow-up interviews.
Solution Approach 2:
The patent incorporates automated feedback mechanisms that analyze response patterns and generate targeted follow-up questions based on identified ambiguities or inconsistencies, allowing for efficient clarification without requiring comprehensive follow-up interviews by redirecting only specific areas needing further exploration.
Data Source
AI summary
A method of providing financial advice that includes presenting financial related questions to a user, recording answers to the presented questions and preparing and displaying an advice report by simultaneously displaying one of the recorded answers and a benchmark that represents a predetermined level of practice corresponding to the one of the recorded answers, wherein advice on how to achieve a desired level of practice is rendered by such simultaneous displaying. Providing advice to the user based on the advice report so that the user achieves the desired level of practice.