Running an efficient facility is a comprehensive process. One of the largest and often overlooked aspects of facility management is compliance. Regardless of your sector, national and industry-specific compliance standards must be met, and failing to do so can result in fines, penalties, and, ultimately, legal action. But don’t let this scare you. Our job is to equip you with the knowledge and resources to exceed compliance standards confidently. In today’s post, our team breaks down four of the biggest benefits of implementing a compliance management system.
Improved Risk Management Strategy
As a facility or operations director, managing risks comes with the job. Although there is no way to alleviate risk completely, utilizing digital tools such as compliance management software can greatly reduce your chances for the unexpected to occur. With a compliance management solution, your team can identify vulnerabilities within your facility, conduct asset audits for preventative maintenance, and more. 77% of companies have suffered operational surprises in the past five years due to unidentified risks, and as your facility expands, this risk continues to grow. Using asset maintenance software, you can create a preventative maintenance strategy to monitor when assets are due for repair or replacement to significantly reduce the risk of an accident and ensure your equipment exceeds compliance standards.
Significant Cost Reduction
Did you know that non-compliance costs almost three times that of investing tools to ensure compliance? With this year’s economic uncertainty, we understand that prioritizing new software can be difficult. However, one of facility managers’ largest challenges is getting approval from decision-makers for additional resources. Not only does regulatory compliance software cost less than non-compliance penalties, but it can also significantly reduce costs in other areas of your business. This is why we recommend choosing a platform over a point solution since you can use the same platform to reduce operational costs like energy efficiency, space optimization, and more. Wondering how serious we are? The cost of a single non-compliance event comes to an average of $4 million in revenue.
Company-Wide Communication Development
If you haven’t heard, developing a culture of innovation is taking over the modern workforce, and it’s time to get on board. What does this mean? It starts with leadership. 87% of risk management professionals believe their organizations’ risk management processes are not widely embraced. This stems from various root issues, some of the most common being a general lack of understanding of compliance tools, resistance to change, and lack of accountability. Using one user-friendly platform like Intra makes task management a breeze, fostering a sense of accountability while providing the user-friendly interface employees who are resistant to change may need.
Data Management Made Easy
Data, data, data. You’ve heard the importance of it (probably endlessly at this point). Why are we harping on it? Accurate and actionable data changes the game when making strategic business and compliance decisions. For companies working with manual or outdated data monitoring, decisions are often made reactively or without a history of tangible data in place. This may not seem like a big deal, but at the end of the day, these short-term decisions cost you money and leave potential non-compliance gaps undetected. With data-first software, employees, managers, and directors can monitor metrics customizable to your industry’s unique compliance needs. This includes data on asset health, visitor tracking, and more which all play a crucial role in your compliance strategy.
Confidence in Compliance with SCLogic
Finding a compliance management solution in the era of seemingly endless technology development is tough. Will this software solve my pain points? Will it fit in our budget? Does it meet industry-specific standards? The list goes on and on. At SCLogic, we’ve been a leading provider of facility management software for almost three decades. Don’t let our age fool you; with experience comes innovation. As our customers’ needs change, so do we, and our goal is to solve your operational pain points easily and efficiently.