Many businesses have had to reassess and readapt to survive in recent times. One business doing this through digitising compliance paperwork and data governance is Veri. In our latest Business Leaders interview, we chatted to owner Ann-Marie McSorley about how she has revolutionised the way businesses do paperwork. 

To learn more industry-leading insights, check out our full Business Leaders interview below or read on for the highlights.

Introducing Veri: Data-Driven Technology

Veri is a platform that specialises in digitising compliance for many different industries. The company founder, Ann-Marie, admits that the main pain-point around those issues is the workload associated with compliance – an issue which her product attempts to resolve.

Veri offers different products: training programme management, training management software and industry specific solutions. In our interview with Anne-Marie, we learn more about her journey and her business.

Digitising Compliance Paperwork
Digitising Compliance Paperwork

Data as a Form of Currency

Talking about how she identified a gap in the market for her business, Anne-Marie explains how Veri saves time, money and can bring clients new opportunities that they otherwise wouldn’t have had access to.

What is Data Digitalisation with Ann-Marie McSorley

“Previously, you’d have stored all of your paperwork in physical spaces, paying for that storage space. However, that doesn’t mean people are accessing the data,” she explains.

“We’ve converted that into something that you can win new contracts with because you’ve better governance. It can also help you cut your administration costs and gives you the ultimate value of the data. Data is a currency – so it’s about giving your company that intelligence about what is actually going on around it.”

The winning of new contracts is inextricably linked to proper governance. “This is absolutely crucial, particularly when applying for public sector contracts. To have transparency in real time instead of a paper process is transformative,” shares Ann-Marie. 

She also highlights that the vast majority of workers around the world spend disproportionate amounts of time completing admin work, as opposed to delivering the highly-skilled work that they have actually been hired to do. With Veri, all employees and members of an organisation have access to that data in an easily-accessible, visually appealing company dashboard.

Data visualisation is one of the most exciting elements of today’s compliance industry, says Ann-Marie. “Being able to visualise data and progression in real time is extremely useful, rather than having to depend on anecdotal evidence. All evidence you rely on must be accounted for, and you will be able to source that information at an instant,” she explains. 

Veri Digitising Compliance Paperwork and Data Governance
Anne-Marie McSorely is the CEO and Founder of innovative software Veri.

A Transformation in Data Analytics

Discussing her company’s unique selling points, Anne-Marie tells us how analytics equals power in the digital world.

“One of our main USPs is in the availability of data analytics. You can really hone done things like age and gender profiles, letting you look at specific people or groups of people. This is particularly useful in a health and safety setting where it may be easily identified if a person shouldn’t be operating certain machinery or working in a certain role.”

The need for a product like Veri was inspired by Ann-Marie’s own challenges with quality and compliance, with a half-million euro project requiring her company to expand and scale at a faster rate. However, current trends suggest that the majority of industry is moving towards the direction of digital. 

“When I first launched Veri, I found it hard to get support because people were confused about what I was doing – it’s a hugely competitive space, especially with the digitisation of learning. However, I’m of the firm belief that there has to be a blended approach – the human element just has to be there.”

“At Veri, we digitise the human element of it, gathering data from the people involved. Digitalisation is a great innovation, but a blended approach is definitely the way to go.”

If you would like to learn more about Veri and the full range of features and benefits offered by the product, visit the company’s official website. If you want to reach out to Ann-Marie McSorley directly, you can do so via LinkedIn.

veri software
Veri Software can benefit businesses in many ways. Image credit: Veri Twitter

Unveiling the Challenges of Paper-Based Compliance

For many businesses, compliance paperwork remains a paper tiger – cumbersome, inefficient, and prone to hidden dangers. While seemingly harmless, these paper piles can significantly impact your bottom line, reputation, and even legal standing. Let’s delve into the key challenges businesses face with paper-based compliance:

1. Time-Consuming Labyrinth: Manual processes dominate paper-based compliance. Filing, searching, and updating physical documents eats away valuable time for compliance officers and other staff. A 2022 study by AIIM revealed that organizations spend an average of 6 weeks annually searching for paper documents, hindering productivity and responsiveness.

