AAAtraq, a digital compliance firm based in New York, is calling on Chief Financial Officers (CFOs) to leverage their company’s online assets and drive business growth. The company specialises in compliance identification and risk management and encourages CFOs to review their organisation’s digital footprint to extract maximum value from publicly available information while minimising the risk of litigation due to non-compliance.
AAAtraq, with offices in New York and London, believes that CFOs taking proactive steps to monitor and enhance their digital assets will help US companies improve their online presence, boost sales, reduce their carbon footprint, and promote inclusivity.
As digital services and websites continue to expand, so does the volume of publicly available information. In this context, compliance with regulations such as the Americans with Disabilities Act (ADA) has become crucial for organisations. Research indicates that 41% of an organisation’s digital footprint remains unknown, while 96% of it fails to meet essential accessibility compliance.
AAAtraq reveals that the ongoing failure to comply with accessibility standards has led to an increase in litigation. UsableNet’s 2022 Year-End Report shows a 175% rise in the number of accessibility lawsuits filed annually in the US from 2018 to 2022. The associated costs of settling such claims, including legal fees averaging $27,750, are significant. Additionally, the time and effort spent on fighting these cases, along with the resulting distractions and stress, can incur further substantial costs and damages.
Unlocking the Chief Value Officer Opportunity A spokesperson for AAAtraq said, “CFOs are in an ideal position to take ownership of this area and drive positive change. By using evidence-based reporting and information to assess the accessibility and compliance of their publicly available information, CFOs can gain confidence and clarity about their digital landscape and maximise its value.”
Considering 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. Just as a builder does not sign off on their own work, the same principle applies to web teams or vendors.
Embracing a mindset of independent reporting and data-driven decision-making can enable CFOs to deliver value in several ways:
- Reduce Spend, Cut Carbon Footprint: Accurate reporting identifies duplicate content, leading to reduced expenditure and a decrease in the organisation’s carbon footprint. Inefficiencies such as staff using the wrong holiday form, estimated to have cost the UK Central Government $160 million in 2019, can be addressed.
- Reach One Billion More Customers: Accessibility estimates from the World Health Organisation and the Centers for Disease Control and Prevention suggest that over one billion people worldwide, including approximately 86 million in the US, may struggle to access websites that lack proper accessibility features. Enhancing accessibility opens doors to over one billion potential customers.
- Enhance Brand Value: A positive brand image relies on positive interactions. By providing an accessible and compliant online experience, companies can improve their 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, identified in 96.8% of the top one million website home pages, increases the likelihood of litigation. The costs associated with non-compliance, including distractions, fines, and regulatory inquiries, can be significant and overshadow ransomware claims.
- Expand Customer Base, Drive Sales: Search engine algorithms prioritise accessibility. ADA-compliant websites can improve search rankings, driving more site traffic, leads, and potential revenue.
- Optimise Resources and Foster Collaboration: Independent reporting simplifies board reports and provides a better understanding of the challenges faced by digital teams in managing compliance. CFOs gain evidence to move teams away from ineffective spending patterns and foster a mindset shift toward continuous improvement.
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 helps address ineffective spending, reduces the impact of hidden costs and distractions, and mitigates the long-term effects on online trust, brand value, and share price. Such outcomes present an appealing proposition for CFOs seeking to drive sustainable business growth.
Please note: The information provided in this article is based on the content available at the time of writing. It is important for CFOs and organisations to stay updated with the latest compliance regulations and best practices to ensure ongoing digital compliance and maximised value from their digital footprints.
