Compliance is an aspect that businesses cannot afford to ignore. In a country like India, where there are more than 58,000 compliances, 1,000+ Acts, and over 3,000 filings in total, compliance is anything but easy. The regulatory ecosystem is not just confusing but also dynamic. Laws change many times within a day, and keeping a track on all updates and changes would mean tracking more than 2,000 government websites, which is anything but simple. More businesses are now turning to compliance tracking software that promise to automate certain things and ease the process of ensuring compliance. In this post, we are discussing more on these software solutions are simplifying compliance tracking in India.
Capabilities of compliance software
No two compliance tracking software programs work in the same way, but the essential function and purpose remains the same. At the very least, software meant to digitize and automate compliance should offer a comprehensive database, which companies can use to avoid mistakes and stay relevant to the processes and requirements. Compliance tracking software should also track all websites that offer regulatory and legal updates, and these updates should be provided to companies in real time and on a regular basis. The best apps are designed to be synced with office email, so notifications can be accessed by key personnel and managers on the go.
Other aspects and features
If you are looking for compliance automation, there are two aspects that must be considered –
- Onboarding process
A good program is one that works seamlessly with your existing framework and doesn’t impact the IT budgets as much. The onboarding experience is easier with products that are offered as Software As A Service, and since these are offered using cloud services, security can be ensured at multiple levels. Such programs should be accessible on the go, so mobile apps for Android and iOS are desirable.
With a Comprehensive Compliance Database and regular updates, keeping up with compliance doesn’t have to be a complicated affair for your business anymore. Of course, the features depend on the product you choose, but automation is the ultimate way to operate in a country like India, where compliance doesn’t come easy. Since updates are often too many in a given day, a compliance management tool is a boon for companies across industries and niches. Check the features and do ask for details related to pricing before taking the final call.