If you are a small business owner, or running a manufacturing unit, you are probably well-aware of the complications involved in compliance management. In India, there are more than a thousand Acts, and more than 58,000 compliances, with over 3,000 filings. Things don’t end there – the ecosystem of compliance management is a flexible one, and requirements change rather frequently, often many times in a day.
Compliance is something that needs continuous attention, and most businesses don’t have the resources to engage an in-house team for the job. From getting regular legal updates in India, to keeping a tab on the applicable regulations, various aspects of compliance management need attention, and experts agree that automation could be the answer.
When to consider digitization of compliance management?
Ideally, digitization should be a foremost concern for every business that wants to deal with regulatory and compliance needs better. However, below are some of the situations when you may want to think about automating compliance management as soon as possible.
- You are not sure of the requirements. More than 2,000 government websites offer diverse information on compliance management, and it is hard to keep up with everything. If you don’t want to miss out on these aspects and reduce reputational and financial risks, automation is the best possible step ahead.
- Your business has been receiving notices. With digital India campaign, government is looking for means to find defaulters. It is not easy to get away with misses, omissions and mistakes, and with compliance management software, you can actually reduce litigation and notices considerably.
- You are operating internationally and in different states. The number of laws, regulations and compliance needs in different states of India can be overwhelming, and if you want to keep a step ahead in this aspect, automation is the answer. Depending on the software you use, you can also simplify compliance management for international operations.
Deciding the road ahead
If you want to make the most of compliance management software, check the features, find more on the services and don’t shy away from evaluating how a solution may work for your niche, business and industry. Think of this as an investment for the long run, and always evaluate products based on how they aim to ease out compliance requirements, rather the price alone. Check online now for more information on some of the advanced compliance management software solutions.