It’s no secret that the world is changing very quickly in the modern digital world, and that fact applies to every aspect of our lives, both individually as well as in the business world. That basic concept is the basis of a great new book called Exponential Organisations by Salim Ismail, which describes how two critical aspects of running a business is leading to exponential growth that is drastically shortening the time from launch to wild success: outsourcing and software.
The outsourcing aspect of Ismail’s book discusses how ExOs (Exponential Organisations) access, rent, or share assets rather than owning them (different ways of outsourcing), which makes them more nimble and agile and gives them a solid advantage over competitors. One of these types of outsourced assets is actually the second part of his equation: software and other digital resources.
In his discussion, Ismail references the 5 Ps of Big Data, areas where data collection and analysis can vastly increase the performance and efficiency of an organisation:
- Productivity
- Prevention
- Participation
- Personalisation
- Prediction
Given our own business, we’ve applied these points to the area of compliance to see how they can affect compliance management positively to help a business exponentially grow, and the findings based on years of data and feedback were impressive.
The 5 P’s of Compliance
Compliance Checkpoint is a prime example of how software can increase efficiencies and productivity in an organisation, allowing scalability, automation, and more across the organisation and even extending to partners and other stakeholders. Based on our 20 years of feedback from clients, we determined specific advantages relating to each “P” in Ismail’s book.
Productivity – End to end compliance software reduces the cost of compliance auditing and monitoring activities through automation.
Prevention – Routine compliance checks, audits, inspections, and assessments all prevent risk exposure in many areas such as product safety or quality control measures.
Participation – Scalable software allows an organisation to include any enterprise stakeholders, supply chain members, or contractors in the compliance process and utilise tools like self-assessment capability for collaboration purposes and more.
Personalisation – Compliance questionnaires can be tailored to a client’s specific requirements so that the compliance data being captured is actually meaningful to the organisation.
Prediction – The collection and analysis of compliance data over time enables organisations to predict where risk lies and prevent future disruptions through proactive risk mitigation.
Becoming an Exponential Organisation isn’t something that “would be nice”. In today’s ultra-competitive environment, it’s a necessity for long-term survival (although according to Ismail’s book, “long-term” may now mean no longer than 15 years or so). And the key to making that transformation is adopting technological and digital solutions that will allow you to apply the 5 Ps to as many areas of your business as possible.
With compliance being both a regulatory necessity and an encompassing practice that can help improve various other parts of your organisation, adopting a software solution like Compliance Checkpoint is a great way to move your organisation closer to becoming an ExO.
Compliance Experts provide clients with access to the Compliance Checkpoint Software Technology, which is complimented by our Professional Auditing and Consulting services. This is our unique point of difference. To learn more, visit our website or download the 30 Day Free Trial of Compliance Checkpoint.
