Comparing Software Options For Compliance Automation: An Easy Guide!
Launching a manufacturing unit in India is a complicated process. While the government is focusing on ‘Make in India’ and other initiatives to encourage entrepreneurs and investors, regulatory compliance is often a matter of concern. There are more than 58,000+ compliances, 1,000+ Acts, and 3,000 filings, and to add to that, there are usually 2,500 regulatory updates every year. The only viable way to manage compliance in an effective way and reduce regulatory risks is to automate what’s feasible. Finding compliance automation software in India is not hard anymore, but before your company takes the leap ahead towards digitization, don’t miss these aspects listed below.
What to expect from compliance automation?
First things first, let’s start by understanding what compliance automation is all about. The idea is to have a database that makes it easy to keep up with regulatory & statutory requirements. With more than 2,000 government websites updating these requirements and notifications from time to time, it is hard to keep a tab on all aspects that may matter for your business. The purpose of compliance automation is to ensure that these notifications are available and all updates, including a compliance database, remain accessible.
Every compliance automation software has its own set of features, but here are some of the basics that must be checked for –
- Regular legal updates
- A comprehensive compliance database
- Document management system
- Analytics and reporting
- Email notifications
Deploying and using a software
Installing compliance automation software can often take weeks, and there are risks involved. You need to be assured that the company you choose is a reliable one and will not extend the process of deployment beyond a point. The concept of compliance automation only makes sense when it works for the framework and industry in which your company operates. Make sure that the process of installation doesn’t affect operations in an adverse way. What matters equally is the user interface. Such software will be used across departments and branches within the organization, and therefore, it must be easy to use for people concerned. You don’t want to use a system that’s too complicated or hard to understand, especially because compliance matters are a regular affair.
If you haven’t used compliance automation software as yet, start with features and check more on the pricing. Having a flexible means of payment is always better than an upfront long-term investment, especially for new software options.