Compliance – Businesses dread that word, and yet, there’s no escape. Despite considerable effort on part of the government, businesses don’t have the ease of operations in India, even though digitization has made compliance easy. Compliance, regulatory and statutory matters in India are complicated, and if yours is a company that operates in multiple states, the requirements can be even more convoluted. That said, there is the choice of investing in a compliance tracking software system, which basically offers everything that enterprises need to stay compliant. In this post, we are discussing some of the basic features that can be expected of a well-designed compliance tracking system.
- Dashboard: At the very least, you can expect a dashboard from the software, which allows your team to keep up with the formalities, changes in rules, norms and regulatory needs.
- Having an iOS and Android app for the compliance software is critical, because it just simplifies the process of management and updates on the go.
- Flexible features. A good compliance software system should be flexible. It has to be configurable at the very least and should cater to the needs of your business.
- Eventually, the purpose of compliance software is to reduce the manual work, and a system is of no use if it cannot update businesses on the changes in laws, norms, rules and regulations.
- In general, you should be able to track everything about compliance from scratch with the software. It needs to have a comprehensive database that covers everything related to the law of the land.
- What happens if you don’t keep up with compliance matters? A well-rounded compliance software needs to have a reporting system in place.
- Comprehensive integration. With compliance software, you should be able to integrate the reporting and update system with office emails.
Ease of use & security
These are some of the other aspects that businesses need to consider with regards to compliance software. If the software is too complicated, or the developer doesn’t offer the assistance that clients expect, the whole process of integration and further use can be compromised. Security is equally important. You need to be sure that all the company data and resources that the compliance software is interacting with is safe and secure. Also, check if the concerned developer is ready to explain and give a demo of what their product may mean for your business.