Did you hear the one about the global virus pandemic that literally brought the world to a shuddering halt?
The above sentence sounds like it might describe a post-apocalyptic film.
The reality is that these past few months have brought some major changes and challenges to the way we work, so here at REG we thought it would be useful to share some general experiences of our customers using the REG Network during lockdown.
The REG Network, by definition, enables a faster, safer and more secure way of managing B2B relationships and the risks of supply chain failure. Previous blogs have discussed how the reliance on technology to keep us connected and moving forward during this time has increased exponentially and our customers have certainly found that to be the case using REG.
Firstly, and perhaps one of the most key elements to any software is simply just using it. We have seen a huge increase in refresher training, new user training and general enquiries since the start of April. The number of users across organisations has also increased, with the benefits ranging from simply being able to check an active TOBA is in place, to growing an agency base involving underwriters and business development executives.
Our customers tell us that without the (sometimes needless) internal meetings or even travel time to and from the office, they are finding more time to get their employees trained up on systems that enable more efficient processes.
One of the core aspects of the REG Network is the ability to issue TOBAs and exchange documents with clients and partners. The uptick we have seen in customers amending and issuing new business agreements to the market has outstretched past years in a similar timescale with today’s volumes second only to the one-off event spike in May 2018 (I’m looking at you GDPR!).
Another element to our network which customers have highlighted is that it brings peace of mind in these uncertain times. Our 24/7 due diligence alerts allow our customers to be on top of changes as they happen rather than reacting to challenges once they are in the past.
Finally, we are seeing customers cleaning up their B2B network lists on the system, re-engaging with old contacts, and essentially completing the jobs they haven’t had time to do before.
We feel very privileged here at REG knowing that we have made our customers’ lives easier and their processes more robust during this period, allowing them to continue trading at optimal capacity and even increasing their business networks.