Compliance with audit and other regulatory demands is critical for any and all businesses in any industry. However, as technology improves and offers companies new ways to operate, communicate and boost productivity, the ability to remain complaint grows more difficult. Many firms suddenly find themselves struggling to supply the right records and full data sets during an audit.
These risks can be mitigated by investing in high-quality business process management software and utilizing it to automate problem areas. Communications is often the most difficult to remain compliant with, due to the vast number of channels employees and customers have available to them now. Social media can be the most difficult to track, as there are numerous sites professionals can use and keeping them all straight, and organized, can be a hassle.
According to the ABA Banking Journal, BPM software can enhance compliance by providing a more streamlined way to handle many processes that sometimes go undocumented, and helps educate employees on how these areas interact in order to boost their adherence to compliant methods of operations.
Social BPM
Social media can be an excellent tool for businesses to utilize for various aspects of operations, but at the same time, they can be a challenge to utilize efficiently. This creates problems for compliance, as professionals can lose track of communications, or forget key parts of a discussion because they migrated between channels during it. A social BPM solution can optimize these processes and integrate social networking into business operations at a core level that boosts overall efficiency and productivity.
"Appian worksocial gives us a single platform for easy visibility and rapid action across key business processes," Christian Sˆhn, Head of IT at BayernLB, recently said regarding his firm's investment into Appian BPM software. "The simple social interface combines structured work and enterprise data with ad hoc collaboration to give us a truly modern solution for vendor management."
Optimizing workflow should always be a priority, but companies cannot drive efficiency at the expense of compliance and BPM solutions can enhance adherence to regulations of many kinds. Ultimately, investing in these tools will boost overall operations as well, providing a much needed improvement to productivity and efficiency that few firms can do without. This will provide ROI for the tools beyond eliminating compliance risks and help establish increased profits across the board.
Cindy Cheng
Director of Product Marketing
