How Good Corporate Governance changed DDC to DocDep

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If you have visited our site before, you have probably noticed a few touch ups to our homepage and other spots in recent weeks. Our name, DDC, has been retired in favor of DocDep. This change isn’t just because we wanted to get out of the pile of acronym company names. Rather, it is part of a larger strategic shift – one that was motivated by good corporate governance.

Corporate governance is a favorite theme on this blog. We have often pointed out the rewards of having a good organization and communication practices in place, and the consequences of not having one. But our rebranding and new strategy is not the result of having a good corporate governance plan in place, but what happens when it is put into practice.

Share Customer Feedback

Like most sound business strategies, the premise around DocDep came from our customers. Customer feedback is always at the heart of developing business practices, but is growing more influential as social media leverages their power. In our case, our corporate governance practices allowed our salesforce and analysts to communicate with our CEO, Farid Naib, and share client feedback on our products and pricing. For example, at DDC, we sold software packages, in which many applications came bundled. Several customers told us they liked some elements of our software, but had no need for others. Under DocDep, applications are broken out and sold separately.

Get Outside Opinions

Direction from customers planted the seed for our change, but Farid wanted to ensure we would get it right. A hallmark of good corporate governance is the ability to get frequent, reliable feedback from outsiders, including board members, business partners, and longtime clients. This kind of feedback is solicited casually, allowing our confidants to share their honest opinions. This informal interaction with partners and board members is as important, if not more, according to Australian business consulting firm The Negotiation Experts.

Evaluate Strategy and Tactics

Once we designed a plan for the new DocDep product line and strategy, we did not turn on autopilot and let it grow. The entire DocDep staff continues to meet regularly to monitor what applications are coming along, which ones will be most useful, and how we can best position them at roll out. This is probably the most important element of good corporate governance: allowing processes to be reviewed and strategies to be readjusted after launch.

So, what will the new DocDep strategy bring? As mentioned above, it will feature applications that clients can buy individually or in any combination they see as necessary. It also involves some new offerings, including apps for investment firms to better track and view their financial data, as well as a tool for private equity firms to meet requirements under the Dodd-Frank legislation. But we would not be practicing good corporate governance if we did not have clear lines of communication with clients and others outside our group. So, what do you think of our plans for DocDep? And what else do you do to maintain good corporate governance?