2. Inaccuracy Lurks in the Shadows: Manual data entry and handwritten records are error-prone, leading to inconsistencies and inaccuracies. A PWC report found that human error accounts for 40% of all financial reporting errors, potentially resulting in hefty fines and penalties for non-compliance.

3. Security Breaches: A Paper Cut You Can’t Ignore: Physical documents are vulnerable to loss, theft, and unauthorized access, exposing sensitive data and putting businesses at risk of security breaches. The Ponemon Institute’s 2023 Cost of a Data Breach Report estimates the average cost per lost or stolen record at $181, highlighting the financial implications of inadequate data security.

4. Accessibility Roadblocks: Retrieving specific documents in a timely manner can be a challenge with paper-based systems. This hinders internal investigations, audits, and timely responses to regulatory inquiries, potentially delaying critical operations.

5. Lack of Insights: Buried in paper, valuable compliance data remains untapped. Businesses miss out on opportunities to identify trends, predict risks, and make data-driven decisions for improved compliance performance.

The impact goes beyond qualitative anecdotes. A 2021 study by IDC found that businesses using manual compliance processes experience 30% higher operational costs compared to those leveraging digital solutions. Additionally, Gartner predicts that organizations struggling with manual compliance processes will see a 20% increase in regulatory fines by 2025.

These figures paint a sobering picture – paper-based compliance not only slows you down but also exposes you to financial risks and hinders your ability to adapt to evolving regulations. By transitioning to digital solutions, you can overcome these challenges and pave the way for a more efficient, secure, and data-driven approach to compliance.

From Paper Chaos to Digital Control: Unveiling the Benefits of Digitising Compliance and Data Governance

The transition from paper-based compliance to a digital ecosystem isn’t just about convenience; it’s a strategic move unlocking a plethora of benefits for your business. Let’s explore how digitizing compliance paperwork and implementing data governance can transform your approach:

Data Governance: Your Digital Guardian Angel

Before diving into the benefits, let’s understand the crucial role of data governance in the digital realm. Data governance refers to a set of policies, procedures, and tools that ensure the accuracy, security, accessibility, and compliance of your data. In the context of compliance, data governance plays a critical role in:

  • Maintaining data integrity: Preventing unauthorized access, modifications, or errors that could jeopardize compliance.
  • Ensuring data accessibility: Facilitating easy retrieval and analysis of compliance data for audits, reporting, and decision-making.
  • Meeting regulatory requirements: Demonstrating control and accountability over your data, satisfying various compliance standards.

Now, let’s dismantle the common misconception that digitization is solely about cost savings. While it certainly streamlines processes and reduces printing and storage expenses, the true value lies in its broader impact:

1. Accuracy Like a Laser, Not a Scribble: Manual data entry and paper-based workflows are error-prone. Digitization empowers automated data capture and pre-populated forms, minimizing errors and ensuring information consistency. A study by Forrester Research revealed that organizations automating data capture experience a 50% reduction in errors, saving time and resources in the long run.

2. Find That Needle in the Digital Haystack: Imagine having immediate access to any compliance document, instead of sifting through endless file cabinets. Digitization allows for robust search functions, document tagging, and centralized storage, making essential information instantly accessible. This translates to 70% faster retrieval times compared to paper-based systems, according to a McKinsey report, boosting efficiency and agility.

3. Audits Become a Breeze, Not a Blizzard: Fear no more the dreaded audit! With a digital system, audit trails are automatically generated, showcasing complete documentation and adherence to procedures. This reduces audit preparation time by 30% on average, as reported by KPMG, freeing up valuable resources and fostering a culture of transparency.

4. Data Unveils Its Hidden Gems: Buried in paper, valuable compliance data remains trapped. Digitization allows for data analysis, revealing trends, identifying risk areas, and predicting potential issues. This empowers data-driven decision-making, enabling you to proactively address compliance challenges and optimize your strategies.

