We are now at a place where there is sufficient data, academic research, and actual use cases from corporations and businesses that demonstrate good ethics and compliance programs are not simply good for business, but when properly used, they lead to greater profitability.
The data and information you collect, which might initially begin as a compliance solution or project, can be used to improve business process efficiency. The delivery of a compliance solution can enhance an overall business process. When you start to consider the compliance data points in every organization, from the Quote To Cash (QTC) sales cycle to the procure-to-pay (P2P) procurement cycle, you begin to see how compliance can be used to improve business efficiency and lead to greater profitability.
Three key takeaways:
- The World’s Most Ethical companies had 13.5% delta about the S&P 500 average in 2020.
- Companies with robust compliance programs do better financially in countries prone to corruption than companies with less effective compliance programs.
- What does the data tell you?
For more information, check out The Compliance Handbook, 4th edition, here.
