Businesses in India often consider compliance has an added pressure on operations. With more than a thousand Acts and around 58,000 compliances, doing business in the country is anything but simple. Medium-scale companies, on an average, have to stay compliant with as many as 100 Acts. Of course, some industries are more regulated than others, and what makes things even more complicated is the fact that getting compliance updates in India is not easy. There are more than two thousand government websites that offer these updates.
It was only a matter of time that an all-inclusive tech-based solution came up for compliance needs of businesses. Yes, it is possible to invest in compliance management software, which covers everything that businesses must know about the regulatory environment in India, with the support needed. Below is an overview of what a compliance tracking software can do for your business.
What to expect from compliance management software?
One of the foremost aspects of having software for compliance management is transparency. You have a comprehensive compliance database that’s updated and serves as the base to ensure that your business remains in sync with requirements. Also, you can expect to get regular and timely updates for legal and regulatory matters that may pertain or are relevant to your company, so there will be no delay in taking action. Secondly, it reduces the work of your compliance management team, because they don’t have to track everything from scratch. Most software programs also offer a dashboard that includes all the information, so that businesses can prevent any mistakes that can have consequences. Furthermore, they can get notifications on the go, both while using an app on mobile and through updates sent on official email and phone.
Things to consider
There are various aspects to consider before you consider investing in compliance management software. First and foremost, consider the onboarding experience. Products that are offered as Software As A Service (SaaS) are better in terms of deployment and wouldn’t require your company to stretch further on IT budgets. You also need to check if the actual onboarding process impacts your business, and if the software can scale as your company grows, because the compliance needs will also increase. What also matters is how you manage compliance effectively with the software, so a well-designed interface and updated dashboard are features worth checking.
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