Last Updated on: 22nd November 2023, 03:54 pm
AAAtraq, a digital compliance firm based in New York, is encouraging Chief Financial Officers (CFOs) to capitalise on their company’s online assets to drive business growth. The company emphasises the importance of reviewing the organisation’s digital footprint to extract maximum value from publicly available information while minimising the risk of litigation arising from non-compliance.
AAAtraq, with offices in New York and London, believes that CFOs who proactively manage and develop their digital assets can enhance their company’s online presence, increase sales, reduce carbon footprint, and foster inclusivity.
As investments in digital services and websites increase, so does the volume of publicly available information. Against this backdrop, compliance with regulations such as the Americans with Disabilities Act (ADA) has become imperative for organisations. Research indicates that 41% of an organisation’s digital footprint is unknown, while 96% fails to meet essential accessibility compliance.
AAAtraq reveals that non-compliance has led to a surge in litigation. UsableNet’s 2022 Year End Report states that the number of accessibility lawsuits filed annually in the US has risen by 175% between 2018 and 2022. Settlement costs for such lawsuits are estimated to average $27,750. Additionally, there are significant unquantifiable costs associated with the time spent on legal battles, including distractions and stress, which can be even more damaging.
Unleashing the Chief Value Officer Opportunity A spokesperson for AAAtraq highlights that CFOs are well-positioned to take ownership of this area and drive positive change. By using evidence-based reporting and information to assess the current state of publicly available information and its compliance and accessibility, CFOs can gain clarity and confidence regarding their digital landscape and extract maximum value from it.
Given the CFO’s responsibility to deliver shareholder value, often referred to as the Chief Value Officer, it is logical for them to seek independent validation. Vendors should be accountable for their work, just as builders are required to provide sign-off for their projects.
Embracing a mindset of independent reporting and data-driven decision-making enables CFOs to deliver value in various ways:
- Reduce spending, cut carbon footprint: Accurate, independent reporting helps identify duplicate content, reducing expenditure and the organisation’s carbon footprint. The misused holiday form in 2019, which wasted £160m in the UK Central Government, serves as an example.
- Expand customer base: Non-accessible websites prevent over 1 billion people worldwide, including approximately 86 million in the US alone, from accessing them. Ensuring accessibility design opens up the opportunity to engage with over 1 billion additional customers.
- Enhance brand value: A positive brand image stems from positive interactions. Providing an accessible and compliant experience contributes to improving brand value.
- Mitigate risks and hidden costs of non-compliance: Reducing the risk of litigation is a crucial objective for all organisations, particularly for CFOs. Non-compliance with ADA regulations is widespread, increasing the likelihood of litigation. The costs associated with non-compliance go beyond fines and distractions, impacting brand reputation and exposing the organisation to regulatory scrutiny.
- Drive sales value through increased visibility: Search engine algorithms prioritise accessibility. ADA-compliant websites lead to better search rankings, attracting more site traffic and generating potential revenue through increased leads.
- Achieve more with less: Independent reporting simplifies board reports and provides a better understanding of digital teams’ compliance management challenges. CFOs can utilise evidence to steer teams away from outdated mindsets and ineffective spending, bringing success into sharper focus.
Delivering Value Today, Tomorrow, and in the Future By shifting from vanity reporting to accountable reporting that offers unbiased clarity, AAAtraq believes CFOs can maximise the value of their organisation’s digital presence. This approach mitigates the immediate problems of ineffective spending, reduces the ongoing impact of hidden costs and distractions, and alleviates the long-term consequences of eroding online trust, diluting brand value, and devaluing share price. It presents an attractive proposition for CFOs looking to drive sustainable growth.
