In a world that demands far more visibility than ever before, highly regulated industries such as financial services, healthcare and transportation face an uphill battle to play within the rules and stay compliant. In the last several decades, particularly in the last ten years, businesses have adopted software solutions in order to automate as many compliance hurdles as possible – but there are many other regulations that are still dealt with manually and, as such, are slowing organisations down.
These processes offer limited transparency for internal staff and low levels of visibility for external stakeholders, leaving the potential for service gaps, financial and reputational risk, as well as a high chance of miscommunication with regulatory bodies. The solution is to adopt an agile framework that can be built to standardise the majority of compliance activities whilst simultaneously automating processes. This will significantly improve the efficiency of compliance initiatives while increasing the speed of the business as a whole.
Building a framework that accomplishes all of this is, of course, no easy task. With a low code platform, however, it is possible to create a cross-enterprise solution to regulatory requirements, giving businesses the speed, power and agility they need to rapidly build new apps, make changes, and maintain visibility, helping to standardise costs and to control the allocation of resources.
Low code is essential for highly regulated businesses because:
1. It has agility baked into its DNA
Constant change is part and parcel of dealing with compliance issues. A long-term business strategy backed by a robust low code platform like Appian simplifies compliance requirements, empowering your team to deliver flexible solutions to regulatory changes as and when they arise.
2. It allows you to move fast
Low code allows you to rapidly develop compliance applications, optimising processes and easing the pressure when meeting regulatory deadlines. Being able to deal with compliance issues quickly and painlessly is a long-term goal for most businesses and low code is the way to fast track that objective. Think about it like this: when the goal posts (regulations) move, the ball (low code platform) automatically moves too.
3. It provides you with the power to thrive
By its very nature, compliance requires collaboration from many departments and stakeholders. Low code is the fastest and most intuitive way to digitise this process. When combined with business process management and robotic process automation tools, systems can be put in place to remove the majority of errors and significantly improve efficiency.
4. It offers effortless business-wide visibility
You can’t have compliance without total visibility. One of the best things about low code, and Appian in particular, is its ability to offer a single view of all data, allowing for shared accountability and compliance across your entire business. Consolidating data into a single view provides quantifiable metrics and incredible insights that can be actioned immediately, significantly improving quality control and reducing risk, while also helping us do our most important job – providing value to customers.
About the Author
Director, Sales & Marketing
Tim Clarke oversees Procensol’s sales and marketing operations in the UK and Europe and is responsible for driving growth for Procensol’s clients and service partners. Tim has close to 20 years of experience in the IT industry specialising in end-to-end application architecture design, implementation and integration. Prior to joining Procensol, Tim spent seven (7) years delivering BPM based case management solutions from a customer’s point of view. This gives Tim a unique advantage of truly understanding what businesses are looking for, the challenges they face in the current market and how best to maximise your BPM solutions.
Low code platforms are a fantastic tool for any business but the real ROI comes from quantifying the benefit from the very beginning. Take a look at the key metrics you should be monitoring during delivery and beyond:Read More