Excellence Tech announces today that their new compliance, governance and risk management solution, V-Comply, has reached 1500 subscribers since its launch in January 2016, outperforming all expectations. The impressive growth, at a rate of 3 new customers across multiple sectors and geographies per day, represents a key step towards Excellence Tech’s expansion and customer growth strategy and demonstrates the market demand for compliance management solutions.
The call for compliance solutions is high, with the governance, risk and compliance market predicted to be worth $31.77bn by 2020, representing a critical priority for business and IT executives. However, many of the UK’s 5.1m SMEs are struggling to keep pace with the escalating costs of compliance, currently estimated at £41bn for SMEs alone.
Excellence Tech’s unique compliance, governance and risk management portal, V-Comply, is a market first. This SaaS model streamlines directors’ compliance processes through a central management dashboard via their desktop or mobile. V-Comply allows SMEs, large corporates and non-profit organisations to assign responsibility for hundreds of recognised compliances to individuals and departments across their business, simplifying this otherwise complicated process.
"Our aim is to make V-Comply the global tool of choice when it comes to management of compliance, governance & risk."
It is fully tailorable to an organisation’s compliance requirements and differing in-country regulations. It delivers timely alerts before, on and after the due date to track and improve business processes, while reducing the risk of damaging fines, reputational loss and further punishment as a result of missed compliance, governance and risk management.
V-Comply’s cloud-based technology requires no installation, can be deployed in minutes and is easily integrated into existing business systems across all market sectors. It has already been signed up by several high-profile companies worldwide, including well-known brand names Honda, Edelweiis and Lindstrom.
Harshvardhan Kariwala, Entrepreneur and Chief Executive, Excellence Tech, said: ‘’The success of V-Comply leaves us well on track to achieve our minimum goal of a 5,000 strong client base in the next 18 months. With offices in Manchester, Kolkata, Singapore and California, both our influence and subscriptions are worldwide, emphasising the rapidly increasing demand for manageable compliance solutions ahead of our focused expansion into Europe & North America. Our aim is to make V-Comply the global tool of choice when it comes to management of compliance, governance & risk.’’
The time and money costs that compliance regulations demand of businesses has been an escalating issue between the government and UK businesses for some time. With the cost of compliance rising consistently at 8.5% since 2011, millions of SMEs around the UK share the same problems. Excellence Tech’s thorough understanding of how SMEs lose money and time to compliance regulation has been a key driver in the high rate of subscriptions since January, with V-Comply emerging as a coveted solution to a growing industry problem.
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