Industry OverviewLisa Flanders
Dominated for many years by the print industry, stakeholder communications have evolved in terms of its delivery mechanism. The industry has had to evolve in terms of the rapid advancement of technology, including smart devices, tablets and increased internet connectivity. The ability to deliver communications via the internet, in particular with the role of Internet 4.0 or the ‘internet of things’ meant a simultaneous delivery of communication.
Two key legal changes or precedents have driven this in South Africa.
- The changes to the Companies Act 71 of 2013, allowing for the dissemination of information electronically.
- The Sasol case in Southern Gauteng High Court allowing for the dissemination of information other than traditional post, these communications mediums varied from SMS’s, websites and social media platforms, notices published in the newspaper, radio adverts and the JSE’s Stock Exchange News Services.
In addition to this XBRL (eXtensible Business Reporting Language), a subset of XML (Extensible Markup Language) founded in 1998 allows the expression of semantic meaning commonly required in business reporting.
The Companies and Intellectual Property Commission (CIPC) embraces international best practices and the impact of the use of XBRL when submitting Annual Financial Statements (AFS) online and in improving efficiencies. XBRL will make it easier for companies to report their financial information in an electronic format. CIPC will mandate the digital reporting system for all qualifying entities on
1 July 2018.
Amid this disruption, the industry has had to evolve to ensure that it remained relevant.
Key growth drivers
It is against this backdrop that Bastion Graphics and Overend Outsource merged in March 2017. Key to this merger was the focus on delivering a sustainable and innovative solution to the market into the future and the ability to marry technology with a strong understanding of the content of clients reporting needs.
Our business is collaborative in nature which epitomises the essence of successful disruption. Our partnership with the likes of Workiva, who provide 60% of all SEC XBRL filing and Chorus Call who provide conference calling bridges and services to 90% of the JSE, as well as our own inhouse webcast streaming service allowing us to seamlessly assist clients in terms of their webcast and video requirements.
What sets our solution apart is our proprietary software solutions allowing us to rapidly deploy content into required and responsive formats this adds value, usability and functionality of the medium. An experienced team allows for process control that understands the client’s content.
This, combined with an ethos of delivery and service to clients ensures that we own what we do and we do what we say.
With a 38 year history and a focus on online reporting and delivery over 18 years, we believe that our solution allows our clients to cross the chasm and to Think online first.