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Sunday, 19 May

Are You Ready For Business Change?

Dynama

Andrew Carwardine offers 7 Steps to Change & Put Process Back On The Agenda.

Thanks to GDPR, processes are back on the agenda but why the wait? Shouldn't we have always combined technology with a best practice approach using advanced resource management

On May 25, The European General Data Protection Regulation (GDPR) comes into effect. Everyone is talking about it and for a very good reason. It reflects the evolution of digital information capture over the last two decades and will change how businesses and public sector organisations capture, store and use personal and customer information.

Gearing up for GDPR’s arrival has also highlighted the challenges organisations face in coping with regulatory change of all kinds and, in particular, the implications for corporate information systems.

It’s time to take a closer look at your own processes and then consider how a robust IT infrastructure based on sophisticated resource management can greatly enhance and enable change readiness.

 

Applying the lessons of GDPR

Under GDPR, all individuals, staff as well as customers, have far greater control of their data. This makes compliance a momentous task especially if you apply it to complex, highly regulated industries like the offshore sector. The offshore industry employs many thousands of geographically dispersed staff around the world who are constantly on the move and often cross multiple jurisdictions along the way. If you then take into account the scary prospect of a fine of €20 million or 4% of annual turnover (whichever is higher) when compliance is not maintained, it’s easy to appreciate the scale of financial risk involved not to mention the real threat to corporate reputation.

 

Thank you GDPR

Despite the headaches involved in preparing for GDPR, there’ll be a time in the not too distant future when sectors such as maritime, cruise, defence and security which are subject to multiple additional tiers of regulation, will thank GDPR for transforming the way they conduct their operational due diligence.

GDPR will serve as an effective exemplar of how complex industries can achieve preparedness when faced by regulatory changes of all kinds. Lessons learnt from GDPR will give them the confidence to embrace opportunities to reduce future challenges through increased change-readiness. Those operating in complex, resource intensive industries will adopt a more proactive approach that underpins their everyday operations and drives best-practice principles across the organisation. This includes the deployment of flexible technology that facilitates a process-driven approach yet provides the sophisticated functionality required to both assure and evidence regulatory compliance. Here’s how to stay ahead when it comes to regulatory change.

 

7 steps

The latest resource management solutions are designed specifically to cater for challenging regulatory as well as operational environments. Look for a technology provider that offers a range of capabilities including:

  1. The ability to encourage consistent ways of working across all departments avoiding localised data silos.
  2. Effortless management of big data - automation and centrally stored information will remove duplicated effort, reduce administration, time and staff costs that bring agility to processes and accelerate change.
  3. High levels of flexibility – this enables changes to be considered under multiple scenarios to test and refine the most efficient transition process.
  4. Advanced planning capabilities that enable management teams to rapidly assess and evaluate the range of implications of a new regime.
  5. Sophisticated compliance management that provides clear visibility of critical data and the automatic recording of all changes. This allows tiers of regulatory and planning requirements to be developed and proactively deployed as they become applicable.
  6. A full audit trail and highly visual, intuitive reporting to assure and provide evidence of the compliance process.
  7. Insightful reporting functionality that supports leaders to make fully informed and evaluated decisions surrounding regulatory change.

Focusing on new ways to increase organisational readiness is critical for high performing leadership teams. Rather than fear change, embrace it as an intrinsic part of your continuous improvement programme. It’s time to take back control through powerful technology that manages and updates all resources centrally and dynamically, keeping you one step ahead in a constantly changing regulatory landscape.

Andrew Carwardine is MD of Dynama who have created a White Paper entitled 'Are you ready for business change? What preparedness for GDPR can teach us'.

 

Article written by Andrew Carwardine

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