Business Guide: Managing Regulatory Compliance In India With Digitization!
Digitization has changed many things about the Indian economy. With initiatives like ‘Make in India’, the government is hoping to attract more investors and corporate firms into the country, and all of it makes sense, considering that India is among the biggest markets in the world. However, talk about ‘ease of doing business’, and most entrepreneurs and investors will talk of the lengthy process and the need for staying compliant. It is easy to guess the complications of compliance, considering that there are over 1,000 Acts, 3,000+ filings and 58,000+ compliances. If your company is struggling with the very problem of thriving in the dynamic regulatory landscape, compliance tracking software might be an apt leap ahead.
What exactly is compliance tracking software?
As the name suggests, such software is designed to digitize and automate compliance. Basically, you will have a system that automatically will offer all compliance related details, real-time legal updates, and a comprehensive database. Your company doesn’t need to hire in-house expertise anymore, and it will easy to manage all kinds of filings and other paperwork involved. Also, the best compliance automation software systems are designed in a way that paperwork can be managed on the cloud, so there is no reason or scope for omissions, errors, manual mistakes and lapses. Of courses, as in any industry, not all software solutions for compliance management are same, so some initial research always comes in handy.
What are the benefits of automating compliance?
Lack of experience and expertise in handling compliance is the foremost concern for most businesses. More than 2,500 regulatory updates come up every year, and the norms, statutory and other requirements often change many times within the same day. Companies hardly have the resources to track such changes, and more so because there are close to 2,000 government websites that offer necessary information for different industries. Automation just eases the process of compliance, and besides the fact that manual errors can be minimized, compliance software also comes in handy in freeing up internal resources. Key personnel, such as board members, directors and other stakeholders, can minimize their own risks.
As a slightly off-the tangent advantage, compliance management through automated software solutions help businesses in maintaining their repute and avoiding issues that may impact operations adversely. Check for the right software that can be deployed easily for your business and don’t shy away from questions related to compliance matters and pricing.