India’s regulatory environment is complex, confusing and dynamic. The whole process of starting a manufacturing unit in the country, or planning multiple outlets in different states, is complicated in all ways possible. There are more than a thousand Acts, over 3,000 filings, and 58,000 compliances, and on an average, even a medium scale business is governed by more than 130 Acts. Non-compliance has consequences that extend beyond fines and penalties. Impacts on reputation and marketing standing are aspects to consider. If you don’t want to deal with compliance in a traditional way, investing in compliance tracking software might seem like a practical and advanced solution.
What is a compliance tracking software program?
As the name indicates, compliance tracking software offers updates and support in varied ways, so that businesses in India can manage compliance better. Of course, not all software programs are same, so it makes sense to select one that’s elaborate and comprehensive as possible. With compliance tracking and automation software, businesses can prevent some of the common mistakes that can have serious impact on operations and repute.
What to expect in terms of features?
There are varied features that compliance automation software needs to have, but below are the more important ones –
- An elaborate dashboard. With compliance software, your company should be able to find all information and details within easy reach. A dashboard that’s easy to use is the foremost feature that every app for compliance must have.
- Easy onboarding. The best compliance software programs are SAAS-based, which means that you don’t have to spend more on IT infrastructure additionally and can actually prevent any compromise in operations. The onboarding experience should be an easy one.
- Regular notifications. Compliance software apps and programs will have no relevance or requirements without notifications. Eventually, you want to get all kinds of updates pertaining to compliance in a timely and regular manner, so that processes and necessary paperwork can be done and completed in time.
- Reporting and data analytics. Eventually, you want to ensure that available compliance data can be used for taking necessary decisions, and for that, a software program needs to have some reliance on data and ability to process information.
- Of course, you want compliance software to be secure, so that your business data and relevant documentation is always safe and protected from misuse.
Check for compliance software now and find more on how the best one can be used for your business.