With initiatives like ‘Make in India’ and ‘Digital India’, the government is trying to encourage investments and business in the country in an aggressive way. For entrepreneurs and investors, this is the time to take new chances, and while all the advantages are real, what remains a concern is the regulatory landscape. Starting and running a business in the country is anything but simple. With more than 3,000 filings, over 58,000 compliance needs and 2,500 regulatory updates, keeping up with compliance requirements is a challenge. Compliance tracking in India is complex, but with new-age compliance management software solutions, things are changing.
In this post, we are discussing more on how digitizing compliance is a new possibility and why businesses definitely need to consider the idea.
Is there a need to digitize and automate compliance?
Yes, absolutely. There’s no denying that compliance is still a manual process in India and is dependent on extensive paperwork. Manual tracking is complicated, and those spreadsheets used for the process add nothing to simplify the process. To add to the woes, there is no single way of having access to legal updates. In fact, most companies are not even aware of the compliance needs and don’t have access to a database that can help them tick off the right boxes. For smaller businesses and startups, there is little or no scope to hire an in-house team for managing and dealing with compliance, and mistakes can be expensive. While fines and penalties are obvious financial implications, there are legal and reputation-related concerns too.
Proactive stance in the regulatory landscape
With the new compliance management software solution, which rely on cloud and in-house networks, companies can finally have a more agile and proactive stance in the regulatory landscape. Such software offers a compliance database that’s accessible at all times, and covers dozens of industries, so in many ways, it is extremely comprehensive. Companies can also get legal updates in real time, including updates from thousands of government websites, which are otherwise hard to manage or keep a track of. Not all compliance management software systems have the same services, tools and features, so do your homework and find more on how the system can be integrated within your business framework.
Done right, automating compliance is the best possible means of reducing workload related to regulatory needs and compliance matters, besides reducing some of the common lapses and mistakes.