The Cost of Compliance

challengesIgnore compliance at your peril! As rules and regulations seem to multiply overnight, so business must become increasingly aware of their significance and impact. Undoubtedly compliance comes at a significant cost for business, but the cost of non-compliance can incur far greater cost or even business ruin.
A recent survey of multinational companies found that their average annual cost of compliance was over $3million. When reading the other side of the coin, the survey showed the average cost of non-compliance exceeded $9 million. The compelling question then is how does a business ensure they remain compliant?
get-a-free-greentree-demoA 2012 survey of business executives revealed that a centralised database of key information was crucial both to compliance with environmental and health and safety regulations. In fact more and more companies are recognising the importance of ERP systems in being the provider of that ‘single source of truth’.
A key component fundamental to compliance is accurate consistent reporting. A fully integrated ERP system like Greentree is capable of comprehensive reporting, monitoring data entry, notifying of significant events and setting KPI’s. Companies with a steadfast ERP system operating as the beating heart of their compliance strategy can be confident in their management of associated costs and future changes to regulations. Read the Full Story
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