Three reasons why compliance could save your business
It’s no great secret that regulations haven’t been traditionally popular with businesses. They’re often well-intentioned and prioritise the protection of consumers, the environment or standards. However, the speed of the market can make broad-stroke rulings irrelevant on their arrival and organisations have often blamed regulations for stifling innovation and commerce.
But that’s changing. According to new research commissioned by Ricoh, business leaders seem to be softening their stance on regulations – even during times of great change, economic instability and uncertainty. The findings show that adhering to environmental (56%) and privacy regulations (55%) is becoming widely viewed as an enabler of organisational success. The requirements of these regulations appear to correlate directly with the new metrics of commercial success: efficiency, security and consumer trust.
After speaking to over 2,500 business leaders, we’ve compiled three reasons why regulatory compliance could hold the key to long term business success:
1. The commercial power of behaving ethically
There’s a growing acceptance of the importance of regulations for serving the ‘greater good.’ Our research reveals that 66% of business leaders believe that sustainability will become an increasingly important success factor for their business as it grows. This broader sense of purpose is becoming a new reality for business leaders.
2. Go digital, reap the rewards
Using technology, business leaders can turn compliance from a headache to a strength. The process of achieving regulatory compliance can take many forms. However, it typically involves changing process to bring in more modern, digital devices that make smarter use of resources. This in turn often yields broader organisational success. Two thirds (67%) of business leaders are looking to invest in environmentally friendly technology, while a similar proportion (64%) want to purchase more low-energy devices. This has the added benefit of reducing carbon footprint, at the same time as improving productivity across the business.
3. Strong security stance = long-term growth
Simply put, if something is connected or online it should be considered “under threat”. Security considerations must remain front of mind, not least because the risks and penalties of a breach are simply too high. Our research found that 66% of business leaders think a move to more automated, digital processes would help them succeed in the future. But in bridging the gap between physical and digital, the data these processes handle must be safe-guarded. This isn’t just for the sake of compliance. A strong security stance will help a business grow trust with partners, customers and stakeholders. In the long run, this is one of the smartest moves a business can make.
With the right platform in place, compliance shouldn’t be a headache. Preparing for a digital future provides complementary benefits and the perfect springboard for long term organisational success.