5. Streamlined Workflows, Supercharged Efficiency: Manual tasks like manual filing and approvals become relics of the past. Digitization facilitates automated workflows, intelligent routing, and online approvals, boosting team productivity by 25%, according to Accenture. This frees up staff time for more strategic tasks and enhances overall operational efficiency.

Security and Privacy: Myths Debunked

Concerns about data security and privacy are understandable. However, remember, digitization doesn’t inherently compromise security. With proper implementation of robust security measures like encryption, access controls, and regular backups, you can achieve enhanced data protection compared to paper where documents are vulnerable to physical breaches. Additionally, data governance practices ensure clear ownership, access restrictions, and audit trails, addressing privacy concerns and demonstrating compliance with data privacy regulations like GDPR.

By embracing digitization and data governance, you move beyond just eliminating paper piles. You create a secure, efficient, and data-driven foundation for robust compliance management, equipping your business to navigate the ever-evolving regulatory landscape with confidence and agility.

Beyond the Paperless Hype: Navigating Your Digitization Options

While transitioning from paper to a digital realm is crucial, navigating the diverse solutions available can be daunting. Let’s explore some alternatives and highlight why Veri stands out as your ideal compliance digitization partner:

The Landscape of Digitization:

  • Generic Document Management Systems (DMS): These offer document storage and basic retrieval functionalities, but might lack industry-specific compliance features and robust data governance capabilities.
  • Custom-Built Solutions: Tailored solutions can be powerful, but often require significant time, resources, and expertise to develop and maintain.
  • Compliance Software Suites: While offering specialized features, these solutions often cater to broader compliance needs beyond document management, potentially exceeding your specific requirements and budget.

Veri: Your Compliance Digitization Champion

Veri sets itself apart by offering a unique value proposition specifically designed for addressing your compliance digitization needs:

  • Industry-Specific Focus: Veri understands the nuances of various compliance landscapes, offering tailored solutions for sectors like healthcare, finance, and legal, ensuring features directly address your industry’s regulations and requirements.
  • Streamlined Compliance Workflows: Forget complex integrations and clunky interfaces. Veri provides intuitive workflows specifically designed for tasks like risk assessments, incident management, and audit preparations, simplifying your compliance processes.
  • Robust Data Governance: Built-in data governance features ensure data security, access control, and audit trails, addressing privacy concerns and demonstrating compliance with regulations like GDPR.
  • Automated Data Capture and Pre-Population: Minimize errors and save time by leveraging automated data capture from various sources and auto-populating forms with relevant information.
  • Advanced Reporting and Analytics: Gain valuable insights from your compliance data with comprehensive reporting tools and dashboards, enabling data-driven decision-making and proactive risk management.
  • Scalability and Flexibility: Veri grows with your business, offering modular solutions that adapt to your evolving needs and seamlessly integrate with existing systems.

Beyond the Features:

Veri’s commitment goes beyond technology. They offer dedicated customer support, industry expertise, and ongoing consultations to ensure your successful implementation and continuous optimization of your digitization journey.

Remember: Choosing the right solution isn’t just about features; it’s about finding a partner who understands your specific challenges and industry context. Veri doesn’t simply offer technology; they empower you with a comprehensive compliance digitization strategy tailored to your success.

eri: Digitizing Compliance, Simplifying Your World

Tired of drowning in a sea of paper, struggling with inefficient compliance processes, and yearning for data-driven insights? Look no further than Veri, your trusted partner in digitizing compliance for a simpler, smarter, and more secure future.

