Consolidating GRC software is more than an exercise in spring cleaning; it’s an opportunity to sharpen your enterprise’s decision-making at the highest level.
In the previous three blogs in this vendor consolidation series, we’ve covered:
- The challenges and inefficiencies that come with an unconsolidated approach to vendor relationships
- A five-step process for identifying areas within your enterprise that could benefit from consolidation
- Why government, risk and compliance (GRC) systems are a prime target for cost-effective and value-added tech consolidation
In this fourth and final blog, we’ll detail the benefits of consolidating your GRC software with Diligent, the leading provider of governance, risk, audit, compliance and ESG solutions.
Businesses who embrace this one vendor/one solution approach to GRC will unlock cost savings and labor efficiencies that enable them to thrive in volatile economic and regulatory conditions.
Data-backed savings
Forrester Consulting recently published a Total Economic Impact (TEI) report detailing the ROI enterprises may realize by deploying Diligent’s GRC software.
The results were clear: switching to Diligent yielded an 18% ROI for companies that previously handled all board processes manually or managed board-level operations with a scattered network of multiple software solutions.
The report also makes it clear that Diligent’s positive impact is not limited to one business unit or efficiency vector. By consolidating GRC efforts into one flexible, streamlined platform, enterprises are able to effect transformational change across business channels in these key areas:
1. Improved efficiency
By centralizing governance, risk, audit, compliance and ESG solutions into a single platform, enterprises can streamline operations and workflows.
This empowers administrators to manage the software themselves, eliminating the need for ongoing IT supportand yielding measurable results.
In fact, the Forrester report shows that enterprises that switch to Diligent spend 50-60% less time creating and sharing board and committee materials.
2. Lower cost
Heightened efficiency translates directly into labor cost savings –– more than $62,000 over three years, according to Forrester.
By automating repetitive functions and leveraging customizable templates, governance professionals can turn the once tedious, time- and cost-consuming task of preparing board materials into a streamlined workflow that maximizes clarity while minimizing expenditures.
3. Support for growth
The Forrester report found that a common motivator behind switching (or consolidating) to Diligent was to reduce the risk of material loss when critical documents are distributed via a mix of email, physical documents and SaaS platforms.
By consolidating with Diligent, organizations can store and share key materials with ease, eliminating the workaround solutions that stymie the development of internal operations.
One word to describe Diligent Boards & Leadership Collaboration: simplicity.
– Senior manager, financial services
4. Readiness for evolving challenges
The way you do business is changing, and so are enterprise priorities. With Diligent, organizations can find the insights they need to navigate new areas of focus, such as ESG and cyber risk.
Forrester found that, by modeling benefits and costs over three years, Diligent ESG can enable companies to:
- Reduce audit costs by 50%
- Spend 60-80% less time collecting, validating and sharing energy use data
- Achieve a 167% return on investment
5. Stronger audit, compliance and risk management
Improved audit functions and insight tools allow for a robust, proactive approach to staying compliant and adapting to emerging risks.
With new Board Reporting Dashboards from Diligent, audit and finance leaders can deliver consistent, easy-to-understand reports with the information boards need to make better decisions.
In the midst of rapid regulatory change and uncertain economic and geopolitical conditions, these tools protect enterprises from preventable financial loss.
6. Enhanced board and executive visibility
A scattered and disorganized approach to GRC makes it impossible for board members and executives to get a clear, accurate, real-time handle on the information that powers effective oversight.
By consolidating GRC software through a switch to Diligent, organizations empower their top levels of leadership to make better decisions based on more meaningful information.
Case study: CRICO
26 hospitals, 14,000 physicians, and over 300 healthcare organizations depend on CRICO for insurance solutions that enable them to operate safely and confidently. But prior to implementing Diligent Boards, CRICO relied on disparate digital and paper-based processes that were resource-intensive and presented security challenges. The company’s disconnected processes also made it difficult to store data for easy search and reference.
After consolidating their disparate GRC solutions and digitizing manual process, CRICO used Diligent to increase its agility and risk management which, in turn, helped them survive the impacts of the coronavirus pandemic.
We want to make sure that our directors are well-informed and have the most up-to-date information. With Diligent, it’s in one place.
– Jermaine Joynes, Compliance Program Manager, CRICO
By facilitating remote board meetings, organizing votes and capturing proxies in a single, searchable source of truth, Diligent has improved compliance related to documentation and retention. It’s also been a tremendous asset for CRICO’s legal team, who often need to locate historical documents and can now do so through one centralized software solution.
Ready to see Diligent in action? Schedule a demo with a GRC expert today.
