Technology is changing the way businesses, and the world, operates at an almost blinding speed, and for many companies the struggle to keep up with the constant changes demanded by new developments can be extremely burdensome.
A simple example in the case of customer-facing assets is the emergence of social media as a platform for sales, marketing and customer service. This requires a new skill set, as well as a reimagining of business policies and processes.
Customer demands are one thing, but the demands of governmental and industrial regulations are a completely different animal, and one that’s harder to tame. In these cases, technology can be more of an answer to prayer than an unwelcome cause of forced change.
This article discusses predictions on big data and the automation of business processes and decisions, and how this relates to compliance.
Technology over the next 5 years
If you haven’t heard, it’s predicted that by 2025 half of the jobs now available will be obsolete, either because of, or filled by, technology. While that’s disturbing news for the workforce at large, it will be a huge advantage for business owners and executives trying to make their businesses more efficient.
With this is mind, Gartner has recently released a report which predicts how data, technology, and the so-called Internet of Things (IoT) will impact business processes and decisions. Among their findings:
- By 2020, 80% of the business processes and products used in 2010 will be either reinvented, digitized, or eliminated through the use of data and information.
- By 2017, more than 30% of the big data for businesses will be delivered by “data brokers” rather than internal databases.
- By 2017, over 20% of products will be connected to the IoT and provide detailed information to customers using sensors.
Before we get too far into analytics and future predictions, let’s bring things back to the point of this article: simplifying compliance in retail organisations through technology.
Ahead of the Curve
While Gartner has brought attention to how quickly things are advancing at this point in time, technology has been changing business for the better for a while now.
Think about this well-known example: in 2000 we were excited that our flip phones were getting color screens, in 2005 there were 2.5 million people globally sending emails on their Blackberrys, and by 2012 no one you knew had a cell phone that wasn’t touch screen and completely internet connected. That’s how fast things move.
While Gartner’s predictions will likely be true, and it could even happen quicker, in the world of compliance we have already reached the point of many of their projections for 5 years out.
Compliance Checkpoint, our cloud-based software which works through a free app, already automates the audit risk and compliance processes typically done by humans. This replaces the traditional business process for audits and compliance with a technological solution. It also gives the business the ability to see trends in the collected data. Without boasting too much, it’s the poster child for Gartner’s predictions.
How Does This Help You?
There’s the meat of the matter, right? The answer is, immensely. Some of the many benefits of automating a compliance and auditing system are:
- Centralized audit information
- Automation of controls testing
- Effective management of third-party risk assessment based on real-time information
- Increased confidence in your security compliance position
Not to mention that it simply lightens the load for compliance officers and internal auditors. Less stress, fewer deviations in compliance standards, and an overall more efficient business and supply chain.
In today’s complex regulatory framework, managing compliance across a retail organisation’s branches is extremely difficult, if not impossible, without a technological solution. Beyond internal controls, the problem of being in compliance with multiple sets of regulations is a difficult and time consuming issue without software.