Compliance is a convoluted term, especially for businesses in India. While the government has been taking initiatives like ‘Make in India’ and ‘Digital India’, the whole process of setting up a manufacturing unit, or a start-up is anything but easy. Compliance basically encompasses of all the policies, regulations, laws, and processes, which a business must adhere to and complete, in order to operate legally in the country. Some industries, for obvious reasons, are more regulated than others. To add to the woes, there are over 1,000 Acts, 3,000 filings, and around 58,000 compliances, and the laws and processes change frequently, often within a day.
It is not surprising that more businesses are seeking for a productive and efficient compliance management software in India. In simple words, compliance management software allows businesses to digitize and automate compliance. Here’s more on what such software applications can provide and why your company needs to be concerned.
The need for comprehensive compliance coverage
Keeping up with compliance needs can be complicated and confusing. There are more than 2,000 government websites that offer these updates, and more often than not, it is hard to keep a track of the relevant ones. It is also necessary to maintain a database for compliance documents and other relevant things that are usually save through paperwork. With iOS and Android apps for compliance management, businesses can now focus better on operations, because the regulatory, statutory and compliance needs will be managed aptly without extensive manual work.
How does it work?
If you are looking for compliance software for automation, you have to understand two important things –
- The features that the software offers
- How the software/application will be integrated into the system
Ideally, the best compliance management software is the one that is offered as SAAS, or Software As A Service. This just simplifies the onboarding process and doesn’t require additional investment as far as IT infrastructure is concerned. It is also necessary to check if the software is secure and will take care of all the relevant aspects that eventually matter for compliance. How the software tracks and offers compliance updates depends on the system, but you want something that’s as elaborate as possible.
Your business can operate better and focus more on core marketing and other aspects with automation of compliance, and the price paid for using and integrating such an application is worth the advantages at any given point.