Despite all the good things being said about “Make In India” and the varied benefits that the government is offering, doing business in India can be complicated, especially with regards to compliance matters. With more than 58,000 compliances and over 3,000 filings, compliance management is an aspect that companies cannot afford to ignore. Not to forget, regulatory norms change every now and then, often within the same day. The reliance on paperwork is evident, and companies, regardless of their size and nature, often struggle with compliance management. Just having a statutory compliance checklist in India is not enough – digitizing the process is as important.
The need for digitizing compliance
Well, to be fair, compliance itself is a complicated term. Think of the possible number of regulations, norms, rules, licenses, permissions, orders, renewals that a manufacturing company probably has to deal with, on a regular basis. It is important to understand that not keeping up with the compliance needs is not about operational risk, but in the worst cases, this can actually mean reputational risks too. The government itself has been striving towards digitization, which means that the regular departments that deal with diverse compliance matters have better tools and access to technology to identify errors and mistakes committed by businesses. Even small litigation matters can continue to months, and in the bad times, this can even lead to the downfall of your business.
Keeping up with the curve
Laws in India and compliance matters change multiple times in the same year, and not being in sync with these changes can mean fines, penalties and numerous corrections, which can be intimidating. As an entrepreneur or business manager, your focus should be on the core operations, and with new-age compliance software, you can actually stay updated with all changes, without making the regular errors and sins. If your company has operations in more than one state, you have to keep a check on all state laws, which may impact your business, and that’s another good reason to invest in compliance software. Companies that deal in imports, exports or have to work with clients across the globe, it is in their best interests that they always keep up with compliance, and a well-designed software can be the right investment.
With new software solutions, digitizing compliance doesn’t have to be an expensive or complicated affair. Just check the features before taking the leap ahead!