Sometimes a situation can get so big that the essence of it is forgotten. Think a royal family scandal, or the latest, greatest TikTok trend. You know there was initially something vital at the heart of it, but that has gotten lost in the larger-than-life noise.
The compliance buzz can sometimes feel like that, too. Fears of fines and audits. Questions around regulation or when something highlights the need for a compliance system, like a worst-case scenario hitting the news. Worries about what will come next, and discussing which solution is the right investment.
One might wonder if the busy-work of compliance has perhaps overshadowed the fundamental purpose of companies: the customer. So, what is influencing companies investing in compliance.
A recent NICE survey sought to understand more about how and why companies are investing in compliance solutions, polling 200 decision-makers from companies with between 1,000 and 10,000 employees.
To start, an overwhelming 99% of companies recognize the need for a compliance solution. 75% are already using a solution, and 24% are on the hunt for one.
Of course, being proactive in compliance means investing in new technologies and onboarding more resources, and the costs are not insignificant. Though it may be a stretch for them, 61% of companies are investing more in their compliance budget in 2022.
The consensus is clear: regulation is not manageable without a sound solution and companies are doing what has to be done to get set up right.
Yet perhaps more interesting was the motivation cited behind investing. 88% hoped to improve customer experience. 72% did it for their brand reputation. Just 58% invested to avoid fines and pass audits.
So, while the obvious reason for making such a big investment in compliance would be to avoid fines and audits, the truth is companies are actually choosing to do it for the sake of their customer experience and brand.
Seen holistically, you could even say that the concern about fines and audits is in itself a roundabout way of getting in front of the customer’s experience and relationship to brand.
Sure, a customer is happy when, say, a privacy request is quickly, seamlessly met. But the shadow of fines and audits can also make a real impact on how they see and experience a company. So, companies investing in compliance to avoid fines and pass audits are ultimately also putting their budget towards the kind of preemptive crisis prevention and trust-building that customers value.
Larger-than-life noise aside, compliance is the customer, and the customer is compliance. Today, investing in one is investing in the other. They can’t be untangled because it’s all about an intimate, brand-customer relationship where trust is the foundation.
To read the full NICE report on compliance, click here.
To speak with a NICE representative on the solution that will invest in both compliance and your customers.