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Predictive Compliance Risk & Quality Management with Real-Time Monitoring Embedded in the Operating Business Processes

Predictive Compliance Risk & Quality Management with Real-Time Monitoring Embedded in the Operating Business Processes

Pages 8 Pages

The Butterfly Effect of COVID-19: A New Digital Paradigm for the post-COVID-19 World “In chaos theory, the ‘butterfly effect’ is the sensitive dependence on ‘initial conditions’ in which a small change in one state of a ‘deterministic nonlinear system’ can result in large differences in a later state. The term, closely associated with the work of Edward Lorenz at MIT, is derived from the metaphorical example of the details of a tornado (the exact time of formation, the exact path taken) being influenced by minor perturbations such as the flapping of the wings of a distant butterfly several weeks earlier.” The business risk of not being compliant can have the similar tornado effect to disrupt businesses much more than the anticipation is a prime importance in today’s business. Although we have been talking about digital transformation for years, the past 10 weeks of living through COVID-19 have accelerated our desire to transform into digital workplaces, which visionaries expected would not happen for at least another decade. Before the pandemic, companies large and small were still resisting the move to a digital workplace with cloud infrastructure-based applications. Now, as… ...

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