Social media may be critically important for companies – but it is still fraught with risks, especially for regulated industries like healthcare and financial services. But for Rohit Valia, he sees this as a big opportunity.
So yes, he started a company – called Cafyne – to take on the problems.
“Companies are using a variety of tools to safely engage on social media,” said Rohit. “They need one tool to post, another to provide security, then others still to archive data, provide brand listening and customer service, and so on. Finally, once you have implemented all of these tools, they don’t talk to each other and you are left with silos of information and functionality.”
Granted, there are a variety of tools and systems that try to deal with the issues – but somehow, they have proved lacking.
OK, so what makes Cafyne different?
According to Rohit: “We unify social media solutions into a single, easy-to-use SaaS platform. With our technology, you can monitor your employees’ social media activities and brand mentions, perform sentiment analysis, keep your company secure against various attacks, archive all social media content for potential audits and manage for regulatory compliance.”
This is definitely quite a lot. But then again, Rohit has strong tech chops. Over the years, he has worked at companies like IBM, Oracle and Sun Microsystems on such things as Enterprise Infrastructure as well as emerging models like On Demand and Software as a Service.
Now the costs of noncompliant social media can be prohibitive. “Failure can be costly at best and business destroying at worst,” said Rohit. “For example, violating HIPAA can result in civil fines ranging anywhere from $100 to $1.5M, with criminal penalties resulting in fines up to $250,000 and sentences up to 10 years in prison. Beyond this, though, your company may face the loss of medical licensing and lawsuits.”
Given this, is it any wonder that many companies simply try to do just everything possible to avoid social media?
It’s certainly reasonable. But it is really not a good solution, especially when customers expect ongoing feedback and engagement.
“It would be a nightmare for regulated organizations if each use case required a separate product and monitoring system for compliance,” said Rohit. “So far, they have lived that nightmare. At Cafyne, we’ve learned that the long-term partnership lies in arming companies with the tools to realize the true benefits of social media.”
Source: Forbes, October 26th 2015