Time to First Answer: A New Metric in Compliance Consulting
A paradigm shift is coming in expert compliance consultation and “Time to First Answer” is its metric.
Every year, new regulations are proposed, and new regulations are enacted. This has been a consistent trend for decades and there’s nothing indicating that this trend will subside. In fact, the opposite is expected by most experts since politicians are constantly scrambling to pass new regulation and the steadfast business sector, that was once predictably opposed to regulation, is now practically begging for even more of it. As new technologies emerge, such as social media, businesses are scrambling to know the rules of the game. Without clear rules, liability can strike from every direction and companies find it impossible to mount a defense against the onslaught of attacks.
Even Businesses are Asking for More Regulation
Take, for example, Facebook, on a recent article by Mike Isaac of the New York Times, he discusses how Mark Zuckerberg, Chief Executive Officer of Facebook, is calling for lawmakers to regulate Facebook. That’s right, the hope for less regulation is dead. Zuckerberg wants guidance on how his company needs to handle harmful content, election protection, and privacy and data protection. In other words, he is looking for a clear set of rules (regulations), and since he knows they are forthcoming, he wants to have a say on their drafting. We can be sure that those regulations will affect every single technology company and eventually every company that handles data, which pretty much includes every business. These regulations are only the tip of the iceberg when it comes to new compliance demands that will be added to the mountain of current regulation.
New Regulations, Old Paradigm
With so much regulation coming from so many different agencies, it’s impossible for most companies to employ experts in every area. Companies that don’t have the budget to employ an army of compliance experts, which is the clear majority of all businesses, rely on referrals and are often left with substandard options of experts who are either not specialized in the area in question, or if they are, take months to address the issues of the business. This approach might have worked, or at least worked sufficiently well, in the past, but with the regulatory environment that businesses face every day, those options are woefully inadequate.
The other method used to get answers from experts are expert networks. These networks provide a wide selection of experts who can answer questions from businesses within a few weeks. A noticeable improvement from the traditional “rolodex” model of consulting with an expert. The biggest issue with these providers is that a few weeks is still too long to wait for answers. In this fast-paced world of business, a decision delayed for lack of proper compliance data, or a wrong decision made, could cost companies millions. The other drawback to these companies’ business model is their lack of transparency. Businesses need to know that the information they share with the expert will stay confidential and the expert network must provide the necessary protections to make certain this is happening. What companies are looking for is fast, transparent, and secure expert consultation.
The New Metric is “Time to First Answer”
Plianced is disrupting the sector of compliance expert consultation. Like most sectors, it takes a startup with fresh eyes, new technology and vision, to address the issues concerning businesses. Plianced has a large network of experts in different specialties who use the platform to successfully interact with businesses needing a fast consultation with an expert. The system is attracting the best experts, and as a result, businesses are paying attention. Plianced introduced the “Time to First Answer” metric, a term that is fast becoming part of the compliance and expert consultation lexicon, which, as the name indicates, is the time it takes to reach an expert. Plianced is not only speeding up the process of expert consultation, it’s transforming it. The current time it takes to reach an expert (“Time to First Answer”) at most expert networks is approximately 3 weeks. Plianced Time to First Answer is now 24 hours. Within 24 hours, a business can do a video consultation with the expert. Best of all, it’s all within the platform and every call is covered by a mutually accepted confidentiality agreement. This agreement safeguards privacy and ensures transparency.
Business compliance has serious ramifications. It can help set the business down the path of growth and profitability or it can paralyze a business with red tape, fines and additional oversight. With so much riding on proper access to experts, why would any business accept a 3-week waiting period to talk to an expert? This question is even more pertinent, considering that Plianced Time to First Answer is only 24 hours.