FlowCentric Technologies, an internationally-reputed developer of agile business process management solutions, has acquired a 30% stake in innovative technology company, Guideline BizTech, the creator of the robust enterprise risk and compliance management solution, RUBiQ.
The two companies already work closely together and FlowCentric’s robust Processware is integrated into the RUBiQ solution, as RUBi-Flow, to automate and power static, documented procedures and critical business processes for optimised efficiency, effective risk management, and compliance.
“There is great synergy between FlowCentric Technologies and Guideline BizTech in terms of software, services and company values.
“With governance, risk and compliance touted by the Finance Minister in his latest budget speech to become key KPIs for chief financial and information officers, efficient, robust technologies for automating and facilitating corporate governance procedures in line with legal requirements are going to become a strategic business priority for organisations.
“With our combined expertise and advanced technological offering, we are geared to empower companies in their pursuit to tighten control of business processes and risk,” says Jacques Wessels, the CEO of FlowCentric Technologies.
There is significant growth potential for both FlowCentric Technologies and Guideline BizTech in the provision of strategic compliance and risk management solutions. The GRC (Governance, Risk and Compliance) and the ISO standards compliance market is said to be a global market of over $20-billion.
The cost of compliance has spun out of control for organisations, particularly multinational concerns, over the last 10 years as increased demands are placed on them to drive compliance and meet international standards, rules, regulations and legislation.
The RUBiQ SaaS solution, built on the foundation of ISO 9001, which is in itself a process-orientated standard, has the potential to revolutionise how companies, including small and mid-size business, do business, ensure compliance, and gain competitive advantage at a low software as a service cost.
RUBiQ provides companies with a unique single platform to meet the compliance, risk and governance requirements on multiple international standards and regulations, at highly affordable subscription rental rates when compared to large CAPEX projects that can often be never-ending.
With FlowCentric Processware, RUBiQ can be rapidly deployed in a tenth of the time competitive products would be rolled out.
The solution has the capability to not only store and manage procedural documents within the application, but automates and monitors the effectiveness and efficiency of those business processes against GRC (governance, risk management and compliance) criteria.
This says Nicky Downing, Guideline BizTech’s CEO, is a key differentiator within a solution that is already steps ahead of most competitor solutions.
“Through the integration of FlowCentric Processware we have been able to develop and automate standard business processes that are fully aligned with ISO 9001 procedure templates within the RUBiQ system.
“These are integrated with the built in governance, risk and compliance processes to bring an integrated, out-the-box GRC solution within the reach of small and midsize companies that otherwise cannot afford the cost of the software, let alone the exorbitant consulting fees necessary to develop risk and governance frameworks and methodologies for their business.
“The demand on SME businesses to meet international standards and drive compliance programmes is rapidly growing and often the lack of capability to demonstrate maturity in the compliance with such standards inhibits the ability of businesses to do business. This negatively impacts the economy and the ability to create jobs through the business value chain,” says Downing.
She concludes: “We are very excited about the acquisition and the exceptional value add we will be able to now pass on to our joint customers. The combination of RUBiQ and FlowCentric Processware really brings the worlds of GRC and BPM automation together to genuinely offer next generation business tools.
“We place significant importance on the relationship between ourselves and FlowCentric Technologies as the FlowCentric product is in our opinion, a critical strategic success factor in us achieving the next level of development for the RUBiQ solution.”