Considering India is an emerging global power with a huge market, it is not surprising that investors, corporate firms and entrepreneurs are interested in ventures here. However, if you think about ease of doing business, things are not that bright. Regulatory & statutory compliance remains one of the key concerns. If you consider steps that are to be followed for launching a company or manufacturing unit in India, the number will surprise you. Just to drop numbers, there are more than 58,000+ compliances, over 3,000 filings and around 1,000 Acts. To add to that, more than 2,500 regulatory updates come up every year. In other words, compliance tracking in India is complicated at best.
Is automation viable for smaller companies?
Compliance automation is for real. With such software and SaaS options, businesses can reap advantages like –
- Regular legal updates
- Comprehensive compliance database
- Simplified document management
- Alerts and notifications
- Real-time data, analytics and reporting
This brings to another important question – Will smaller companies reap the advantages of compliance automation? While corporate firms can still afford to hire in-house expertise for compliance needs, the same is not a choice for smaller companies. Start-ups and growing companies hardly have the resources to hire people for compliance alone, and on top of that, they don’t have the experience of managing an in-house team. Automation is the answer when it comes to compliance tracking. It is the best way to have a dashboard, which pretty much will offer everything that a business needs to know about compliance and keeping up with changing regulatory environment.
Finding the right software for compliance tracking
An aspect that needs attention is the range of features that a compliance tracking software offers. You need to be sure that the concerned software is designed for your industry and covers every aspect of compliance in real time. How the system is integrated within the existing framework of your business, and the process and time required for deployment are other pointers to consider. Pricing, of course, is a concern, and it is a wise idea to go for a ‘pay as you go’ option, so that you can always decide if the selected software works for your compliance tracking needs. Also, how the company handles documents and secure information in case of a divorce is an aspect that must be checked for.
Take the leap ahead with automation, because compliance tracking doesn’t have to be complicated anymore.