3 ways technology can make regulatory compliance easier
Some industries face heavy government regulations. These regulations are put in place to ensure a certain standard that ultimately benefits the consumer. While the reasons for these regulations are good, maintaining compliance with all the federally mandated standards can be a job within itself.
Not only do companies have to fit their processes within these regulations, but they must also prove through extensive documentation that their business is compliant with all requirements. Violating these regulations can result in stiff fines, legal action, or damage to your reputation.
Compliance regulations are only getting more complicated as industries develop. Thankfully, technology is there to help. Take a look at these 3 ways technology can help your company increase compliance and efficiency at the same time.
1. Promote regular staff communication
Email, video, and text chat are just a few of the way’s technology can streamline communication with your employees. Your employees are at the forefront of regulatory compliance. Their daily tasks are what keep your company compliant. Taking the time to discuss the importance of their jobs and how they fit into the big picture is a key part of developing a compliance-friendly work culture.
It’s also necessary to listen to your staff. Because they perform the majority of these jobs, understanding what works and what is difficult for them can help you form workflows that build compliance internally. The easier it is for staff to ask questions about regulations and processes, the more likely they are to do it.
2. Regulation-specific apps and software
Gone are the days of massive enterprise level software solutions that were designed for huge corporations. As software-as-a-service (SaaS) apps continue to grow in popularity, they are being tailor-made for specific industry verticals. It’s worth taking the time to assess how these can be valuable to your business. Here are two of the most common and effective uses:
Automated reporting
These apps can automatically aggregate and store the necessary data from your business processes. The programs can generate custom compliance reports from that data so you don’t have to manually search for and compile the information – a process that often leads to human error.
Real-time alerts
When it comes to compliance, after-the-fact reporting just isn’t that helpful. SaaS apps can immediately detect and alert you to a process that isn’t following compliance so you’re able to resolve the issue before it becomes a costly problem.
3. Forced compliance software
Workflow management programs can build in compliance checks automatically. These programs can even prevent an employee from continuing on with a task until a necessary regulatory step is taken. While this may sound like a roadblock to productivity, it helps to develop a consistent standard of work across all job descriptions. From new employees to seasoned workers, this type of software holds everyone to the same standard and is a critical aspect of decreasing the prospect of human error in your compliance reporting.
Not only that, but mistakes cost time. If a task proceeds without the proper compliance documentation, there’s a huge time-loss effort to go back and correct the mistakes that were made. This software is a crucial part of creating an atmosphere that is not only compliant but efficient.
There’s no doubt that regulatory compliance is a tough road to walk but using technology can give your business a big boost in staying compliant. Contact your managed IT service provider for help implementing any of the solutions above.
