Recent data leaks, hacks, and cyber-attacks have brought about many compliance regulations. The General Data Protection Regulation (GDPR) are rules passed by the European Union that affects all businesses that operate in the EU.
Compliance is here to stay and cannot be avoided, and while it may seem a massive hindrance, it can also be an opportunity for businesses to evolve their methods.
Here are 10 reasons why compliance is an opportunity for businesses:
1. The more compliant your company is, the more likely you’ll have improved operational performance. Companies who comply with government-provided best practices generally experience better efficiency and lower operating costs than those who don’t.
2. Compliant organizations respond faster to change, and as a result, they usually take advantage of new market opportunities more quickly. And since success often depends on flexibility within a dynamic business environment, both attributes provide a huge advantage.
3. The moment you adhere to the compliance rules, you start to build a sense of integrity and loyalty among your employees, which makes them proud representatives of your company, and improves your overall image.
4. Compliant processes allow better communication between connected parties, and helps organizations to ensure all rules and laws are followed through collaboration of its internal teams.
5. Compliance provides more effective risk management and organizational continuity, both of which are important competitive advantages.
6. Being compliant ensures your company’s practices are ethical. This becomes a key attribute when companies seek global expansion.
7. Compliance gives assurances to your consumer base, which is especially important given recent data hacks and scams. Customers now require guarantees of safety, and showing in writing that you’ve complied with the ruling body is a big step.
8. Compliance streamlines business processes, increasing operational efficiency and reducing working costs by simplifying complex tasks.
9. Compliance provides broader insight into your target audience, producing data that can be used to improve marketing efforts and consumer retention.
Compliance may not be the part companies like to strategize about, but it is here to stay. Instead of seeking out ways to get around it, executives and employees are better served by finding how ways to leverage it and evolve their companies to the next tier.
Want to know more about the benefits of compliance? Click on the link below to watch a quick video and to download the whitepaper 10 Reasons Compliance Should Be Viewed as an Opportunity.