Initiatives like ‘Make in India’ and ‘Digital India’ are transforming the way companies operate in the country. However, when it comes to compliance and regulatory requirements, things are never easy. Most of the regulatory compliance needs are managed manually and through paperwork, and it’s not surprising that errors, misses and lapses are common. Non-compliance is a serious issue, and with digitization, governmental bodies and relevant authorities have better access to data, which means businesses cannot get away with wrongs. That’s exactly where compliance automation software comes in the picture. In this post, we are discussing all that businesses in India need to know about the benefits.
- With more than 58,000+ compliances, 1,000+ Acts, and over 2,500 regulatory updates every year, it is hard to keep a track of compliance. With an efficient compliance automation software, all information will be accessible in real time.
- Knowing legal updates can be hard, given that more than two thousand government websites have to be followed on a regular basis. Thanks to compliance automation, it is now possible to get notified on the dashboard, and the best software systems even send email notifications.
- Risk management can be done better with compliance automation, because the data is always available in real time. A comprehensive dashboard just ensures that clients have access to all the information they need, which makes the decision-making process easier.
- One of the biggest advantages of automation is reduction in fines, penalties and other consequences. To think of it, non-compliance is a major concern, and under Companies Act, 2013, key personnel can be held responsible for such lapses.
- Not to forget, compliance automation does get away with manual errors. Most of the common mistakes can be checked for, and there will be lesser of ‘forgotten’ cases. In fact, this is the best possible means of staying forward within the industry.
It is also important to see the not-so-apparent benefits of compliance automation. For instance, businesses that stay compliant are trusted more and can find investors easily. It also helps the reputation of the company, and more importantly, it frees up resources within the organization. To be fair, companies that cannot afford to hire in-house expertise for compliance, automation and using a competent software is the best step forward.
Check online now to find more on compliance automation and don’t shy away from comparing a few good options, based on various features offered.