Businesses in India have to operate in a compliance ecosystem that’s extensive and confusing. With more than 58,000 compliances and over 1,000 Acts, businesses are constantly grappling with changes in regulatory, statutory and compliance requirements, which often change many times within the same day. The need for compliance automation software is real, and new products have cropped up, which promise to ease things for businesses across different industries. If you are evaluating software applications for compliance automation and management, there are a few basic things to consider, some of which are listed below.
It goes without saying that apps meant for compliance automation need to be rich in features. The application/software has to be comprehensive, must offer timely and regular updates on relevant aspects, and should be able to automate tasks where possible. Managers and those involved in management of compliance should be able to get regular notifications and updates, both on a consolidated dashboard and on mobile, and everything related to regulatory and statutory requirements must be accessible on the go. A compliance automation application is also expected to offer updates and cover all websites, which include around 2000+ government websites in India, to bring information for better compliance management.
Deployment and onboarding
Most of the advanced compliance automation apps are SAAS-based. This simply means that the deployment and onboarding process is a smooth one and doesn’t require extensive IT investment. It is also necessary to evaluate and understand that onboarding experience should be done in a way that it doesn’t impact the overall standing of your business. With compliance automation, your managers should be able to reduce the work, so ‘ease of use’ is also a relevant term in that context. When it comes to IRM (Information Risk Management), some companies do have concerns with cloud-based solutions, so the software needs to be secure at the least.
Pricing and scaling
As your company grows, compliance needs will expand, and a reliable and well-planned compliance automation app should be able to scale in the right direction. As for the pricing, it all depends on many factors, but you don’t want to go for a long-term commitment immediately, without understanding how the software helps your business in the first place.
Since IT budgets often go beyond expected numbers, pricing of compliance automation software must be a factor for consideration, but shouldn’t be the only reason to select a software.