Does Compliance Automation Make Sense For Businesses In India? Find Here!
The regulatory ecosystem in India is not just complex, but also dynamic. Laws in the country related to regulatory, statutory, and compliance matters change multiple times, often in one day, and these updates are not always available to businesses operating in the country in a timely manner. In fact, there are over 2,000 government websites that must be tracked for these updates. To add to this, a considerable part of compliance management is done on paper, and often records are misplaced and manual errors are rather common. Just having a standard compliance checklist in India is not enough for businesses here. They have to keep a rather agile and pragmatic approach to compliance, and automation is the need of the hour.
Best features of compliance automation software
It goes without saying that not all software programs aimed for compliance automation work in the same way, and features can largely vary.
However, below are some of the features that you should expect when looking for options –
- Comprehensive dashboard for keeping track of compliance matters in real time
- Updates in a timely and regular manner
- The software should track all relevant websites that offer updates
- Easy to deploy
- Should be offered as SAAS, so that IT budgets are not stretched
- Notifications on email and mobile
- Must have an accurate, updated and comprehensive compliance database
- Should be able to offer data analytics support and reporting
- Should have mobile apps for use on the go, both for iOS and Android
- Must have some form of Document Management System for better record-keeping
- Should be easy to deploy
- Must take care of all security concerns
- Should be affordable
Finding a scalable solution
Keep in mind that compliance needs only get more complex as your business grows. You have to find a means that can scale to your business compliance needs. While pricing is an important factor for selecting compliance automation software, you need to find a product that’s secure, caters to your compliance needs in the long run, and is valuable in terms of features. As for the costs, find a product that charges for what you need, rather than seeking a long-term contract immediately.
Investing in compliance automation software may seem like a choice today, but businesses that wish to reap the advantage of technology must take this as a ‘must’, given that staying compliant is necessary to avoid consequences.