Establishing and running a company in India isn’t always the easiest task. To think of it, there are more than 58,000+ compliances, over 1,000 acts, and 2,500 regulatory updates each year, and even the smallest companies have to adhere to a long list of statutory & regulatory requirements. The only and probably the most viable way of managing compliance is automation, and the good news is finding compliance management software in India doesn’t have to be hard in 2019. Yes, there are developers and vendors who offer such software, which promise to offer everything that a company needs to manage compliance. If you are looking for such software, here are 5 basic pointers you have to keep in mind.
This one is a no-brainer. You have to check if a compliance management software has all the features that you probably require. At the basic level, you can expect the following –
- A comprehensive compliance database
- Regular updates from thousands of government sites
- Power of analytics and reporting
- Document management system
- Legal updates
Not all software systems are selected in the same way, so check what you get in terms of features before anything else.
- Deployment and interface
Compliance management software needs to be a part of your existing business framework, and it must offer everything that your company needs to know in terms of regulatory compliance. Most businesses don’t pay much attention to the actual process of deployment either. IT budgets can go over the budget in no time, and you need to know if the actual installation and deployment process is going to be easy. Don’t work with a vendor that doesn’t offer enough support or takes weeks to finish the integration process.
Finally, let’s not forget that pricing is an important aspect. You don’t want to spend heavily on a compliance software, only to regret after a few months. The vendors who have real faith in their products always offer a ‘pay as you go’ pricing option, which is flexible and offers enough scope to evaluate the features. Get a fair and transparent quote on the pricing of a software before taking the call.
Finally, do check if the software is easy to use. You don’t want to invest in something that people within the organization cannot use, because compliance is relevant for every department and branch at some level.