Just the word compliance is enough to have corporate leaders and employees groaning.
The idea of compliance is one that seems arduous, tedious and often unnecessary, but is that the reality?
There are real, significant business benefits for organizations that focus on compliance, and it’s a lot simpler to maintain a culture of compliance thanks to technology and security solutions like Reciprocity Labs.
When an organization can embrace the business benefits of compliance, they’re likely to see it as a worthwhile, valuable venture, so what are some of those advantages for compliant companies?
More Confidence Means More Innovation
When your organization is working within a strong framework of compliance, it can improve confidence at every level.
When a sense of confidence is pervasive, it prevents hesitation which in turn lets all team members move forward with innovation and new ideas without unnecessary limitations.
When you have a culture of compliance enforced through technology, there’s not that sense that people don’t know how to operate or that worry that they could be doing something wrong.
When a business in any industry isn’t able to adhere to regulatory guidelines and meet compliance requirements, it can cause big problems not just internally, but externally as well.
We’re at a time when customer loyalty is based on trust, and trustworthy organizations are ones that avoid compliance-based scandals.
One example of this is what happens with a data breach. A data breach can be caused by issues of non-compliance, and if that does happen, it can tarnish the reputation of a business for a long time, or maybe even forever.
When you have a strong foundation of compliance, you’re also more likely to adhere to higher levels of social, ethical and environmental sustainability. That’s good in the eyes of customers, and therefore good for business.
Modern customers want to work with companies that share their values on every level, and this starts with a focus on compliance.
More Transparency and Available Data
Organization transparency is important to break down silos and reduce inefficiencies, and the use of big data is important to drive smart decision-making.
Both of these areas can relate to compliance as well.
First, a compliant organization is one that’s going to have more transparency inherently, and then when with compliance comes strong record-keeping, which translates to more available data that can be used to drive information-based decision-making.
When a company is busy dealing with issues related to non-compliance, such as legal costs, or lost productivity, they’re not focusing on what they’re there to do which is make money.
Being compliant can allow for the elimination of unnecessary distractions within an organization, and there are more resources available to put toward increasing the bottom line.
Compliance is no easy feat, particularly in the face of growing regulatory environments, but luckily for businesses, there are evolving technological tools available to help them maintain compliance and improve their efficiency, transparency, reputation, and productivity. Being compliant isn’t just an unnecessary headache—it makes good business sense.