If someone asks you what digital transformation means, you will probably say that it depends. You may add that it has something to do with automating services based on existing data. Or you can quote Gartner and their definition:
“the process of exploiting digital technologies and supporting capabilities to create a robust new digital business model.”
Whatever the definition is, everything comes down to transforming the business into more optimized version of itself. The goal is efficiency and business optimisation in few directions: time, costs, ecological impact and reducing of stressful manual work.
Digital transformation is not evenly distributed across the industries. For example public organisations like regulatory bodies are not at the same level of digital transformation as private companies like retails banks that spend billions of dollars to digitally transform their business.
In other words some industries are more ahead of others in adopting digital transformation. This is great news for regulators! It means that they can learn from the positive impact that digital transformation has on other businesses.
When operated manually the compliance management takes a lot of time. Usually there is a lot of data involved – documents, spreadsheets, pdf files, etc. Some of the data is sensitive and needs to be categorized as such. The access to the data is not equal for everyone in the organization and someone needs to control the access and the way it is accessed. The bottom line is that regulatory compliance involves complicated processes. The manual handling of these processes takes a lot of time.
Now imagine a regulatory compliance software that intelligently operates with all this data and automates the operations that were done manually. With the time that such software can spare for organisations, they can shift their focus into adding more value into the delivery of inspection driven enforcement.
2. Smart work
Regulatory compliance operates with data. The use of smart compliance management platform can easily turn data into trends. With the time earned by automation, regulatory bodies can spend more time into interpreting this data and drive it into valuable actions. Because with more time for interpreting trends, you will have more time for analysis. And analysis is the ultimate ground for smart business decisions.
3. Easy alignment with new regulations
Compliance is based on rules. For better or worse the rules change or get updated. Keeping track of new rules and updates takes time. The use of regulatory compliance software makes the actualization of the needed changes an easy process for regulators.
4. Real and measurable value from using regulatory compliance software
The real value of using regulatory compliance software can always be translated in numbers. The regulatory bodies for example have 50% operational cost that is attributed to inspections. This cost can be reduced and the result can be measured with real numbers. This is why digital transformation is crucial for the inspection driven enforcement activity of the public organisations. It induces optimization on several levels in the organisation.
All of these dimensions of positive impact come to one bottom line: the use of business optimization software is crucial for the evolution of inspection-driven enforcement. If you want to know more about adopting digital transformation by regulatory bodies, contact us now.
Bonus definition of digital transformation by Salesforce:
Digital transformation is the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements. This reimagining of business in the digital age is digital transformation.