Security and compliance are often seen as nothing more than a cost center you’re forced to implement. The general mantra is that the time and effort of compliance management diverts from revenue-generating work and is a major drain on your profit margins.
But TCT Portal can recover lost profitability and boost your bottom line. Better yet, the benefits you gain from the first year are compounded in subsequent years. The more you use TCT’s compliance management software, the more profitable your company becomes.
Let’s take a look at how we help increase your company’s profit margins.
Stop Hemorrhaging Wasted Time
Bar none, the biggest factor of your company’s profitability is how your people are spending their time. Employee expenses are your biggest chunk of change, so the more efficient your people are, the less time they’re spending on security and compliance — leaving more time for revenue-generating work.
I’ve made big claims before about how much time your company can save with TCT Portal — and how much money you could recover. Every organization is different, but it’s not outrageous to say that a typical company could conservatively reduce total time on compliance by 45% in the first year. In the following years, it could be 65% or more.
Let’s say your compliance program currently takes a total of 1600 man-hours each year. Imagine reducing your entire compliance efforts to just 600 hours with TCT Portal. You’ve just recovered 1,000 hours of wasted time. Assuming the average cost per employee is roughly $50/hr, that’s $50,000 back in your pocket — every year.
Less time on compliance could also mean investing in fewer hires for additional compliance support. In the event you have to pay a bonus or premium during your “Assessment season” then you’re coming out even farther ahead!
Reduce Expensive Employee Turnover
Another major profit killer is employee turnover. Every time someone quits, your company spends the equivalent of one-half to two times that person’s annual compensation package. As companies struggle to keep up with the Great Resignation, it only takes a few employees leaving to take out a chunk of your profits.
Research on current staffing trends shows that burnout is the major driver behind the Great Resignation — and that’s fueled by stress, which is in great abundance in compliance management. Add in the fact that the technology sector is among those that are hardest hit in the last 18 months, and you’ve got all the makings of a profit suck.
If you’re running your compliance program manually, your team’s stress levels are going through the roof. But TCT’s compliance software automates everything that makes managing compliance suck. When your people can run a streamlined program that flows smoothly, stress levels drop and job satisfaction gets a huge boost.
You could reduce expensive turnover and keep some of your most valuable employees, simply by making their jobs easier and more enjoyable.
Streamline Remote Teamwork
COVID-19 has interfered with teamwork and collaboration, making teams less productive and more inefficient — which, of course, further impacts your profitability. A NewWave Solutions report on employee sentiment heading into 2022 found that 75% of employees reported that communication and collaboration are less effective and efficient when working remotely.
From the start, TCT Portal was designed to be a multi-user platform that is easy to use remotely. You can have your entire team working in the compliance management system simultaneously — and from anywhere in the world — without disruption or confusion, yet maintaining the consistency of a systematic approach to compliance management.
Whether your company is working from home, entirely in the office, using a hybrid approach — or continually switching back and forth depending on the current COVID conditions — TCT compliance software is inherently built to give you the greatest efficiency.
Reduce Your Compliance Management Costs
The cost of TCT Portal itself can help increase your company’s profitability. Compared to GRC systems, TCT’s compliance management system is astronomically more economical. Those systems can cost between tens of thousands and millions of dollars. Not to mention that it can take months to years to deploy. TCT’s compliance software is priced to be affordable for any business that needs to be compliant — and it’s often deployed the same day or next day.
The Portal comes out ahead against even moderately priced tools. Many tools are specific to a single standard, such as PCI-DSS, HIPAA, or SOC 2. If you’re going up against multiple certifications, your expenses quickly add up as you purchase additional systems.
Plus, if you’re using disparate tools for multiple certifications, you have disparate processes and duplicated work. Not only are you spending more on the cost of the tools, you’re spending more on your greatest expense — employee time.
TCT Portal, on the other hand, elegantly manages all of your compliance certifications, no matter how many you have. TCT Portal eliminates the duplication of efforts. In fact, the more standards you’re going up against, the more overall efficiencies you gain with TCT Portal.
The cost of a TCT Portal license is so affordable that if you can save five man-hours a month (assuming $50 / hour) you’ll break even. Your compliance project manager can hit that target all by themselves with less prep time for status meetings.
Generate New Revenue
TCT Portal saves time and money, but that’s only half the story. You can keep it in the bank, or put those savings to work to generate new revenue and growth.
For example, you could use that recovered time for:
- Improving processes and procedures to create even more streamlining throughout your company
- Onboarding an extra client
- Hiring a revenue-generating position
- Product development
- Incentives, bonuses, or company culture initiatives that boost productivity
- Professional development opportunities
TCT’s compliance management system is built to help companies be more successful. Everything we do is designed to make you more efficient, more effective and happier at work. The net result is that you’re saving time and generating greater profits for a stronger business.
Ready to become more profitable this year? Request a demo and see what TCT Portal can do for your company.