Three questions to find out if you are ready for a digital transformation (in the compliance area).
More requirements means more tasks. Nowadays, the list of tasks of those in Risk & Compliance is constantly growing. Since Covid-19 in 2020, every company has had to struggle with several new draft laws, amendments or adaptations in order to stay on top and ensure compliance with these new laws.
In addition, there is increasing pressure to embrace digital transformation and to implement it successfully, because the competition never sleeps. A good digital infrastructure, if used correctly, can significantly increase the efficiency of a company in multiple tasks, while also improving quality and reducing costs in the long term. But it can also be costly if you don’t have the right product and the necessary human resources.
Therefore, we have here three questions that can help you find out if you are ready for a digital transformation in business areas such as Legal and/or Risk & Compliance.
Do you have too few human resources?
Are there two stacks of papers on your desk? You complete one task and two new ones sneak in? Are you or your company limited in your workforce capacity? Then you can bet that a digital tool will enrich your life.
Certain work processes that all have to be done by hand immediately, while being indispensable, can confidently be left to a machine. Thanks to automation, you can free up time for other activities that might otherwise be neglected.
Are you unable to fully use your IT budget?
Do you ever complain to your manager that they allocate a generous IT budget each year, but you are convinced that this budget would be better spent on a larger workforce?
Rest assured, you are not the only person experiencing this. According to Statista 2022, when surveyed, most people (75%) expect the budget for IT to increase or at least stay the same. Also, based on the revenue growth rates in the IT market, one can see that the areas of software and IT services have not been declining since 2011, but are experiencing steady growth.
Supervisors want to encourage the company to put more investments into digital transformation because they know that good digitalisation increases productivity in the long run.
Seize the opportunity and think about where you can automate certain work processes to make life easier for yourself and your employees.
Are you willing to invest more time in the short term to gain efficiency in the longer term?
Technological innovative solutions are not out-of-the-box miracles that work immediately after installation. Especially not when a certain work process or even an entire work area is digitalized. Programmes have to be specifically adapted to each individual situation, functions have to be defined and employees have to be trained.
The last point is the most time-consuming of all. The internal workflow will change with the introduction of a digital tool, which is why it is important for all employees to be on board (change management). Even if they have found a miracle solution that promises them not to think of the process anymore thanks to artificial intelligence, in most cases, it is not true. Artificial intelligence is a good helper nowadays, but the technology is not advanced enough that you can blindly leave everything to a machine or a programme. That is why it is very important to involve the employees, train them accordingly and familiarize them with the new environment.
If this step is successful, you will have more time to concentrate on other tasks that have never seen the light of day.
If you answer “yes” to one of the questions above, then you should urgently look for suitable solutions to your specific problems or challenges.
LARI can help you support legal and regulatory monitoring through automation. The programme quickly identifies which internal regulations, directives and areas are affected by a regulatory change. It also helps you keep stakeholders informed about changes and measures, be it for the board of directors, management, VP or team level, in an uncomplicated and real-time manner.
Make the transition, we’ll support you, contact us!