Last month we hosted a webinar on what Japan’s new compliance code means and how to ensure compliance. We covered a lot of great topics, including how the new regulations impact social, digital, and mobile communication channels when doing business with Japan. We found that over 80% of our attendees listed the Japanese market as critical to business growth. In case you missed it, you can download the on-demand version here.
One topic that created the most questions for our attendees was around the implications for social, digital, and mobile channels. The new regulations stipulate that compliance must be assured across all employees, all channels, and all partners. If doing business in the Japanese market is critical for development, what does that mean on a practical level for ensuring compliance across your sales teams?
The modern sales process is a multi-channel approach. It’s not simply a matter of your sellers picking up the phone to close a deal or check in with an HCP. They spend their time doing outreach on the channels that your customers spend their time - they conduct business communications on LinkedIn, Twitter, WhatsApp, WeChat, email, phone, etc. This is true for sellers across regulated industries, including financial services and pharma.
For example: sellers that work for global pharma companies will conduct phone calls and emails to interact with HCPs they are doing business with in the United States. But for teams working in Brazil, they are reaching out to doctors on WhatsApp. Teams working in China are doing outreach on WeChat. While conducting official communications across those channels, sellers are also interacting with potential customers and peers on social networks, like Twitter and LinkedIn, to establish themselves as thought leaders. At the end of the day, sellers can easily generate anywhere from 15-20 messages in a day. For a team of 1,000 sellers, that's up to 7 million messages in one year. If those teams are focused on Japan, that's 7 million messages that need to comply with their new regulations.
The amount of digital data generated across multiple channels is hard to keep track of, especially when all communications must be reviewed to assure compliance. But that is the new approach for teams to keep pace with competitors - sellers conduct business on the channels that make the most sense for their customers. Compliance solutions must evolve to meet business demands.
But they can take it a step further. Not only can organizations meet compliance standards, but they can also create new business efficiencies by analyzing all data captured. We have clients who ingest thousands of messages of unstructured data to drive new business insights, all while reducing oversight resources by up to 90%. Learn more about how to free your data to drive intelligent engagement here.
Organizations looking to ensure compliance across social and digital channels can take it a step further, while meeting the demands of modern business.
Contact us to learn more about our NextGen Compliance solution and start driving business insights.
July 3, 2020