How NC State Mitigated Compliance Risks to Protect Innovation
At the heart of North Carolina State University's (NC State) innovation ecosystem lies the Office of Research Commercialization, which manages a staggering $630 million research portfolio. This office is tasked with the critical role of commercializing innovations through the management of patents, licenses, and intellectual property (IP) agreements. With compliance and revenue generation closely intertwined, its operations have seen a transformative shift recently through the implementation of structured workflows.
Before embracing modern tools, Nicholas LeBlanc, the Assistant Director of Operations & Finance, and his 21-person team faced challenges navigating the complex web of compliance related to federal laws, notably the Bayh-Dole Act. Missing a single deadline could mean the forfeiture of federal funding or valuable IP rights, a risk no institution could afford. Their previous methods spanned an array of disjointed tools—PDFs, Word documents, and various other documents—which made adherence to compliance a daunting task.
A Tech-Driven Solution for Increased Accountability
With a mission to streamline compliance and enhance revenue recovery, LeBlanc turned to Process Street, a software solution designed to bring structure and visibility to their workflows. This strategic choice transformed the way they handled compliance tasks. Enhanced visibility led to recovering $200,000 that had previously slipped through the cracks due to missed industry IP fees. Now, federal utilization reporting has become three to four times faster, allowing the team to efficiently manage over 400 reports per year.
By automating repetitive tasks and structuring workflows, the Tech Transfer Office has empowered its team to operate effectively amidst high turnover rates, preventing critical knowledge loss whenever team members leave. The tools not only keep processes running smoothly but also foster accountability by allowing team members to clearly understand their responsibilities.
The Bigger Picture: Integrating Risk Management Strategies
As NC State evolves within a landscape of rising risk complexity, it’s essential to recognize that compliance is just one piece of a larger enterprise risk management (ERM) framework. A recent report by NC State and the AICPA reveals that many organizations struggle to integrate compliance into their overall risk strategy. Only 11% of executives reported their risk processes as offering a strategic advantage.
This is a pivotal moment in how businesses approach operational risks. With the increased interconnectivity of data, a multifaceted approach to compliance can illuminate more opportunities for growth and innovation. For businesses generating between $2M–$10M annually, akin to NC State's modest research funding model, embracing a technology-driven ERM can secure their assets while boosting revenue streams.
Actionable Insights: Steps Towards Enhanced Compliance
For business owners looking to scale operations and improve compliance management, consider the following actionable steps:
- Assess Current Processes: Identify compliance steps that may be falling through the cracks in your organization. Survey staff to gather insights on pain points in current workflows.
- Invest in Technology: Look for tools that streamline communication and task management. Process automation can free up time and reduce human error.
- Foster a Culture of Compliance: Engage your team by clearly defining roles and establishing straightforward communication protocols around compliance to encourage diligence and accountability.
- Evaluate and Iterate: Regularly assess your compliance practices and adapt to changing regulatory environments. Continuous improvement is key to long-term sustainability.
In Conclusion: Building a Future-Forward Compliance Culture
The story of NC State's Tech Transfer Office is a compelling testament to the power of technology and strategy in mitigating compliance risks. By embracing advanced tools, institutions can enhance their operations, ensuring that compliance is not merely a checkbox but a foundational pillar of business growth. For business owners eager to adopt similar innovations, the opportunities are ripe for the taking—your organizational success hinges on taking that first step.
Ready to elevate your operations? Start assessing your compliance strategy today! Explore new tools and innovative workflows that can help ensure your organization not only meets but exceeds compliance standards.
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