Optimal flexibility and synergies for an enterprise to most effectively address CLM and GRC
Avoid unnecessary IT complexity and diversity
Typically, independent departments within an enterprise will launch initiatives to address their immediate isolated requirements. This silo approach to identifying and deploying business solutions leads to little coordination amongst the selection of unrelated IT platforms. A single business function may feel they are identifying the “best in class” solution for their needs but in reality, the resulting inefficiencies generated across the enterprise are significant.
Aggregation of data requiring unnecessary integrations
Not least of these inefficiencies is a complete lack of visibility given the inherent lack of alignment of multiple data silos across the enterprise. With an enterprise IT landscape consisting of independent and disparate IT solutions data visibility across the enterprise can only be provided via costly, complex and difficult to maintain integrations.
Skills and support synergies
Additionally, an uncoordinated IT landscape provides no synergistic benefits in terms of IT support or minimizing the requirement for disparate end-user training.
Many of the above challenges can be addressed simply and effectively by having a common IT platform to address multiple business requirements such as Governance, Risk and Compliance.
Overlapping user community’s v’s security of data access
Many GRC business requirements demand powerful and fine granularity control of security rights for access to different data. This however does not need to be provided by multiple silos of IT data and can be addressed effectively as long as the single IT platform selected has the required security profiling capabilities.
Hosted or on site
Depending upon the nature of the data different organizations or even different departments within organizations may require or prefer to keep their data in-house, within their IT environment, or may feel comfortable to have that data housed externally with the solution being delivered either hosted, software as a service or in the cloud. Ideally any IT platform providing multiple solutions to an enterprise should be available with both hosted and on-site deployment possibilities.
Commercial benefits through volume discounts and single point of vendor contact and negotiations
Over and above the operational benefits stated, an organization will also benefit from selecting a single IT platform for multiple GRC solutions through having a single point of contact for both commercial and IT support requirements. Moreover, from a commercial perspective, gains will also be evident from having only a single contract to negotiate with the supplier and being able to benefit more rapidly from volume discount opportunities.
A solution such a Symfact which addresses multiple GRC and Contract Life-cycle Management solutions on a single platform which may be deployed both hosted or locally on site to the customer can provide significant operational and commercial benefits.