You will hear a lot of companies and businesses in India talk of the compliance burden, and their concerns and complaints are real. More than 58,000 compliance requirements and over 2,500 regulatory updates every year make it hard for entrepreneurs and investors to get started. The whole rigmarole of launching a manufacturing unit or an industrial plant in India is extremely confusing, and most companies have been unable to keep up with their schedule and go-live dates. Things are not that easy for start-ups and new companies either, because regulatory needs change every now and then, often many times within the same day.
The need for compliance automation software in India is more evident than ever, and the whole idea is to simplify the regulatory environment at a business level. In this post, we take a look at the challenges and other aspects related to compliance.
What are the common challenges for Indian businesses?
- The lack of transparency. It is almost impossible to know what compliance needs are to be followed, because the changes are too frequent.
- Dependency on manual work. This is another aspect that must be considered, given that most of the compliance work is dependent on manual work and spreadsheets.
- Lack of a comprehensive database. There is no single checklist that businesses can follow to keep up with basic compliance needs.
- Lack of real-time legal updates. Let’s agree that getting updates on various regulatory and legal matters is not easy, unless there is a proper system in place.
- Too much to follow. There are more than 2,000 relevant government websites that offer important inputs and updates. How much can a company follow anyway?
How does automation help?
Well, automation using software is the best possible means of managing compliance in India. Depending on the software you choose, your company can get updates from all websites and government sources in real time, and in return, you can be assured that all the work will be done as per regulatory norms and in due time. Automation of compliance also comes in handy in reducing errors and minimizing consequences. This could refer to legal, financial and reputation-related impacts. Fines and penalties related to regulatory matters are only a part of the entire picture, because in worst cases, people managing a company that has failed on compliance grounds can be implicated.
Check online for compliance automation software now!