Currently, more than 2,700 organizations are using at least one or more corporate compliance software solutions. Corporate compliance management software helps eliminate inconsistencies in federal and state regulation adherence and helps maintain a company’s reputation. The reason this matters can be seen in the trends observed in the past few years. In 2021, the $10.10 million it took to pay for a data breach incident was considered steep, and going into 2022, there was a 9.4% spike in the average cost of a data breach.
In 2023, on average, just one data breach incident cost around $10.93 million to rectify. As of 2024, it’s been found that a data breach can cost upward of $11 million. This shows an unfortunately consistent increase in avoidable financial losses for healthcare organizations. Reversing this issue is only one reason why healthcare compliance officers prioritize the use of corporate compliance software solutions.
Keep reading to learn why you simply can’t afford to ignore this type of technology.
Understanding Corporate Compliance Software and Its Role
In 2024, it’s often assumed that compliance task management is mostly automated. In reality, more companies handle their compliance reviews manually. About 55% of teams use manual compliance tracking solutions compared to the 40% of businesses that have automated these processes. Given this information, this may contribute to the continuously rising payouts involved with noncompliance incidents and data breaches.
The role of corporate compliance management software is to make compliance tracking simpler while also making your compliance more “visible.” This means you can visualize your compliance metrics, which leads to more streamlined risk assessment and mitigation.
The Benefits of Corporate Compliance Software in Healthcare
Specific compliance management tools, such as corporate compliance software, are meant to be more agile while increasing the accuracy of your data. Agile software simplifies the compliance adoption process and reduces the learning curve when tracking your compliance and executing risk mitigation strategies. Along with these primary benefits, other advantages push healthcare compliance officers toward compliance software.
Streamlined Compliance Management
Corporate compliance training software gives healthcare-based businesses a centralized solution to better manage their compliance controls and tasks. This means you can eliminate reliance on disparate systems and workflows designed to be more manual. Centralized software solutions allow you to have everything in one place, such as automated updates, general reporting, and compliance audit navigation.
Enhanced Data Collection and Transparent Reporting
Corporate compliance software also gives businesses the luxury of customizable dashboards, audit trails, visible data, and an improvement in efficient reporting.
Better Decision-Making
Decision-making in healthcare can seem complex, especially if you rely on outdated data or an overly complex system. With the right software, you can access corporate compliance training courses, enhancing your decisions. This is possible through a clean, intuitive interface, live data tracking, and better workflow management.
Data Security and Confidentiality
A common problem with healthcare organizations is that they can be susceptible to data breaches, given the types of systems and interoperability efforts they use. Having more secure operations means less concern for legal complications, a culture of compliance, and a decrease in preventable financial loss.
The suite of benefits surrounding the use of corporate compliance software is robust. Healthcare companies can expect the advantages mentioned above, enhanced collaboration facilitation, a continued positive reputation for their company, and an overall cost savings.
Partnering With Compliance Specialists for a Seamless Transition
Corporate compliance software helps to mitigate avoidable risks by providing tools and features designed to identify and directly address vulnerabilities within your compliance. Compliancy Group provides corporate compliance software solutions to specifically help large companies eliminate the hurdles that often come with efficiently tracking and managing their compliance.
If you are a compliance officer who wants more from your compliance management tools and a simple way to manage your compliance tasks, get in touch with Compliancy Group today.
