5 Reasons Why Every Company Needs Compliance Management Software In India
Businesses in India often have a hard time understanding compliance. Regulatory & statutory compliance can be complicated at best, more so because the processes are manual and are based on extensive paperwork. Even a small company, which has less than 500 employees, will have to deal with over 100 filings every year, besides being subject to over 750 compliances. Most enterprises don’t have access to a statutory compliance checklist in India, and many are not even aware of the new changes and updates. In fact, more than 2,500 regulatory updates come up every year.
So, what’s the best approach to compliance management? Experts agree that there is nothing better than digitization. In this post, we are discussing 5 reasons why every company must use compliance management software in India.
- The first reason for using software for compliance management is the lack of experience and expertise. When you are not sure of what is to be done and when, relying on an advanced and automated system is the best step forward.
- Businesses also need compliance software to reduce human errors, mistakes and lapses. With a reliable and well-designed compliance software, businesses can easily keep a track of statutory and regulatory requirements, without any omissions.
- Another advantage of automating compliance is cost savings. Companies don’t need to hire in-house experts for compliance management anymore, and considering that many vendors charge via the ‘pay as you go’ option, the savings can be huge.
- With compliance automation, it is also possible to keep a tab on legal updates in real time. Every time there is something new that affects a business, the system will send alerts and notifications on the dashboard, and some software solutions even have the choice of email updates.
- Finally, automation also makes it easy to manage paperwork and important documents. Using real time data and analytics, the reporting process can be simplified and accelerated, which can further come in handy for audits and internal assessment.
There is no reason to step back from compliance automation. In a country that’s striving towards digitization, this is easily the best leap ahead, more so for companies that don’t have the resources to hire an in-house team of experts for compliance alone. Also, the best compliance management software systems are designed in a way that these monitor thousands of government websites, to update everything right away. Experts, no wonder, agree that maintaining a proactive stance towards compliance doesn’t easier than this.