With Stone Age technology, everything takes a lot more time and a lot more effort. Traveling to the next town takes all day. Grilling a burger starts with hunting the buffalo. And running a compliance effort means investing hundreds of man-hours and tens of thousands of dollars into a frustrating process.
If you’re using a legacy approach to manage the compliance process, you’re still stuck in the Stone Age. Everything is slower and more difficult. As a result, you’re wasting hundreds of man-hours—and tens of thousands of dollars per year. I know, because that was my life.
Stuck in the Stone Age?
I’ve been stuck in the Stone Age, trying to track compliance efforts and manage a monstrous project. I know firsthand how much time goes into herding cats and coordinating multiple moving parts. I’ve done the math, and seen the wasted money my organization threw away.
Years ago, before TCT, I was the person at the center of the compliance hurricane. Evidence was flying at me in half a dozen different ways, and I had to track down every file and open it up to make sense of where it belonged. I would spend two hours every week just getting ready for the weekly status meetings.
The status calls themselves were two hours long. With seven people attending those meetings, the weekly call alone was costing the company in the neighborhood of $500 per week. Total costs of managing compliance were in the tens of thousands of dollars. That’s the price you pay when you’re stuck using technology that belongs in the Stone Age.
You can recover most of that time and money—with the right tool. TCT Portal compliance software was built to help companies save hundreds of hours and thousands of dollars per year (and a career of frustration).
Related Reading: Your Compliance Management System Is Hurting Your Business
ROI of Stone Age Tools
No matter what system you’re using to track compliance, you have a series of activities you’re responsible for, over time. Those activities include:
- Taking baseline status. Compare the elements that are already in place to the standard’s requirements. Which elements are in place? Which ones are on their way? Which are definitely not in place?
- Internal team meetings. What’s the overall project status? What has each person done this week—and what hasn’t been done? Will the submitted evidence pass muster with the auditor? Usually these are weekly or bi-weekly meetings, depending on where you are in the process.
- Establishing/maintaining a storage framework. Where are you going to put your files and evidence? How will you keep it organized? What naming conventions will you use?
- Data collection. How will evidence be submitted? How is it actually being submitted? How will you track the evidence that’s improperly submitted, so that it doesn’t slip into a void?
- Coordinating with third parties. Does the auditor have what they need? Are your vendors supplying what you need? Who do you have to talk to in order to get things moving faster?
If you’re cobbling together software to manage compliance, you’re wasting time and energy every time you touch those tools. It’s not uncommon for an internal compliance team to spend over 800 hours per year managing compliance. If you’re paying your team an average rate of $40 per hour, your company is spending $32,000 per year on compliance activities alone. That’s almost an entry-level salary!
With TCT Portal, that same team could cut their compliance activities by 536 man-hours. That’s a 67 percent reduction in time—and a recovery of $19,000 in salary alone. (Of course, actual numbers will vary, based on your current system, size of your team and other factors.)
See what the ROI looks like for your company: Run the numbers with our ROI calculator
ROI of TCT Portal
TCT Portal compliance software saves your company an incredible amount of time and money, because it was designed specifically to manage and track your compliance efforts. Using the power of automation and an intelligent approach to compliance management, the compliance software is able to cut down on manual efforts and redundant activities. The entire compliance management process is streamlined and automated, from start to finish.
It’s not an exaggeration to say that you could recover a part-time person’s salary in the first year alone. And once you enter Operational Mode, the compliance software becomes even more efficient. You’re not starting from scratch anymore, and you can capitalize on the previous year’s work.
“The portal is built in a way that directs you logically through the process, so there isn’t a lot of rework. And often when I answer one question and provide evidence, I also answer four or five other questions,” said Phoenix Financial CIO Jamie Hefty. “Before we switched to TCT I was leaving the house at 9 am and getting home at 1:00 or 2:00 in the morning, five to six days a week.”
Compliance management can be a monstrous job. It’s a tremendous drain on your time and profitability if you’re stuck with Stone Age tools. TCT Portal alleviates all the wasted energy and streamlines your efforts using automation.
How much time and money will TCT Portal recover for your company? See it for yourself!