In this post, we are discussing more on the concerns of regulatory compliance, and a brief of automation and its advantages. As far as “EODB - Ease of Doing Business” concerned, India isn’t the most favorable country for investors and entrepreneurs. Set of reforms are required to simplify regulatory compliance, but businesses can choose to take the step forward with new-age compliance management software in India.

The problems face by the officers discussed briefly as follows, how companies are managing regulatory compliance is itself an eye-opener of sorts?
• Most of compliance concerns are being handled manually, and the whole work depend on paperwork and spreadsheets is anything but simple.
• There also practically no single way of getting legal updates.
• The outcomes of non-compliance – many documents are missed, not filing documents in time, not completing necessary procedures - It can be huge, and this may eventually have an impact on people managing the company.
• In fact, the lack of a comprehensive regulatory compliance database is the biggest challenge for most businesses. Many companies only know the requirements when they get a notice.
• Most businesses do not have the expertise to handle regulatory compliance in the first place, and smaller companies do not have the scope to allocate resources for having an in-house team.
• Updating the regulatory landscape does not help much either.
• Occasionally, concerns related to filings change many times within the same day, and there is no way to get real-time updates for the same.

How software automation can help to resolve this issue?
The software can be integrated as required within the existing framework of the business, and as a result, there will be no lapses or misses whatsoever. In the era of digitization and automation of regulatory compliance using software solutions, companies can manage all the requirements by getting real time legal updates.

Paper integration procedure can further keep the paperwork in check, so manual errors can be avoided considerably. Also, there are more than 2,000 government websites out there at central, state and territorial level, so the software will get real time updates automatically, so some of the losses can be minimized and Check online now to find more on regulatory compliance software, and don’t shy away from reviewing the features in detail, because such software needs to be useful enough for your company in the long run.

Take the step forward and automate statutory compliance management today! Visit our website Avantis RegTech or Call us at 8893594595 for details or schedule a demo.