The old ways of working no longer work
Increasingly, we read articles and news stories about businesses with deficiencies in corporate governance resulting in bribery scandals, security breaches, health & safety issues, and other events that lead to reputational damage, financial penalties, and restrictions on operating ability or worse.
Now more than ever before, managers need clear visibility into what's going on across their whole business. And they need to provide this visibility to a geographically dispersed workforce who want access from anywhere online, with whatever device.
As a result, Performance & Governance Management is higher profile than ever before and is increasingly recognised as a board level issue. Boards are putting pressure on the executive team to strengthen their oversight function and provide assurance on the robustness of governance processes. CEOs and other senior managers are assigning more responsibility to their teams, and trying to nurture a risk aware, performance orientated culture.
Home-grown systems aren't up to the challenge
Many businesses recognise their existing Performance & Governance Management processes are ineffective, labour-intensive and siloed. They struggle to piece together a joined up, enterprise-wide view of their current status, let alone track the progress of improvement actions. Key management information is fragmented, scattered across the organisation in not-fit-for purpose spreadsheets and bespoke databases.
People are drowning in data, but thirsty for insights, for their own personal 'view of the world' and for true business intelligence to make and execute decisions. And the cost to maintain these home-grown systems can become very significant, especially hidden costs consumed in administration, and cutting and pasting to produce reports. Lots of time is wasted "managing the process" rather than taking timely corrective action.
That's why we built the Covalent Cloud
Covalent's founding vision was that one day every organisation will have a Performance & Governance management system much like they all have a Finance system today.
One of the big challenges is the sheer breadth of activities and tasks involved; unlike a finance system, it's not just about money, many different tasks and activities are involved in Performance & Governance, and much of the information produced in non-numeric.
So we built the Covalent management control system to consolidate all relevant information in one place where it's simple for users to update and analyse data. And sitting on top of that repository, we created a suite of Dashboards and Reports that provide an up-to-date, accurate and meaningful picture of what's going on in your organisation, in the context of your business goals. All underpinned by a powerful workflow and task management system that provides early warning and helps users manage corrective actions to completion.
Covalent Cloud... used by tens of thousands of users to transform Performance and Governance into dynamic processes aligned with your business goals.