The Bar is Set Higher for Companies in Regulated Industries

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What happened to the power of a professional, yet formal handshake? This used to be how business agreements were made, and kept. Not anymore. The world we live in is nowhere near as trusting as it used to be, and customer interactions are held to a more rigid accountability.

Because of this, handshake agreements are a thing of the past, and companies must monitor every aspect of both internal and external interactions to ensure operations run according to documented procedures. For this reason, many industries require a solution for call reporting and recording that can regulate business communications.

This process is not only critical for keeping budgets in check, but also for ensuring all interactions adhere to any compliance demands, such as Sarbanes-Oxley and Dodd-Frank. Since many businesses communicate with customers over phones, instant messages, or even video calls, the handshake agreement method simply no longer holds its water.

What is needed is a solution that can accurately report on these interactions, while recording or archiving them for future reference. Think of it as a ‘digital’ handshake in a world where millions of interactions take place each day. Recording and archiving keeps employees honest, customers satisfied, and works to meet all federal regulations.

Specifically for organizations in health care or financial services, the ability to supply archives of interactions can increase accountability. Whereas years ago, the phrase, “We shook on it” carried weight, now a company can reference actual recordings. This sets the bar higher for companies in these regulated industries.

If your company is still operating on the idea that your interactions do not need to be recorded, then you are setting yourself up for a rude awakening. It is time to move toward a modern way of doing business. Collaboration reporting and recording offers a complete, time-stamped and digitally secure repository for recorded calls. Searching for archives is quick, and automated data retention policies allow for archiving and disposing of recordings when they are no longer needed.

Are you ready to raise the bar?
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