There’s a lot of scuttlebut out there about a coming recession. Will there truly be a recession? How bad will it be? Those kinds of questions are above my paygrade, but it looks like a recession within the next year is at least a possibility. And if it doesn’t happen now, it will happen at some point in your career.
Even if we don’t experience a recession this year, businesses are suffering through high turnover rates and worker shortages, a lack of qualified talent, difficulty finding good employees, high inflation, and increasing interest rates. Those issues can affect an organization as significantly as a full-blown recession can.
The good news: when your organization faces tough economic times, TCT Portal is a powerful compliance management tool that helps offset the impact of those challenges. Let’s find out how.
The Rock Solid Business Case for Compliance Management Software
Discover How to Get a “Yes” from CFOs That Love to Say “No”
TCT Portal Recovers Lost Money
Time is money. When your personnel involved in compliance activities are forced to use a manual system, they’re expending unnecessary time and effort. So much so that you’re losing money hand over fist.
Before you dismiss this point, stop for a minute. You might be surprised how much unnecessary time your compliance team is spending on their work each year. Traditional approaches to compliance management typically require hundreds — even thousands — of man-hours that could be eliminated from the workflow.
They’re wasting time on virtually every activity in compliance management:
- Understanding their roles and responsibilities
- Collecting evidence
- Hounding team members complete their tasks
- Determining status
- Holding weekly meetings
- Reporting to upper management
- Communicating with Assessors, vendors, and other third parties
- QA activities
- Final preparations before the annual Assessment
TCT Portal’s automation capabilities streamlines every aspect of a compliance engagement, eliminating time and effort that could be better spent on other business priorities. You’ll gain efficiencies for everyone involved in the compliance process, not just your core compliance personnel.
How Much Savings Are We Talking About?
Let’s use one small aspect of compliance management as a sample of how TCT Portal can help fortify your company in a recession. This is real-world stuff.
As a team works on quarterly responsibilities to maintain compliance, it’s usually necessary to have weekly status meetings, toward the end of each quarter. On average, they’ll meet for five weeks in a row each quarter for a total of 20 status meetings per year. Each meeting usually lasts an hour.
Now, if you’re managing compliance using a manual system, it takes a good amount of time to prepare for each meeting. Ask your compliance manager and they’ll likely tell you that preparing for those meetings takes anywhere from two to four hours each week. There’s a lot of digging around to do in order to gain an understanding of the engagement’s status.
So the compliance manager dedicates an average of four hours to each status meeting, including prep and meeting time. But there’s also the time that the rest of the compliance team spends on meetings. For a ten-person team, that’s 260 man-hours on meeting-related activities per year.
At an average salary of $60 per hour, you’re spending $15,600 per year on 20 meetings. And that’s simply taking into account the time it takes to talk about status.
With TCT Portal, it only takes five minutes to prepare for a status meeting, because everything is in one place and it’s live data. You can see everything you need to know at a glance. The meetings themselves now only take 15 minutes, because all the information is right there in front of you. So total meeting activities plummet to about 52 hours per year.
TCT Portal just saved you $12,480 per year on meetings alone. And that’s just the tip of the iceberg. TCT’s compliance tool creates similar efficiencies in every aspect of a compliance engagement.
Your people become so efficient that it may turn out you don’t need to hire that additional person after all. Not only have you cut wasted time, you’ve just pocketed an extra $80k in salary and benefits you would have otherwise been obligated to spend. In tough times, it’s best to get the most out of what you already have and the TCT Portal is a time savings machine.
TCT Portal Isn’t a Cost — It’s a Profit Generator
In the face of a possible recession, CFOs have some unenviable choices to make. There are business objectives and revenue targets that you need to hit. The top priority is to minimize spending and maximize revenue — and often your options are limited on both ends of that equation.
It’s tempting to look at an investment in TCT Portal as another cost that should be avoided. Instead, TCT Portal is an efficiency tool that creates a net gain in profitability. Not only does the compliance software pay for itself in the first year, it actually makes money for you by recovering lost operational costs.
You have to make the most of your resources to help your organization achieve its goals, and that’s exactly where TCT Portal shines.
Related: Buying a Compliance Management Solution? Ask These Clarifying Questions First.
Reduce Staffing Problems
And because TCT Portal makes life a hell of a lot easier for your compliance personnel, they’re more likely to stay. Which reduces costly turnover rates.
Often, the biggest struggle for companies trying to navigate a recession is the fact that you’re losing people — either through layoffs or because great employees are jumping ship for something more stable. TCT Portal’s efficiencies make it possible to keep moving productively even if you lose people.
TCT Portal compliance software has a rock-solid, detailed history that shows exactly who did what in the previous cycle. When you lose a key player, it’s fairly easy for someone to slide into the vacant role and pick up where the last person left off, refer to what they did on the last cycle, what was approved by the Assessor last time, and more.
Real Savings, Real Fast
If you’re preparing your organization for a possible recession, you need reliable solutions, today — not something that can eventually provide value. Once they have provided the inputs we need for initial configuration, our clients get up and running with TCT Portal by the next business day, and they start eliminating inefficiencies in the very first quarter of use.
With TCT Portal, you can stop hemorrhaging costs almost immediately. Sound too good to be true? Discover for yourself just how much time your company can save — check out our ROI calculator right now.