GRC tools have matured in recent years. There was a time when GRC solutions were cumbersome pieces of software that were difficult for firms to adopt and cost millions of dollars to do so. Despite their complexity, these solutions did not significantly benefit and were only suitable for substantial firms with significant governance, risk, and compliance demands. Right Time to Invest in GRC– However, as with all technologies, the cost of GRC solutions has decreased dramatically while their utility has improved significantly. That is why now is the ideal time for firms to invest in governance, risk, and compliance (GRC) solutions.
Reduced Costs and Increased Functionality
GRC solutions were prohibitively expensive due to their high hardware and maintenance requirements. Any software solution that is implemented on-premises requires maintenance in addition to the hardware. This is a critical distinction, and every business owner should understand why implementing technology on-premises is no longer the prudent course of action. Cloud solutions have significantly reduced the investment required to implement a cutting-edge GRC system that immediately generates revenue (return on investment).
When a business desired to adopt a GRC solution a decade or two ago, it would have to invest millions of dollars in acquiring a usable solution. There were other costs associated with actually utilizing the service for which the corporation had already paid. They would also have to pay for the installation team’s travel from the vendor’s office to their office to execute the solution. If the deployment was enterprise-wide, it was usual for firms to pay for the travel and lodging of an entire team in the exact location of the company.
Cloud solutions eliminate this issue. It’s easy to see why cloud solutions minimize such expenditures. Because the solution is hosted in the cloud, there is no reason for employees to perform maintenance on the solution. It is customary to have a single expert on-premises who will coordinate with the rest of the team based in the vendor’s office. Still, as businesses gain familiarity with technology implementations, many are skipping such trips entirely.
GRC Implementations Throughout the Pandemic
Additionally, the current epidemic has boosted the utility of cloud solutions tremendously. There is no feasible method of implementing an on-premises solution while maintaining social distance. However, there are no such barriers to installing a cloud solution. After all, the engineers and developers who will construct the cloud solution will quickly work from home because the developers can do everything in the cloud.
This arrangement is also a significant benefit for cloud solution users. Many businesses were forced to close due to the pandemic’s inability to assure that everyone working from the office was safe. Numerous governments have also advised firms to guarantee that as many staff as possible work from home to prevent the virus from spreading. Businesses that were previously using an on-premises GRC solution found themselves in the untenable position of having all the necessary tools to guarantee risk and compliance were effectively managed but unable to use those tools because they were no longer operating from the office.
Additionally, organizations may install cloud solutions much more quickly because no hardware is required. When implementing an on-premises solution, the organization must first acquire the PCs, servers, and network infrastructure necessary to operate the solution efficiently.
Risk experts may access cloud solutions via any browser on any computer linked to the Internet, obviating the requirement to deploy dedicated servers or other natural infrastructure to use the cloud software. Right Time to Invest in GRC – Maintaining network infrastructure and hardware is costly for enterprises, so cloud solutions cost much lower.
All of these aspects contribute to GRC solutions’ use for enterprises of all sizes. These solutions are easier to install than older solutions and cost less than they have ever cost while giving significantly more value than prior solutions due to advancements in technology. Additionally, organizations can now trial GRC solutions by purchasing a limited-time subscription to a cloud solution or by purchasing a subscription to a single tool inside a complete GRC solution. This is an excellent technique to determine whether the solution is a good fit for the organization and will deliver the necessary return on investment.
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