This article was originally published in the Summer 2018 issue of The Record.
Companies across the globe continue to adopt collaboration platforms such as Microsoft Teams and Yammer as they search for ways to innovate and increase employee productivity. It’s easy to see why – with increased cross-functional communication, collaboration platforms can raise the productivity of high-skill knowledge workers by 20-25%, according to McKinsey. Furthermore, by leveraging fully implemented collaborative technologies, organisations can unlock between US$900 billion and US$1.3 trillion in value.
When it comes to regulated industries, such as healthcare or financial services, organisations often shy away from full collaboration adoption for all employees. Regulations such as HIPAA, PCI and FINRA, for example, raise additional concerns from a legal and compliance perspective.
It’s fair to say that introducing new communication technology to a regulated enterprise can expose the organisation to some inherent risk. Sometimes the task of problem-solving for compliance, risk mitigation, and functionality makes it tempting to say no to adopting collaboration for regulated employees, or even the entire enterprise. However, that could ultimately cost your organisation greatly in lost productivity.
With the potential lift in efficiency, innovation, and disruption, these collaboration tools can give an organisation a huge competitive advantage. The choice to unblock compliance barriers, versus turn down the opportunity altogether, could transform your company’s path to innovation.
Aware by Wiretap is an AI-infused monitoring, compliance and governance solution that seamlessly integrates with Microsoft Teams and Yammer. The tool enables organisations to maintain compliance with regulations such as GDPR, HIPAA, FINRA, PCI, CFTC and more. The easily-configurable, policy-enabled platform safeguards against the transmission of sensitive data; it also offers user data management and retention capabilities.
Don’t let user behaviour and compliance concerns prevent your organisation from a full rollout of Microsoft Teams or Yammer. By leveraging Aware by Wiretap to unblock barriers to collaboration, even enterprises in highly regulated industries can release the floodgates of innovation and open communication for all employees – in time leading to unquantifiable organisational value.
Jeff Schumann is CEO and co-founder at Wiretap