Inovus Intelligence - Insights on IT Alignment                             June 2015

The Three C's: Compliance, Competition, and Competence     Part I

Managing the three C’s — compliance, competition, and competence — gives an organization the ability to limit risk, protect brand investment, and reduce the potential for financial loss. To achieve these three goals, it is critical that the organization use the right technology to capture accurate, relevant transactional data across key business areas. When IT is properly aligned with overall business strategy, an organization of any size is positioned to report and review data that will empower it take control over the three C’s and realize the substantial time and cost savings they enable.

This three-part series explores what it means to have and use the right data across all three C’s, beginning with the anchor issue: compliance.

Only a limited number of authorities can issue regulations that demand compliance, but few organizations are untouched by this responsibility. In the halls of higher education, an institution maintains access to essential federal financial aid dollars only if it can demonstrate compliance with Title IV, and eligibility for further federal funds depends also on compliance with FERPA and HIPAA regulations. Producers of everything from chicken nuggets to medical devices are similarly invested in compliance, as any shortcomings in their operations or reporting to the FDA can put some or all of the business at risk. For those businesses that handle sensitive or proprietary information, the ability to demonstrate sufficient compliance is critical to the defense in litigation over a data breach.

Leveraging IT to generate useful data and demonstrate compliance effectively demands more than the most up-to-date platform or software. Rather, it depends on establishing the right relationship of IT to the operation and goals of the organization. When software and systems across the enterprise contribute meaningfully to compliance reporting, the organization can bring products and services to market more quickly, reduce the threat or impact of litigation, and handle audits smoothly and quickly, with minimal disruption to operations and revenues. 

Next article in this series: competition

    Inovus News

    • Apollo Education Group (AEG) has extended Inovus Technology Solutions contract for Project Management services.