Now let’s talk about virtually the most important issue in terms of addressing topics like master data management and cloud migration – the reason why you should deal with the matter, so to say: regulatory compliance!
The fulfilment of compliance requirements has long been more than just a chore. In fact measures implemented to meet compliance requirements also can have a positive effect on business success. The question arises: if regulations have to be implemented anyway by law, how can this implementation be used to maximize your business?
Regulatory objectives can generally be met through processes in the following six core areas:
- Information security and protection
- Risk management
- Information and communication management
- Balance sheet theory, auditing and organization
- Duty of transparency and information
- Globalization and transformation
By concentrating on these, compliance can be used as a driver for a dynamic IT infrastructure. It adds value to business requirements, including predictability and reduction of business and IT risks, fraud prevention, greater efficiency and transparency through process automation and ultimately the optimization of investments in protective measures.
Given the fact that 80 % percent of all data migration attempts fail (as of 2019) a successful transformation to the cloud is essentially all you need to bring your company to the starting line of the race for the data management crown and have your company’s compliance be a major contributing factor to your business’s success!
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