How to overcome Duplication of Effort?
Have you ever wondered how duplication of effort can affect your business? According to a recent study, the cost to stay compliant doesn’t have to leave you bankrupt. By avoiding duplicated efforts, you can stay complaint in many places. In fact, this is a reliable way to start your business.
Over the past few years, many firms are overhauling with respect to regulatory compliance. Both their management efforts and information systems are falling due to regulatory demands. Plenty of requirements are focused on businesses. Luckily, the right mind and smart strategies can save your bank. If you wish to play safe, you must identify all duplicated efforts. Next, you should stop from doing these things.
Where does duplication of effort strike?
“Compliance strategies” are easy said than understood. All businesses should stick to their compliance strategy. That is because faulty compliance strategies are a sign of bigger risk management schemes. By amending your compliance strategy, you can save plenty of time and money. That is because everything else would fall in place. Many organizations fight hard to stay compliant. When they are compliant in certain areas, they find it hard to excel in the other places. This is a cycle that keeps business ticking. With time, new systems and new processes are added. This makes the entire process of staying complaint difficult and complex.
Duplication of effort happens in many places. There are hundreds of places with issues like redundancy and overlapping. For example, privacy regulations and information security are two common overlaps. Many companies try to handle issues by tacking information risks. Unfortunately, the same risks can happen with privacy aspects. Without a proper plan, the same effort will be applied to resolve the privacy and the information risk. To play safe, the bigger picture has to be taken into consideration.
Mitigating Duplication of Effort
Regardless of your business or requirement, duplication of effort is a serious problem. All businesses should make sure that this issue is addressed in the best possible way. Here are few ways to avoid duplication of effort:
- All business requirements must be understood
- All risks in the processes must be identified
- Teams that handle risks should engage in seamless communication
- Simplicity should be considered as the key for avoiding duplication of effort
- Globalie Blog Team