Technology has changed the way businesses operate, and the extent of impact is huge. In a country like India, where there are over 3,000 filings, 1,000+ Acts, and more than 58,000 compliances, starting and running a company is anything but simple. Even a medium-scale business must comply with more than 130 Acts. It is, therefore, not at all surprising, that technology has become a possible source of help for better compliance management.
The regulatory environment is complex and dynamic, and most companies have no dedicated tools to track compliance and legal updates in India, unless they rely on a software that promises to offer everything on a singular platform. Is automation an answer to compliance management? In this post, we take a look at some of the relevant aspects.
Reasons why automation is necessary
The whole process of compliance management is a complicated one, because laws and requirements change quite frequently, often within the same day. There are more than two thousand government websites that offer these updates, and it is manually impossible to track all relevant ones that may be important for a company. To add to that, most growing and medium-scale businesses don’t have the expertise or manpower required to simplify compliance. They often rely on information from sources, and that leads to delays. Non-compliance is not taken lightly by relevant authorities and departments, and besides the consequences in form of fines and penalties, the reputation and market value of a company is at stake.
How can compliance management software help?
The role of a compliance management software program is to offer a comprehensive platform that offers everything that clients and businesses need to ensure compliance. From a dedicated and updated database to offering regular and time legal and regulatory updates, such apps offer notifications and resources, which not only reduce manual work but also reduces the tasks involved in tracking. Businesses can also expect to have a dashboard that allows them to have a complete overview of the requirements. Also, compliance management programs are secure and are offered as SAAS, so IT infrastructure doesn’t have to be rehauled completely. In fact, most products are designed to simplify the onboarding experience.
If you have not decided yet on automation of compliance management, ask for a demo and check the features of a known app to know how it can work for your business needs in the long run.