The regulatory & compliance ecosystem in India is complicated and extensive to say the least. India doesn’t fare well as far as “Ease of Doing Business” is concerned. The government has been taking steps to encourage investors, big and small companies alike, but the actual process of setting up a manufacturing unit is extremely complex. Many companies don’t even have direct access to comprehensive statutory compliance checklist in India. Compliance is best managed in an automated mode, and digitization of the basic processes and simplifying how updates are tracked. Experts agree that using software and applications for compliance management could be the answer.
Decoding the possible issues
When it comes to compliance, most companies don’t have the resources, expertise, or manpower to actually handle the requirements. Most of the time, managers and key personnel have little or no clue about the new legal updates, considering that compliance and legal updates have to be tracked, and there are more than 2,000 websites for that alone. The lack of expertise often leads to mistakes, and while compliance management has a lot to do with penalties and fines, the risks extend beyond financial impact. The reputation and goodwill of a company could be at stake, if it continues to remain compliant to the laws and regulations of the land.
How can automation help with compliance management?
Well, digitization of compliance is the key to simplifying the procedures. The latest software solutions and applications for compliance ensure that businesses have a comprehensive dashboard, where they can find all the necessary information for completing necessary formalities. Software programs will track and offer timely and regular updates, and since a considerable part of the work will be tracked online, there is a reduced of risk of manual errors of all kinds. Also, compliance management software can be handy for digitizing paperwork to a large extent, and businesses can actually have a system that works within their current IT framework. Most programs are SAAS-based, so the IT budgets don’t have to be stretched beyond a point.
Taking the step forward
If you have decided to automate compliance, make sure that you select the right software for the job. That’s the best possible way of ensuring that your company gets the updates and support required to digitize processes that are otherwise managed manually. Check online now to find more on compliance management software programs and review the features.