The biggest challenge to finalizing our extensive World Class RIM research is the core research team aligning on four key insights which takes several weeks of debate. This research cycle, “Solving the Last Mile” or “additional innovation required at the affiliate level” was deemed critical to improve the overall performance of most regulatory divisions.
The past few weeks, we’ve shared our thoughts on accelerating business value realization, aligning on a digitalization strategy, data quality sustainability, and the impact of culture for an organization…and what those all have in common is the need for people and skillsets to accomplish the work.
One of the key components of the World Class RIM rating is data quality confidence. Confidence in data quality is an indicator of the true effectiveness of regulatory processes and systems – if an organization has confidence in its data, it means the processes and capabilities supporting the management of that data are strong and trusted by the organization.
Part of our 2022 World Class RIM study of 76 organizations is the investigation of business value realization and the tracking of 16 business benefits. The majority of industry has made or is currently making significant investments to modernize and globalize their key regulatory processes and systems. The RIM modernization cycle started around 2013 with high expectations to increase regulatory operating performance and strategic value globally.
In an earlier post we talked about a learning from our 2022 World Class Regulatory Information Management (RIM) survey that an important question for Regulatory is “what’s next?”. We can get a glimpse from other industries of a possible future for managing regulatory information in the most efficient and accurate way possible.
Back in 2020, we learned from companies performing at the World Class level that culture does make a difference in performance. Cultural elements, such as organizational agility or ‘right the first time’ quality mindset, not only foster an environment to support better operational performance, it also elevates chances for success and achievements.
We have conducted 38 studies to date with most being focused in the regulatory and adjacent domains. With each study, I find something very significant that I wasn’t expecting or maybe a “hunch” that something is shifting, and it becomes quite apparent in the data. As we closed the 2022 World Class RIM: Accelerating Business Value database of 76 companies and started the analysis in early May, I quickly found that learning nugget and leaned back in my chair and thought, this is very significant!
As I was finalizing our 2022 Covid-19 Regulatory Impact Pulse study report this week, I saw a news headline about the UK launching the largest ever 4-day work week trial, to boost productivity. This caught my attention because our pulse study dives into the pandemic impact on ways of working in regulatory organizations where we see shifts in ‘organizational dilemmas’ as people get used to the idea that there will be no true ‘end’ of the pandemic.
If you’re part of our benchmark community, you are most likely aware of our process. However, for those that are new to the research community, the intense data analysis period goes from an all-hands-on-deck QC process to building a massive database and cross-checking calculations, then to spirited debates, the provocation of ideas, and finally, either a confirmation or reevaluation of our hypothesis as we progress towards our findings and insights.
What does strong performance look like for Regulatory Organizations, especially in the new pandemic environment? Have the past 2 years of pandemic trials and tribulations resulted in new innovative practices and further organizational agility? Are companies accelerating business value from their regulatory system and process investments, inching closer to our strong performance and world class levels? There is so much happening that we can’t help but be curious during the most research-rich period of our firm’s history. We have been busy digging into the data to learn what it means for the regulatory community.