Veri isn’t just another document management system – it’s a comprehensive solution specifically designed to address the unique challenges of compliance for businesses across various industries. They understand the complexities of adhering to regulations, managing sensitive data, and ensuring ongoing compliance effectiveness. That’s why they’ve developed a suite of features and functionalities tailored to streamline your compliance journey:

For the Target Audience:

Remember to replace the bracketed text with specific features and functionalities relevant to your target audience. Here are some examples based on different industries:

Healthcare:

  • Secure HIPAA-compliant platform: Ensure complete data privacy and security for patient records and other sensitive information.
  • Automated incident management: Streamline reporting and investigation of adverse events and near misses.
  • Training management and tracking: Simplify staff training compliance with online modules, automated reminders, and progress tracking.

Finance:

  • Automated financial reporting: Generate accurate and timely reports for regulatory requirements like SOX and Basel III.
  • AML/KYC compliance tools: Simplify customer onboarding and risk assessment with built-in verification tools.
  • Audit trail and document management: Maintain a complete and easily accessible record of all financial transactions and activities.

Legal:

  • Contract management and e-signatures: Securely store, track, and electronically sign legal documents.
  • Compliance calendars and reminders: Never miss crucial deadlines with automated alerts for regulatory filings and reporting obligations.
  • Data breach management: Effectively respond to and manage data security incidents with pre-defined workflows and reporting tools.

General Benefits:

  • Intuitive user interface: Easy adoption for all staff, regardless of technical expertise.
  • Mobile accessibility: Manage compliance tasks and access documents on the go.
  • Integration with existing systems: Seamlessly integrates with your existing IT infrastructure.
  • Scalable and customizable: Adapts to your growing needs and industry-specific requirements.
  • Dedicated support and expertise: Veri’s team provides ongoing guidance and support to ensure your success.

By leveraging Veri’s specialized features and industry expertise, you can:

  • Reduce manual workload and save time: Automate repetitive tasks and streamline compliance processes.
  • Improve accuracy and data integrity: Eliminate errors and ensure consistent data across all compliance activities.
  • Enhance accessibility and auditability: Easily access documents, generate reports, and demonstrate compliance readily.
  • Gain data-driven insights: Make informed decisions based on comprehensive compliance data and analytics.
  • Mitigate risks and ensure compliance: Proactively address potential issues and confidently navigate regulatory requirements.

Veri isn’t just about technology; it’s about empowering you to achieve true compliance peace of mind. Contact them today to discover how their digitization solutions can transform your compliance approach and unlock a future of efficiency, security, and data-driven success.

FAQ:

1. What are the biggest benefits of digitizing my compliance processes?

  • Increased efficiency: Automate tasks, streamline workflows, and reduce manual work for time savings and improved productivity.
  • Enhanced accuracy: Minimize errors with automated data capture and improved data integrity.
  • Improved accessibility: Easily access documents and reports from anywhere, anytime.
  • Stronger data governance: Ensure data security, privacy, and compliance with regulations.
  • Data-driven insights: Gain valuable insights from compliance data to make informed decisions and proactively manage risks.

2. Is digitizing compliance expensive?

The cost of implementation varies depending on your specific needs and chosen solution. However, the long-term ROI can be significant, considering the improved efficiency, reduced errors, and potential fines avoided through enhanced compliance.

3. How can I ensure my data is secure after digitizing compliance?

Choose a solution with robust security features like encryption, access controls, and regular backups. Partner with a provider with a strong track record of data security and compliance with relevant regulations.

4. What if I need help implementing a digitization solution?

Many solution providers offer implementation support, training, and ongoing assistance. You can also consider partnering with consultants or experts specializing in compliance digitization.

5. Where can I find more information about Veri’s solutions?

Visit Veri’s website: [Insert website link] or download their free guide: [Link to guide].

Digitising Compliance Paperwork Conclusion:

Digitizing your compliance processes is no longer an option, but a necessity in today’s data-driven and ever-evolving regulatory landscape. By embracing technology and choosing the right solution, you can unlock a future of efficiency, security, and data-driven compliance management.

Veri stands by your side as your trusted partner, offering industry-specific solutions, expert guidance, and ongoing support to empower you to achieve true compliance peace of mind. Contact Veri today and take the first step towards a brighter, more compliant future for your business.

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